| The level of institutional transaction costs is the key factor hindering the entry,exit and development of enterprises.Private enterprises are most sensitive to the role of institutional transaction costs,and the reduction of institutional transaction costs determines the release of potential for future economic development of private enterprises.Eliminating institutional obstacles and vigorously developing private enterprises is an important measure to transform economic growth momentum.Therefore,this thesis uses the data of macro-level regional,medium-level industry and micro-level listed companies from 2002 to 2017,and adopts GMM,Logit and probit models to study the impact of institutional transaction costs on the entry and exit of enterprises from the regional and industry levels.Then,taking private enterprises as an example,it illustrates the impact and mechanism of institutional transaction costs on the performance of private enterprises,aiming to study the development performance differences of private enterprises caused by institutional transaction costs differences between different regions and industries.First of all,it is theoretically explained that the main reason of institutional transaction costs is the existence of special institutions in economic development.The special system has different applicability to different groups in the economy,which makes enterprises face the problems of limited access to social order and non-neutral competition in the process of entry,exit and development,and increases the transaction costs of enterprises,resulting in institutional transaction costs.On the basis of this theory,this thesis constructs indicators from the aspects of government intervention degree,factor market regulation,intellectual property protection degree,rule of law level and public facilities cost to measure the regional institutional transaction costs of 30 provinces in China from 2002 to 2017.The research data show that:(1)On the whole,the institutional transaction cost decreased rapidly before 2008,and remained at a fixed level after 2008,which was difficult to decrease or even slightly increased;(2)Specifically,the institutional transaction cost mainly decreases in the cost of public facilities,while it is high and difficult to decrease in the degree of government intervention.There is still much room for improvement in factor market intervention,intellectual property protection and the level of rule of law;(3)From the perspective of regional development,there are regional differences in institutional transaction costs.The institutional transaction costs in the eastern region are low and have a large decline,while the institutional transaction costs in the central region are moderate,while the institutional transaction costs in the economically underdeveloped western and northeast regions are higher,with the largest decline in the western region and the smallest decline in the northeast region.The measurement and analysis of industry institutional transaction cost indicators focusing on enterprise access barriers show that:(1)Generally speaking,from 2012 to 2017,China’s industry institutional transaction cost has been greatly reduced,showing a downward trend,but since 2015,the industry institutional transaction cost has declined slowly and is relatively fixed;(2)From the perspective of different industries,there are great differences in institutional transaction costs among different industries in China,and the changing trends of institutional transaction costs in different industries are also different.Secondly,it analyzes the impact of institutional transaction costs on the entry and exit of enterprises from the regional and industry levels,and analyzes the differences in the impact between different regions and different industries.The findings are as follows:(1)Institutional transaction costs of regions and industries have a significant negative impact on the entry and exit of enterprises.The existence of institutional transaction costs distorts the competition mechanism of survival of the fittest and hinders the free entry and exit of enterprises.(2)The impact of institutional transaction costs on the entry and exit of enterprises has regional differences.In the east,middle and northeast regions,institutional transaction costs have a significant negative impact on enterprise entry rate,but have no significant impact in the western region;Only in the eastern region,institutional transaction costs have a significant negative impact on the exit rate of enterprises.(3)The influence of institutional transaction costs on the entry and exit of enterprises has industry differences.In industries with high institutional transaction costs,institutional transaction costs have no significant impact on enterprise entry rate,while in industries with low institutional transaction costs,institutional transaction costs have a significant negative impact on enterprise entry rate.In all industries,institutional transaction costs have a significant negative impact on the exit rate of enterprises,especially in industries with low institutional transaction costs.Then,taking private enterprises as an example,this thesis studies the influence of regional institutional transaction costs and industry institutional transaction costs on the performance of private enterprises,as well as whether the mechanism of private enterprises entering exists,and explains the difference of institutional transaction costs between different regions and industries on the entry behavior and development performance of private enterprises.The research results show that:(1)the institutional transaction costs of regions and industries have a significant negative impact on the performance of private enterprises,and the institutional transaction costs have an intermediary mechanism that affects the performance of private enterprises by affecting their entry;(2)There are regional differences in the influence and mechanism of institutional transaction costs on the performance of private enterprises.Institutional transaction costs in eastern,central and western regions have a significant negative impact on the performance of private enterprises,and the impact is decreasing,while the impact in Northeast China is not significant.However,in the study of regional heterogeneity of action mechanism,only the eastern and central regions,the regional institutional transaction cost exists as an intermediary mechanism that affects the performance of private enterprises by affecting their entry,but does not exist in the western and northeastern regions,and the regional institutional transaction cost may affect the performance of private enterprises through other mechanisms;(3)There are industry differences in the influence and mechanism of institutional transaction costs on the performance of private enterprises.Institutional transaction costs have a greater impact on the performance of private enterprises in industries with low institutional transaction costs than those with high institutional transaction costs.The test of heterogeneity by industry shows that the intermediary effect of private enterprises does not exist in industries with high institutional transaction costs,and institutional transaction costs may affect the performance of private enterprises through other mechanisms,while private enterprises play a part of intermediary effect in industries with low institutional transaction costs.Finally,on the basis of the above theoretical analysis and empirical conclusions,we fundamentally seek the institutional factors and reform paths that really promote the development of private enterprises,and put forward the countermeasures to optimize the institutional environment that restricts the development of private economy and reduce the institutional transaction costs.This thesis mainly thinks about the emergence of special system and the transformation from special system to universal system,and puts forward some suggestions,including:(1)simplifying administration and decentralizing power,optimizing government functions and building a government ruled by law;(2)Let the market play a decisive role and further promote the reform of factor market;(3)Break the geographical division and industry monopoly,and improve the fair competition market environment;(4)Standardize the market order by focusing on the construction of social credit system and the protection of intellectual property rights.The innovation of this thesis is as follows:(1)it defines the origin and essence of institutional transaction cost more clearly,and concludes the predictable effect of institutional transaction cost on economic growth and the influence of enterprise entry and exit and private enterprise performance;(2)From the perspective of institutional transaction costs,it studies the fundamental reasons that restrict the development of private enterprises,and provides a new analytical perspective for the study of the development of private enterprises.(3)It qualitatively and quantitatively analyzes the impact of institutional transaction costs on the performance of private enterprises and its mechanism from the regional and industrial levels.The influence mechanism and effect of institutional transaction cost on the development of private enterprises are studied comprehensively.This study can enrich theoretical and empirical research on the emergence,substance and economic effects of institutional transaction costs,supplement the research on the entry and exit of enterprises and private enterprises,and expand the research and application of new institutional economics theory in China.This thesis analyzes the institutional reasons that restrict the development of private enterprises from a deeper level theoretically,so as to provide reference for the next institutional reform and better promote the formation of a normative and fair market environment.It is of great practical significance to the healthy and sustainable development of private enterprises,China’s supply-side reform and the highquality development of economy. |
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