数字基础设施建设与资本跨地区流动——基于企业跨地区并购的经验证据

Digital Infrastructure Construction and Inter-regional Capital Flows:Based on the Empirical Evidence of Enterprises Cross-District Mergers and Acquisitions

探究数字基础设施建设对资本跨地区流动的影响是数字经济时代下助力全国统一大市场建设的重要课题之一。基于手工整理的跨地区并购数据,研究数字基础设施建设对资本跨地区流动的具体影响和内在机制。结果表明,数字基础设施建设能够显著促进资本跨地区流动,这意味着数字基础设施建设能够有效削弱区域资本市场分割,这一结果在一系列稳健性检验后仍然成立。作用机制检验证实,缓解信息不对称性与扩展组织边界是数字基础设施建设促进资本跨地区流动的关键渠道。异质性分析表明,在软信息约束较强的企业、市场整合程度较低和交通基础设施建设薄弱的地区,数字基础设施建设对资本跨地区流动的促进作用更为明显。进一步地,数字基础设施建设对资本跨地区流动的影响存在方向上的不对称性,具体表现为其推动资本更多流入发达城市,体现出发达城市对资本的“虹吸效应”。上述研究为通过适度超前部署数字基础设施建设促进资本跨地区流动提供了新的解释,也为推动全国统一大市场建设提供了重要参考。

Exploring the impact of digital infrastructure development on the flow of capital across regions is one of the important issues to help build a unified national market in the era of digital economy.Based on the hand-collected data on cross-regional mergers and acquisitions,we explore the specific impact and internal mechanism of digital infrastructure construction on the inter-regional capital flows.The results show that digital infrastructure construction can significantly promote cross-regional M&A of enterprises,which implies that digital infrastructure construction can effectively weaken regional capital market segmentation,and this result still holds after a series of robustness tests.Mechanisms tests confirm that alleviating the information asymmetry and extending organizational boundaries are key channels through which digital infrastructure construction facilitates inter-regional capital flows.The heterogeneity analysis shows that in enterprises with strong soft information constraints,low degree of market integration and weak transportation infrastructure construction,digital infrastructure construction can more obviously promote capital flow across regions.Further,the influence of digital infrastructure construction on the cross-regional flow of capital is asymmetric in the direction,which is embodied in promoting more capital into developed cities and reflecting the“siphon effect”of developed cities on capital.The above results provide new explanation for the promotion of cross-regional capital flows through moderately advanced deployment of digital infrastructure construction,and also provide an important reference for the promotion of the construction of a unified national market.