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Abstract Baumol believes that the behavior of entrepreneurs is affected by the institutional environment,a good institutional environment will encourage entrepreneurs to engage in productive activities that increase social welfare,such as innovation; in a country or region with inadequate institutional environment,enterprises are engaged in nonproductive activities that seize social interests,such as rentseeking;does Baumol's theory have its applicability in specific situations in China?Based on provincial level panel data from 2009 to 2014 in China ,the use of per capita land transfer area in provinces as instrumental variable,after effective control of endogenous may result in model estimation errors,the effect of factor market distortion on the rentseeking activities of entrepreneurs is investigated;the study found that the more the market distortion in China's regional factor market during the transition period,the stronger the entrepreneur's rentseeking activities.In this paper,the application of coefficient method and the Bootstrap method are used to examine the mediation effect of entrepreneur rentseeking activities.The intermediation effect proves the existence of transmission mechanism of "factor market distortion→entrepreneurial rentseeking increase→entrepreneurial innovation activity decrease".It provides theoretical and empirical support for deepening the reform of China's factor market mechanism.
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| Fund:上海财经大学研究生创新计划项目（CXJJ2015397) |
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