“省直管县”对中小企业影响的实证分析

利用双重差分法研究“省直管县”财政体制改革对中小企业绩效的影响，发现在控制了地区年末金融机构贷款余额、地区劳动力增长率、地区城镇职工平均工资、人均生产总值后，“省直管县”的政策改革效果并不显著，城镇职工平均工资的系数显著为正。而其他变量像地区年末金融机构贷款余额、地区劳动力增长率、人均生产总值后的估计系数并不显著。劳动力因素和地区市场规模并不显著影响中小企业的发展，更重要的是回归分析表明中小企业面，临的“资金难”问题可能并不是影响中小企业发展的重要因素，新增加居民消费和购买力则会显著促进中小企业增长。

An Empirical Analysis of the Impact on Small and Medium-sized Enterprises under Direct Provincial Supervision of County Finance

This paper explores with the double difference method the impact on the performances of small and medium-sized enterprises in the context of Direct Provincial Supervision of County Finance.Study shows that despite an effective control of the region’s year-end loan balance,manpower growth rate,urban workers’ average salary and GDP per capita,the policy reform does not demonstrate notable results due to the fact that although urban workers’ average pay coefficient is notably positive,estimated coefficients of other variables such as the region’s year-end loan balance,manpower growth rate and GDP per capita are not striking,i.e.,factors of manpower and market size do not notably affect the development of small and medium-sized enterprises.And furthermore,regressive analysis shows fund shortage’ faced by such enterprises is not necessarily an important factor that hinders their development,but enhancing residents’ consumption and purchasing power shall obviously promote enterprise growth.