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本文采用中国地区市场化指数和国家统计局工业企业数据库数据,对外部制度环境与创业企业绩效之间的关系展开了实证研究。研究结果表明,市场化进程指数与创业企业绩效之间呈现显著正向关系。表明区域的市场化程度越高,创业企业获取资源的便利性越好,从而最终获得更好的绩效。研究同时发现,创业企业的资产负债率与创业企业绩效之间存在正U形关系。这种关系的存在进一步验证了资源获取性和创业企业绩效的重要关系,同时也证实了股权治理效应和债权治理效应在创业企业中的有效性,并为市场化进程对创业企业绩效的正向作用提供了微观层面的解释机理。我们的研究为未来的改革方向提供了一定的理论依据。
This article uses the market index of China and the data of industrial enterprises database of National Bureau of Statistics of China to carry out an empirical study on the relationship between external institutional environment and entrepreneurial enterprise performance. The results show that there is a significant positive relationship between the marketization process index and the performance of start-ups. It shows that the higher the degree of marketization in the region, the better the convenience of start-up enterprises in getting resources, and ultimately the better performance. The study also found that there is a positive U-shaped relationship between the debt-to-asset ratio of start-ups and the performance of start-ups. The existence of this relationship further verifies the important relationship between resource acquisition and entrepreneurial performance and at the same time confirms the effectiveness of equity governance and debt governance in entrepreneurship and proves that the marketization has a positive effect on entrepreneurial performance The role provides a micro-level explanation mechanism. Our research provides a theoretical basis for the future direction of reform.