社会信用体系建设对企业风险承担的激励效应研究

吴心湄，范黎波

（对外经济贸易大学 国际商学院，北京 100029）

摘要：本文以社会信用体系建设示范城市的设立为外生冲击，采用多时点双重差分法考察社会信用体系建设对企业风险承担水平的影响效应及其作用机制。分析结果显示，社会信用体系建设通过“信贷可得”和“投资拉动”的双重机制提升了企业的风险承担水平，并且这一积极影响对内部社会资本欠缺和外部制度环境较差的企业更加明显。此外，社会信用体系建设对企业风险承担的激励效应还具有创新驱动性和风险适度性。研究结论从企业风险承担水平这一视角对社会信用体系建设的微观激励效应研究形成了有益补充，为进一步完善社会信用体系建设、激发经济社会活力提供了政策参考。

关键词：社会信用体系建设；企业风险承担水平；信贷可得；投资拉动；社会资本

作者简介：吴心湄（1999—），女，对外经济贸易大学国际商学院博士研究生；范黎波（1964—），男，对外经济贸易大学国际商学院教授、博士生导师。

基金项目：北京市习近平新时代中国特色社会主义思想研究中心重点项目“坚持和完善共建共治共享的社会治理制度研究：基于民生问题的视角”（20LLGLB026）；对外经济贸易大学研究生科研创新项目“社会信用体系建设的激励效应研究”（202445）

引用格式：吴心湄,范黎波.社会信用体系建设对企业风险承担的激励效应研究[J].首都经济贸易大学学报,2025,27(5):3-19.

The Motivating Effect of the Construction of the Social Credit System on Corporate Risk-taking

WU Xinmei, FAN Libo

（University of International Business and Economics, Beijing 100029）

Abstract: Credit serves as the bedrock of market economies and plays an indispensable role in promoting high-quality economic development. However, the microeconomic consequences of the construction of the social credit system (CSCS) still remain underexplored.

This paper examines whether and how CSCS affects corporate risk-taking using staggered difference-in-differences (DID) based on the pilot cities of CSCS in China. Our results reveal that CSCS significantly improves corporate risk-taking. This positive relationship continues to hold after a series of robustness checks. Mechanism tests identify that the motivating effect of CSCS on corporate risk-taking is mainly driven by two mechanisms of loan supporting and investment promotion: On the one hand, CSCS can improve corporate loan accessibility and reduce corporate debt costs; On the other hand, CSCS can increase corporate investment efficiency and returns, which stimulates its willingness to participate in risk-taking activities. The heterogeneity tests confirm that the motivating impact of CSCS on corporate risk-taking is more pronounced for those with less social capital and in the weaker institutional environments. Economic consequence test reveals that CSCS promotes corporate innovation input and restrains its default risk.

The marginal contributions of this paper are threefold. First, this paper contributes to the CSCS literature by evaluating the micro-motivating effect of CSCS policy from the novel perspective of corporate risk-taking. Second, this paper takes the pilot cities of CSCS as a quasi-natural experiment and contributes to the causal relationship between CSCS and corporate risk-taking using staggered DID estimation. Finally, this paper reveals the loan-supporting and investment-promoting mechanisms through which CSCS affects corporate risk-taking, and confirms the essential role of CSCS in supplementing corporate deficiencies of internal and external endowment. These findings provide insights for improving the social credit system and stimulating economic vitality.

This paper provides several policy implications as follows. First, the scope of the CSCS pilot policy should be continuously expanded, and the advanced construction experiences of existing pilot cities should be actively promoted. Second, local governments should continue to highlight and promote CSCS, especially for those located in the regions with lower financial development, lagging marketization, and insufficient supervision. Finally, enterprises should proactively participate in constructing the CSCS, integrate the concept of “integrity and trustworthiness” into their cultural frameworks, and optimize management incentive mechanisms to enhance the willingness to take corporate risk-taking.

Keywords: CSCS; corporate risk-taking; loan availability; investment stimulation; social capital

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