CAJ | 학술논문

基于中国工业企业大样本数据库及省级层面的制度数据测度制度环境对企业规模的非线性影响效应，实证结果表明：在中国，地区制度环境对企业规模具有U型影响效应，当地区制度环境质量低于门槛值时，地区制度环境的改善会对企业规模产生抑制作用；只有当地区制度环境质量大于门槛值时，地区制度环境的改善才会对企业规模产生促进作用；当前中国各地区制度环境的水平远低于理论上的门槛值，从而对企业规模扩张产生了不利的影响。各种稳健性检验均表明，地区制度环境显著抑制了企业规模扩大。
기우중국공업기업대양본수거고급성급층면적제도수거측도제도배경대기업규모적비선성영향효응，실증결과표명：재중국，지구제도배경대기업규모구유U형영향효응，당지구제도배경질량저우문함치시，지구제도배경적개선회대기업규모산생억제작용；지유당지구제도배경질량대우문함치시，지구제도배경적개선재회대기업규모산생촉진작용；당전중국각지구제도배경적수평원저우이론상적문함치，종이대기업규모확장산생료불리적영향。각충은건성검험균표명，지구제도배경현저억제료기업규모확대。
The effect of the nonlinear influence of the environments of institution for firm size is measured based on Chinese industrial enterprises large sample data of 2005_2009 years and the system data of provin-cial level. The empirical results show that,in China,the regional environments of institution for firm size has a U_shaped influence effect,and when the regional environment quality of institution is lower than the thresh-old value,improving the regional environments of institution will produce inhibitory effects on firm size;Only when the quality of the regional environments of institution is greater than the threshold value,improving the regional environments of institution will produce promoting effect;Currently,the level of environments of insti-tution in different regions of China is far below the theoretical threshold value,and thus produces adverse effect for the expansion of firm size. Various robustness tests show that the regional environments of institution signifi-cantly inhibit the expansion of firm size.