私有化何时能刺激创业绩效？新兴市场中制度质量的调节效应
When does privatization spur entrepreneurial performance? The moderating effect of institutional quality in an emerging market
摘要：
我们探讨了制度质量如何调节私有化对企业家销售业绩的有效性。为此，我们将代理理论和创业认知理论与制度经济学的见解相结合，建立了一个新兴市场风险投资绩效模型。利用世界银行对中国企业家的企业调查数据，我们的结果表明，私营企业（POEs）的表现优于国有企业（SOEs），但仅在高质量市场制度的环境中。在低质量市场制度的环境中，国有企业的表现优于国有企业。这些研究结果表明，私有化对创业绩效的有效性是特定的背景下，这揭示了更多的细微差别比以前已经归因。
英文摘要：
We explore how institutional quality moderates the effectiveness of privatization on entrepreneurs sales performance. To do this, we blend agency theory and entrepreneurial cognition theory with insights from institutional economics to develop a model of emerging market venture performance. Using data from the World Banks Enterprise Survey of entrepreneurs in China, our results suggest that private-owned enterprises (POEs) outperform state-owned enterprises (SOEs) but only in environments with high-quality market institutions. In environments with low-quality market institutions, SOEs outperform POEs. These findings suggest that the effectiveness of privatization on entrepreneurial performance is context-specific, which reveals more nuance than previously has been attributed.
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