区域一体化、投资环境和企业跨地区投资——基于长三角一体化的准自然实验分析

Regional Integration,Investment Environment and Enterprise Cross-regional Investment:A Quasi-natural Experiment Based on the Integration of the Yangtze River Delta

本文基于2006—2020年上市公司设立关联企业形成的企业-城市对数据,实证分析区域一体化对企业跨地区投资的影响效应。研究发现,区域一体化建设有助于促进企业跨地区投资并存在明显的非对称性,企业偏向于服务类业务、跨区异地及原位中心城市的投资,地区间的区域一体化政策协同显著强化企业跨地区的投资行为;区域一体化通过优化投资环境促进企业扩大投资规模,这一效应在企业规模较大、服务业、融资约束低的企业更为明显;区域一体化有助于提高资本流入地企业的经营绩效、扩大企业的采销市场,其投资迁移效应具有地理邻近偏好和区域内依赖性的特征。以上研究结论对区域一体化政策促进有效投资和区域高质量发展具有重要的启示意义。

Based on the data of firm-city pairs from 2006 to 2020,this paper empirically analyzes the impact of cross-regional investment of enterprises.The results show that regional integration is conducive to promoting the cross-regional investment of enterprises,and there is obvious asymmetry in the investment of enterprises,with enterprises favoring service business,cross-regional and in-situ city investment.The policy coordination of regional integration has significantly strengthened the cross-regional investment behavior of enterprises.Mechanism analysis indicates that regional integration promotes the expansion of investment scale by optimizing the investment environment.The investment expansion effect of regional integration is more obvious in enterprises with large scale,in service industry and with low financing constraints.Regional integration can improve the business performance of the invested enterprises,expand the procurement and sales market of enterprises.The investment migration of regional integration has a preference for geographical proximity and intra-regional dependence.The research in this paper has important implications for regional integration to promote effective investment and regional high-quality development.