地区司法水平与分工深化——来自巡回法庭设立的证据

Regional Judicial Quality and Deepening Vertical Specialization:Evidence from the Establishment of Circuit Court

推动分工深化对于畅通国民经济循环具有深远意义,如何推动分工深化成为亟需探索的时代命题。企业之间的专业分工是分工深化在微观层面的重要体现。本文以A股非金融上市公司为研究对象,利用最高人民法院设立巡回法庭这一准自然实验,采用多期双重差分模型从微观企业视角实证考察地区司法水平对分工深化的影响。研究表明,巡回法庭设立后,巡回区内企业专业分工水平显著提高。机制检验结果表明,巡回法庭主要通过改善契约环境、抑制地方保护主义以及减少行政干预实现对分工深化的推动。异质性分析表明,当企业面临的市场交易成本较高、不具备政治关联以及与巡回法庭之间的地理距离较近时,巡回法庭对企业专业分工水平的提升效果更加显著。本文结果表明,地区司法水平的提高能够推动分工深化,拓展了法制环境的微观经济后果及企业边界影响因素的相关研究。本文结论对于深化司法体制改革和进一步完善巡回法庭制度具有一定的政策启示。

The deepening of division of labor plays a profound role in facilitating the circulation of the domestic economy,making it an urgent contemporary issue that requires ex-ploration.Corporate vertical specialization is a crucial manifestation of division of labor at the micro-level.Using the data of A-share listed enterprises,the staggered establishment of Circuit Courts by the Supreme People's Court and staggered DID model we examine the impact of judicial quality on corporate vertical specialization.We find the establishment of Circuit Court significantly promotes corporate vertical specialization.Mechanism analyses indicate that Circuit Court facilitates vertical specialization through improving contract environment,alleviating local protectionism,and reducing administrative intervention.Heterogeneity analysis reveals that the impact of Circuit Courts on vertical specialized among corporates is more pronounced when corporates face higher market transaction costs,lack political connections,and are geographically closer to the Circuit Courts.The results suggest that improvement of regional judicial level can promote the deepening of corporate vertical specialization,expanding the research on the microeconomic consequences of the legal environment and factors affecting corporate boundaries.Additionally,it sheds light on the practical implementation of the role of Circuit Courts in elevating regional judicial quality from a micro-enterprise perspective.The conclusions of this article provide valuable policy implications for further advancing judicial system reform and refining the Circuit Court system.