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本文从增长理论的演进角度,梳理了公司治理对经济增长的影响关系,认为公司治理这一制度因素应被纳入增长模型,作为传统增长理论的一个微观基础。文献显示,公司在经济中的重要性决定了公司治理在一国制度框架中的重要地位,完善的公司治理不仅可以降低交易成本,弥补市场缺陷,提高企业生产效率,更能在总体上促进宏观层面的经济增长。公司治理促进增长的主要渠道是投资效率和技术创新,前者可以优化资源配置,降低资本成本,增加融资渠道,后者可以提供更高质量的产品和服务,实现更好的增长。现有增长模型大多考察投资数量与增长的关系,及研发投入与技术进步的关系,进一步研究应考虑引入公司治理,同时考察投资的数量和质量,及研发投入背后的激励机制,以实现新制度经济学和内生增长理论的融合。
From the perspective of the evolution of growth theory, this paper combs the relationship between corporate governance and economic growth, and considers that the institutional factors of corporate governance should be included in the growth model as a microcosmic foundation of the traditional growth theory. The literature shows that the importance of a company in the economy determines the important position of corporate governance in the framework of a country’s system. Perfect corporate governance can not only reduce transaction costs, make up for market imperfections, improve enterprise productivity, but also promote macroeconomic The level of economic growth. The main channels of corporate governance to promote growth are investment efficiency and technological innovation. The former can optimize resource allocation, reduce capital cost and increase financing channels, while the latter can provide better quality products and services and achieve better growth. Most existing growth models examine the relationship between investment quantity and growth, and the relationship between R & D investment and technological progress. Further research should consider introducing corporate governance while examining the quantity and quality of investment and the incentive mechanism behind R & D investment so as to realize the new system The Integration of Economics and Endogenous Growth Theory.