Research On The Relationship Between Institutional Transaction Costs And Firm Performance

In 2016,the Central Economic Work Conference proposed to reduce the cost of enterprises as one of the important tasks of economic work,and pointed out that efforts should be made to reduce institutional transaction costs.Since then,institutional transaction costs have become a hot topic for scholars,and articles on reducing institutional transaction costs have emerged.However,how the institutional transaction cost affects the performance of enterprises and the key factors affecting the performance of institutional transaction costs are all worthy of discussion.This paper takes the relationship between institutional institutional transaction cost and enterprise performance as the research object.On the basis of defining the connotation and classification of institutional transaction cost,the data of 1553 manufacturing enterprises of A-share listed companies are selected as samples for 2015-2017.Empirical research,using the comprehensive tax rate,financing cost rate and social insurance expense rate as explanatory variables to measure the institutional transaction cost of the enterprise,and the weighted assignment of the total return on assets and the return on net assets to measure the performance of the enterprise by the explanatory variables,to the nature of the enterprise As a regulatory variable,the three variables of firm size,corporate asset-liability ratio and corporate operating income growth rate were added,and put forward hypothesis and construct a multivariate regression model of the relationship between institutional transaction cost and firm performance,and the regression model of the regulation of the relationship between institutional transaction cost and firm performance.Descriptive statistics,correlation analysis and regression analysis in empirical research show that the comprehensive tax rate,financing cost rate and enterprise performance are inverse U-shaped,social insurance expense rate is negatively correlated with corporate performance;institutional transaction cost and enterprise performance The relationship cannot be judged simply,but as the institutional transaction cost increases,the performance of the enterprise will decrease.At the same time,the key factors affecting corporate performance in institutional transaction costs are the cost of tax and fee system and the cost of social insurance.The nature of the enterprise has a significant positive adjustment effect on the relationship between the comprehensive tax rate and the performance of the enterprise.There is a significant negative adjustment effect on the relationship between firmperformance,and there is no significant adjustment effect on the relationship between financing cost rate and firm performance.Based on the above research conclusions,this paper proposes corresponding countermeasures to control institutional transaction costs from the perspective of taxation system cost,financing system cost,five insurance and one gold cost,and distinguishing the nature of enterprises,in order to change the current situation of high cost of manufacturing enterprises.The development of manufacturing enterprises has injected new impetus,and at the same time provided ideas for other industries to control institutional transaction costs.And further broaden the breadth and depth of theoretical research on institutional transaction costs.