Abstract：This paper examines the effect of gray competition from informal sectors on formal business performance by using the World Bank 2012 survey data.The research shows that the gray competition from the informal sectors would reduce not only the net profit of formal enterprises,but also the sales of formal enterprises,i.e.the gray competition from the informal sector would inhibit the improvement of the performance of formal enterprises.The conclusions of the study are still valid after a series of robustness tests such as overcoming endogenous problems and transformation estimation methods.From the perspective of business environment,in the areas where the government regulation is lighter,the intermediary organization system is more mature,the legal environment is better,and the property rights protection is more perfect,the suppression effect of gray competition from the informal sector on the performance of formal enterprises is smaller.From the perspective of industry,compared with the high-tech industry,the gray competition from the informal sector has a greater negative impact on the performance of formal enterprises in the low-tech sector.The mechanism test shows that the gray competition from the informal sector would aggravate the formal corporate financing constraints,inhibit formal enterprise innovation and then reduce the performance of formal enterprises.The conclusions of this paper provide useful reference for the government to make relevant policy programs for the informal sectors.
龚广祥. 非正规部门灰色竞争与正规企业绩效:促进还是抑制[J]. 中国科技论坛, 2020(2): 80-90.
Gong Guangxiang. Grey Competition from Informal Sector and Performance of Formal Enterprises:Promotion or Suppression. , 2020(2): 80-90.
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