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文章利用世界银行对我国企业投资环境的调查数据,使用结构方程检验政府管制、法律保护和融资约束三者对企业成长速度的影响路径和作用力度。结果表明,影响企业成长速度的主要因素是法律保护和融资约束,良好的法律保护促进了企业成长,较高的融资约束抑制了企业成长,虽然政府管制会通过融资约束对企业成长速度间接产生作用,但没有发现政府管制对企业成长速度存在显著的直接影响。因此,要促进我国企业又快又好地发展,最重要也是最需要解决的是:(1)加强法制环境建设,为企业发展打造良好的法律平台;(2)完善金融环境,为企业发展打造宽松的融资平台。
Based on the survey data of World Bank’s investment environment in China, this paper uses structural equation to test the path and effect of government regulation, legal protection and financing constraints on the growth rate of enterprises. The results show that the main factors that affect the growth rate of enterprises are the legal protection and financing constraints, the good legal protection promotes the growth of enterprises, and the higher financing constraints inhibit the growth of enterprises. Although government regulation indirectly influences the growth rate of enterprises through financing constraints , But did not find that government regulation had a significant direct impact on the growth rate of enterprises. Therefore, in order to promote the fast and sound development of our country’s enterprises, the most important and most needed solution is to: (1) strengthen the construction of the legal environment and create a sound legal platform for the development of the enterprise; (2) improve the financial environment for the development of the enterprise Loose financing platform.