社会信用体系建设对企业新质生产力影响研究

A Study on the Impact of the Construction of the Social Credit System on Firms’ New Quality Productive Forces

摘要:

发展新质生产力是全面建成社会主义现代化强国的重要抓手,社会信用体系建设是培育企业新质生产力的关键一环。以 2011—2023 年沪深 A 股上市公司为样本,使用双重机器学习模型,尝试探究社会信用体系建设对企业新质生产力的影响效应及作用渠道。 研究结果表明,社会信用体系建设能够显著推动企业新质生产力水平的提升,在经过更换样本区间、更换被解释变量及剔除并行政策等一系列稳健性检验后,上述推动作用依旧显著。 异质性分析结果表明,社会信用体系建设对企业新质生产力的推动作用基于企业自身特征的异质性,在非国有、高技术、资本密度较低、治理能力较差及外部监督较弱的企业中,社会信用体系建设对企业新质生产力的促进作用更为突出。 机制分析结果表明,社会信用体系建设能够通过缓解企业融资约束、改善商业信用融资水平及提高信息披露质量,从而有效推动企业新质生产力发展。 研究结论进一步诠释了社会信用体系建设的经济效应,揭示了社会信用体系建设赋能新质生产力培育的实践路径,以期为中国新质生产力培育提供有益参考。

Abstract:

The development of new quality productive forces is regarded as a crucial measure for fully building a great modern socialist country, and the construction of the social credit system is a key link in cultivating enterprises’ new quality productive forces. A sample of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2011 to 2023 was selected, and the double machine learning model was adopted to explore the impact and transmission channels of the construction of the social credit system on enterprises’ new quality productive forces. Results show that the construction of the social credit system significantly promotes the improvement of enterprises’ new quality productive forces. The above promoting effect remains significant after a series of robustness tests, including the replacement of sample periods, the replacement of explained variables and the exclusion of parallel policies. The heterogeneity analysis reveals that the promoting effect of the social credit system construction on enterprises’ new quality productive forces is heterogeneous based on enterprises’ own characteristics. The promotion is more prominent in non-state-owned enterprises, high-tech enterprises, enterprises with low capital density, poor governance capacity and weak external supervision. The results of the mechanism analysis indicate that the construction of the social credit system effectively drives the development of enterprises’ new quality productive forces by alleviating corporate financing constraints, improving trade credit financing and enhancing the quality of information disclosure. The economic effects of the social credit system construction are further interpreted, and the practical path for the in-depth integration of the social credit system construction and the cultivation of new quality productive forces is revealed, which provides beneficial references for the cultivation of new quality productive forces in China.