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基于新制度经济学的理论,利用中国1997-2014年省级非平衡面板数据,采用动态面板广义矩估计法和结构方程,从法与金融的视角实证考察了其对企业家精神的影响。研究表明:就全国和内陆而言,法律制度效率、金融市场化整体上对企业家精神均有显著的正向效应;就沿海而言,法律制度效率对企业家精神有显著的正向效应,而金融市场化的正向效应不显著;法律制度效率、金融市场化与外部制度环境的交互效应对企业家精神的影响均显著;结构方程的实证表明金融市场化作为法律制度效率的中介变量对企业家精神具有显著的部分中介效应。
Based on the theory of new institutional economics, this paper uses the dynamic imbalanced panel method to estimate the entrepreneurial spirit from the angle of law and finance from the perspective of provincial unbalanced panel data from 1997 to 2014 in China. The research shows that, as far as the interior and the interior are concerned, the efficiency of the legal system and the marketization of finance in general have a significant positive effect on entrepreneurship. In terms of the coastal areas, the efficiency of the legal system has a significant positive effect on entrepreneurship, The positive effect of financial market is not significant; the interaction between legal system efficiency, financial market and external system environment has significant impact on entrepreneurship; Home spirit has a significant partial mediation effect.