School of Economics, Central University of Finance and Economics, Beijing, China.
China Center for Internet Economy Research, Central University of Finance and Economics, Beijing, China.
PLoS One. 2023 Aug 4;18(8):e0288722. doi: 10.1371/journal.pone.0288722. eCollection 2023.
Enterprise resilience captures enterprises' ability to survive and develop under uncertainties and shocks. Taking the shock of COVID-19 as an example, this paper employs a unique firm-level national survey dataset collected from a sample of nearly 40,000 Chinese private enterprises in 2020 to systematically explore the relation between local business environment and enterprise resilience. Our estimation results using ordered probit model indicate that favorable business environment can significantly enhance enterprise resilience and mitigate the shock of COVID-19 on firm performance. Mechanism analysis further shows that enterprises under better business environment generally have greater resilience as the result of timely and effective government support, reliable supply of production factors and logistics service, and lower levels of financial constraints. Our study deepens the understanding of the economic consequences of business environment and also sheds a new light on enterprise resilience enhancement.
企业韧性是指企业在不确定性和冲击下生存和发展的能力。以 COVID-19 冲击为例，本文利用 2020 年从近 4 万家中国民营企业样本中收集的独特的企业层面全国调查数据集，系统地探讨了地方商业环境与企业韧性之间的关系。我们使用有序概率模型的估计结果表明，有利的商业环境可以显著提高企业的韧性，减轻 COVID-19 对企业绩效的冲击。机制分析进一步表明，在更好的商业环境下，企业通常具有更大的韧性，这是因为政府及时有效的支持、生产要素和物流服务的可靠供应以及较低的财务约束。我们的研究深化了对商业环境经济后果的认识，也为增强企业韧性提供了新的视角。
