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《China Industrial Economics》 2019-11
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Uncertainty, Business Environment and Private Enterprises' Vitality

YU Wen-chao;LIANG Ping-han;School of Economics of Southwest University of Political Science & Law;School of Government of Sun Yat-sen University;  
Both local policy uncertainty(LPU) and trade environment uncertainty(TEU) could crowd out the firms' productive resources and reduce the capacity utilization rate through increasing the expenditure on non-productive activities and tax payments. Using Chinese Private Enterprises Survey 2012 data, this paper investigates the impact and impact mechanisms of LPU and TEU on private enterprises' vitality, and the firms' strategies to cope with LPU and TEU. This paper measures LPU using local government personnel stability, measures TEU using unexpected variation of trade dependence, and measures private enterprises' vitality based on private enterprises' capacity utilization rate. The results suggest that, LPU has significantly negative effect on the private enterprises' vitality. On average, a standard deviation(0.35) increase of the LPU is associated with 1.36 percentage point lower capacity utilization rate. By contrast, TEU has no significant effect on private enterprises' vitality.Furthermore, the negative effect of LPU on private enterprises' vitality is mitigated in regions with better business environment, while entrepreneurs' political connection plays no role in mediating LPU. These findings suggest that market-oriented and legal business environment is the safeguards that private enterprises overcome the shock from LPU and keep vigorous. This paper not only reveals the positive meaning of keeping domestic policy certainty to copy with the international environment uncertainty, but also provides empirical evidence to understand the importance of cordial and clean relationship between government and business.
【Fund】: 教育部人文社会科学重点研究基地重大项目“创新驱动与政府角色”(批准号16JJD630009);; 中山大学高校基本科研业务费专项资金(批准号17wkjz13);; 重庆市教育委员会科学技术研究项目“地方政府信息公开对企业创新的影响及其机制研究”(批准号KJQN201800310)
【CateGory Index】: F276.5
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