社会信用体系建设何以培育新时代企业家精神?

韩颖，李宝刚

（东北大学 工商管理学院，辽宁 沈阳 110819）

摘要：企业家精神不仅是一个企业组织的核心价值凝练，更是一个国家重要的社会资源。培育企业家精神已成为新时代促进经济高质量发展、提升新质生产力水平的题中应有之义。以中国社会信用体系建设为准自然实验，利用2010—2023年沪深A股上市公司数据，通过交叠双重差分法探讨社会信用体系建设对新时代企业家精神的影响及其机制。研究结果显示，社会信用体系建设对企业家精神培育具有促进作用，且这一结论经过一系列稳健性检验后依然成立。机制分析发现，社会信用体系建设从两个层面助力新时代企业家精神的培育。其一，社会信用体系建设通过促使企业增强内治，降低外部竞争成本；其二，社会信用体系建设通过提高信息透明度，强化企业的法治遵循。异质性分析结果表明，社会信用体系建设对治理水平较高的企业以及国有企业的企业家精神影响更为明显，且在信用环境欠佳地区以及中部和西部地区的企业，对企业家精神的培育作用更为突出。研究结论为政府通过制度创新来培育企业家精神提供了理论依据。

关键词：社会信用环境；企业家精神；信息透明度；企业全要素生产率；法治遵循

作者简介：韩颖，东北大学工商管理学院教授、博士生导师；李宝刚，东北大学工商管理学院硕士研究生，通信作者。

引用格式：韩颖,李宝刚.社会信用体系建设何以培育新时代企业家精神?[J].首都经济贸易大学学报,2026,28(1):50-62.

How Can the Credit System Cultivate Entrepreneurship in the New Era?

HAN Ying, LI Baogang

(Northeastern University, Shenyang, 110819)

Abstract: Entrepreneurship serves as a critical driver for high-quality economic development, enabling market entities to achieve innovation-driven growth in a dynamic competitive landscape. Entrepreneurship in the new era encompasses not only traditional characteristics such as initiative and innovation but also higher moral pursuits and a social value orientation, reflecting a more balanced and sustainable development philosophy. This paper treats the construction of China's social credit system as a quasi-natural experiment, utilizing panel data from A-share listed companies from 2010 to 2023 and employing a two-way fixed effects staggered difference-in-differences (DID) model to identify the causal effect between social credit system construction and entrepreneurship in the new era.

The empirical results demonstrate that the social credit system can foster entrepreneurship in the new era. This conclusion remains valid after a series of robustness tests. Mechanism analysis reveals two distinct pathways. First, by establishing cross-departmental platforms for sharing credit information, the credit system improves regulatory efficiency and increases the cost of corporate rent-seeking . This redirects corporate resources from nonproductive activities to technological innovation and improves enterprise total factor productivity (TFP), particularly in breakthrough innovation. Second, the improved credit environment raises market expectations for corporate information disclosure. It reduces analyst forecast divergence and enhances the transparency of accounting information, thereby compelling enterprises to minimize violations and strengthen compliance with the rule of law. Heterogeneity analysis shows that enterprises with better governance structures, particularly state-owned enterprises, are better positioned to leverage the social credit system to enhance entrepreneurship, indicating that institutional innovation optimizes resource allocation and promotes corporate transformation. The policy recommendations proposed in this paper include accelerating improvements to the credit system, adapting measures to local conditions, promoting the sharing of credit information, and cultivating entrepreneurship through multiple channels.

The marginal contributions are threefold. First, it broadens research on the economic impact of social credit systems by encompassing a comprehensive set of entrepreneurial characteristics, rather than focusing on a single dimension. Second, it identifies two mechanisms by which credit systems curb rent-seeking, boost productivity, and enhance transparency: resource allocation optimization and improvements in the information environment. Third, it provides robust causal evidence from a quasi-natural experiment that treats the construction of the credit system as an exogenous policy shock. Overall, the findings provide important insights for fostering innovation-driven growth through institutional building, underscoring the role of credit systems in aligning corporate behavior with long-term societal goals and sustainable development.

Keywords: digital collaboration of industrial chains; financing constraints; innovation spillover; intelligent manufacturing

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