社会信用与企业韧性——基于社会信用体系改革试点的准自然实验

在当前全球经济环境不稳定的背景下，如何增强企业韧性是所有企业都要面临的重要问题。文章基于 2007-2021年我国 A股上市公司的平衡面板数据。测度了企业韧性水平，并以城市社会信用体系改革试点作为一项准自然实验，运用多时点 DID模型实证检验了社会信用对企业韧性的影响。结果表明:社会信用提升能够显著增强企业韧性:社会信用主要通过提高城市人力资本水平、降低企业交易成本和提升企业劳动生产率三个机制来增强企业韧性。异质性分析发现:社会信用对企业韧性的增强作用在内部治理水平较低企业、非国有企业、市场化程度较低地区中的效果更大。文章为研究企业韧性的影响因素提供了新的视角，对如何增强企业韧性、实现企业高质量发展具有一定的启示。

Social Credit and Enterprise Resilience: A Quasi-natural Experiment Based on the Pilot Reform of Social Credit System

In the current unstable global economic environment, how to enhance enterprise resilience is an important issuethat all enterprises are facing. Based on the balanced panel data from 2007 to 2021 of our country''s A-share listedcompanies, this paper measures the level of enterprise resilience and takes the pilot reform of the Chinese Social CredilSystem as a quasinatural experiment, and empirically tests the impact of urban social credit enhancement on enterpriseresilience by using the multi-time-point DID model. The results show that the imorovement of social credit can sianificanthenhances enterprise resilience, and social credit enhances enterprise resilience through three mechanisms: improving thelevel of urban human capital, reducing the transaction costs of enterprises, and improving the labor productivity oienterorises. Heterogeneity analvsis shows that social credit has a stronger effect on enterprise resilience in the enterpriseswith low intemal governance, the non-state-owned enterprises, and the regions with low marketization. This paper providesa new perspective for the study of the infuencing factors of enterprise resilience and has some enlightenment on how toenhance enterprise resilience and achieve hiqh-quality development.