| The level of social credit construction is the key index to measure the modernization of a governance system.With the formulation and implementation of the "14th Five-Year Plan",promoting the social credit system has become an important part of the work plans of governments at all levels in China,and innovative development is the key issue of China’s economic development.How to coordinate and promote the construction and innovative development of social credit system has become a realistic issue that policy makers and researchers pay more attention to.At present,the existing research focuses more on the macro-level impact of social credit system on the innovation and development of the whole society,while the micro-level research focuses more on the impact of credit system construction in the financial sector on the innovation level of enterprises.The impact of social credit system construction on the innovation level of enterprises has not yet been finalized.In order to deepen the micro-economic impact of social credit system construction and expand the exploration of institutional factors that affect the innovation level of enterprises,Focusing on the relationship between the construction of social credit system and the innovation level of enterprises,it is of theoretical and practical significance to investigate the influence of the construction of social credit system on the innovation of listed enterprises and its mechanism from both theoretical and empirical aspects.Based on the panel data of China’s listed companies in 2009-2019,the quasi-natural experiment was promulgated by "China’s Social Credit System Construction Model City",and the empirical analysis was carried out by building a difference-in-differences model.It was found that the construction of social credit system has improved the innovation level of listed companies,but its improvement effect has a certain time lag,and the robustness of this conclusion was verified by changing the explained variables,changing the explanatory variables,and removing other policy influences.The path test shows that the construction of social credit system has signal transmission effect,which improves the market value of enterprises by alleviating the information asymmetry between enterprises and the market,and provides more external attention and resources for enterprises to improve their innovation level.The construction of credit system alleviates the information asymmetry between enterprises and financial institutions,thus easing the financing constraints of enterprises and improving the debt structure of enterprises,and providing more external funds and longer-term stable funds for enterprises to upgrade their innovation level;The construction of social credit system has the effect of resource agglomeration.The perfection of social credit system attracts more human capital and technical capital for cities,promotes the progress of production technology level of enterprises,and provides more technical support for the development of enterprise innovation level.The improvement effect of business environment and the protection effect of intellectual property rights of the social system construction directly improve the income expectation of enterprises for innovation and development,directly promote the increase of R&D investment of enterprises,and provide more funds for the improvement of innovation level of enterprises.The heterogeneity test found that the social credit system construction has a more significant effect on the innovation level of listed companies and private listed companies in the eastern region,and no significant effect on the innovation level of state-owned listed companies.In order to further deepen the pace of China’s social credit system construction,we should encourage private capital to participate in the construction of social credit system;Encourage the exchange of experience in the construction of regional social credit system,especially encourage the developed eastern regions to provide construction experience,and focus on improving the social credit level in the central and western regions;Promote the diversified development of credit information industry,actively serve the real economy and help enterprises innovate and develop;Encourage state-owned enterprises to serve the national strategic needs,and encourage them to continuously improve the innovation level. |
