自2015年服务业成为推动经济发展的第一大产业以来，服务业对经济增长 的贡献率逐年提升，随着中国供给侧结构性改革的不断深入，虽然改革以制造 业为突破口和集中点，但是其深层次的内核是推动服务业的发展。在改革持续 推进的进程中，随着服务业结构的不断优化升级，新旧动能转化逐渐实现，但 同时，供给侧结构矛盾对新经济、新产业蓬勃发展造成了一定的阻碍，其中优 化营商环境成为持续推进服务业市场发展的首要抓手。因此，构建公正化、国 际化、法制化营商环境来展现一国或地区吸引投资、贸易和人才的魅力至关重 要。从2018年至今，世界银行发布的我国营商环境排名一直在大跨步上升，营 商环境虽有大幅度提升，但与世界前沿水平仍有一定差距。优化营商环境，促 进推动我国服务业市场健康有序发展仍大有可为。基于此，本文以服务业上市 公司为例探讨营商环境如何促进服务业全要素生产率增长？营商环境对不同服 务业细分行业的影响程度有什么区别？营商环境对不同区域的服务业上市公司 影响有什么差异？ 在梳理国内外相关研究现状后，本文发现，营商环境对服务业全要素生产 率发展具有一定的促进作用，本文试图从企业层面构建计量经济学模型，运用 2009-2018年服务业上市公司数据进行多元层次回归分析，同时引入公司规模、 公司管理效率、资本结构、研发管理水平、盈利水平等控制变量，来探讨营商 环境如何影响服务业上市公司全要素生产率。 论文主要得出以下几点结论：（1）总体上2009-2018年，我国服务业上市公 司全要素生产率增长趋势明显，不同细分行业以及不同地区增长幅度各有不同， 但达成一致的是：技术进步是服务业上市公司全要素生产率增长的主要驱动力。 从细分行业来看，房地产业、租赁与商务服务业、环境与公共设施管理、教育 业、文化娱乐业等行业的全要素增长率都高于服务业整体的平均水平，从地区 分类角度看，东部地区和中部地区的服务业上市公司全要素生产率高于全国平 均水平，西部地区与全国水平基本一致，而东北地区全要素生产率稍显落后。（2） 我国营商环境近几年实现“三级跳”的大跨越发展，营商环境优化成果显著； 2009-2018年10年间，营商环境竞争力综合得分较高的三个地区是：北京市、 上海市以及广东省。分区域角度来看，东部地区的营商环境水平最高，同时各 区域营商环境均有出现发展不平衡情况。（3）营商环境对我国服务业上市公司 II 全要素生产率、技术进步指数和技术效率均有显著正向影响，但不同细分行业、 不同区域影响程度不同。从营商环境的公因子来看，发展潜力因子和创新升级 因子对上市公司全要素生产率有显著的正向作用，经济活力因子的正向作用显 著性较弱；从行业类型细分来看，相比于非生产性服务业，营商环境对生产性 服务业的全要素生产率、技术进步指数以及技术效率的的影响更显著；从区域 细分角度看，营商环境对中部地区和东部地区的服务业上市公司全要素生产率 影响较大，对东北地区和西部地区影响较小。（4）研发水平、盈利能力对服务 业上市公司全要素生产率有显著的正向影响，而公司规模和管理费用率对全要 素生产率有显著负向影响，资产负债率对服务业上市公司全要素生产率存在负 向影响，但并未通过显著性检验 关键词：服务业上市公司；营商环境；全要素生产率；行业异质性 III Abstract Since the service industry became the largest industry to promote economic development in 2015, the contribution rate of service industry to economic growth has increased year by year. With the deepening of China's supply-side structural reform, although the reform takes manufacturing industry as the breakthrough and focus point, its deep core is to promote the development of service industry. In the process of continuous reform, with the continuous optimization and upgrading of the service industry structure, the transformation of new and old kinetic energy is gradually realized, but at the same time, the contradiction of the supply-side structure has caused certain obstacles to the vigorous development of the new economy and new industries, among which optimizing the business environment has become the primary starting point to continuously promote the development of the service industry market. Therefore, it is very important to construct a fair, international and legal business environment to show the charm of a country or region in attracting investment, trade and talents. From 2018 till now, the ranking of our state-owned business environment released by the World Bank has been greatly improved. Although the business environment has been greatly improved, there is still a certain gap with the world's leading edge level. There is still much to be done to optimize the business environment and promote the healthy and orderly development of China's service industry market. Based on this, this paper takes listed companies in service industry as an example to discuss how the business environment promotes the growth of total factor productivity in service industry. What are the differences in the impact of the business environment on different service sectors? How does the business environment affect listed service companies in different regions? After combing the relevant research status at home and abroad, this paper finds that the business environment plays a certain role in promoting the development of total factor productivity in the service industry. This paper attempts to build an econometric model from the enterprise level, and uses the data of listed service companies from 2009 to 2018 to carry out multi-level regression analysis. At the same time, it introduces control variables such as company size, company IV management efficiency, capital structure, research and development management level, and profit level to explore how the business environment affects the total factor productivity of listed service companies. The paper mainly draws the following conclusions: (1) Overall, from 2009 to 2018, the total factor productivity growth trend of listed service companies in China is obvious, with different growth rates in different sub-sectors and different regions, but it is agreed that technological progress is the main driving force for the total factor productivity growth of listed service companies. From the perspective of sub-sectors, the total factor growth rates of real estate, leasing and business services, environment and public facilities management, education, culture and entertainment industries are all higher than the overall average level of service industries. From the perspective of regional classification, the total factor productivity of listed service companies in the eastern and central regions is higher than the national average level, while the western region is basically the same as the national level, while the total factor productivity in the northeast region is slightly lagging behind. (2) In recent years, our state-owned business environment has achieved a great leap forward in "triple jump" and has achieved remarkable results in optimizing the business environment. In the 10 years from 2009 to 2018, the three regions with high scores in comprehensive competitiveness of business environment are: Beijing, Shanghai and Guangdong Province. From a sub-regional perspective, the eastern region has the highest level of business environment. At the same time, there is an imbalance in the development of business environment in all regions. (3) The business environment has a significant positive impact on the total factor productivity, technological progress index and technological efficiency of China's service industry listed companies, but the degree of impact varies in different sub-sectors and different regions. From the public factor of business environment, the development potential factor and innovation upgrade factor have significant positive effect on the total factor productivity of listed companies, while the positive effect of economic vitality factor is relatively weak. In terms of industry type breakdown, compared with non-productive service industry, the business environment has more significant influence on total factor productivity, technological progress index and technological efficiency of productive service industry. From the perspective of regional V segmentation, the business environment has a greater impact on the total factor productivity of listed service companies in the central and eastern regions, but less impact on the northeast and western regions. (4) R&D level and profitability have significant positive effects on total factor productivity of listed service companies, wh