Entrepreneurs are important subjects of economic activities and creators of social wealth. Excellent entrepreneurs contribute their wisdom and make contributions to accumulating social wealth and promoting high-quality economic and social development. The business environment is the main manifestation of the soft power of cities and regional economic development, and a better business environment can effectively attract the concentration of enterprises and promote their sustainable growth. Using the data of Chinese A-share listed companies from 2009-2019 as the research sample, the following research conclusions are drawn: (1) Better business environment helps to enhance entrepreneurship. (2) Better business environment promotes entrepreneurship by reducing rent seeking expenses and corporate credit cost. (3) Compared with traditional enterprises, high-tech enterprises are better able to enjoy the dividends brought by business environment optimization and further enhance entrepreneurship. Compared with high market competition, when the competition is low, entrepreneurs face lower rent seeking expenses, which is conducive to stimulating entrepreneurship. Business environment can promote fairness and bring more equal financing opportunities for enterprises, which has higher entrepreneurship for the high financing constraint group spillover effects. This study meticulously further analyzes the impact paths of business environment affecting entrepreneurship, so as to provide references for the next step of optimizing business environment and thus enhancing entrepreneurship.
Internal control is an important internal governance mechanism of enterprises and plays an important role in preventing and controlling corporate risks. This paper utilizes COVID-19 shocks and uses data from listed companies in China for 2019–2021 in order to study the impact of internal control on enterprise resilience and its functioning mechanism. The findings show that internal control significantly improves enterprise resilience during a crisis. By using firm characteristic quantile regressions, it is found that under a crisis, larger firms with sufficient cash flow from operating activities are more protected by internal control and more resilient. Mechanistic analysis suggests that internal control further increases enterprise resilience by improving resource allocation efficiency, reducing operating risk, and increasing innovation output. Further analysis shows that government support can enhance the resilience of firms during crises through tax and fiscal policies; a better business environment enhances firms’ ability to withstand risks in crisis situations and helps them gain a competitive advantage in crisis situations. Based on this, this paper provides empirical evidence for revising and improving the internal control system of enterprises to reduce the negative impact of public health emergencies in the context of epidemics.
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