产业政策能否缓解市场分割?——基于企业异地股权投资视角的实证研究

Can industrial policy mitigate market segmentation? An empirical study from the perspective of cross-regional equity investment

考察了企业是否受到产业政策支持与异地股权投资行为的关系,揭示了产业政策可以在现行政治经济体制下有效缓解市场分割的内在逻辑。发现受产业政策支持的企业,异地股权投资金额、投资次数和投资省份数都会显著增加。这种现象在国有企业以及非政治联系企业中更加显著,但是异地股权投资会降低企业经营业绩。进一步研究发现,受产业政策支持的企业进行异地股权投资时不仅可以获得更多的省外银行借款和省外政府补助,寻租费用也会显著降低。这说明政策支持减少了企业对于注册地政府的依赖,降低了异地投资的阻力以及与投资地政府建立关系的成本。结论丰富了产业政策与企业异地投资行为的相关研究,对于我国如何缓解市场分割促进资本跨区域流动具有重要启示意义。

This paper studies the relationship between industrial policy support to enterprises and the cross-regional equi- ty investment behavior, and reveals the inherent logic of how industrial policy effectively mitigates market segmentation under the current political and economic systems. The resuhs show that the amount of cross-regional equity investment, the times of investment and the numbers of investment provinces will increase significantly in the enterprises which are supported by the industrial policy. This phenomenon is more significant in state-owned enterprises and non-political related enterprises, but cross-regional equity investment will reduce the enterprises＇ business performance. In the further analysis, we find that enter- prises supported by the industrial policy not only obtain more bank loans and government subsidies from other provinces, but also face less rent-seeking fees. This indicates that industry policy support reduces the dependence of enterprises on regis- tered-government, the resistance of cross-regional investment and the cost of establishing relationship with the local govern- ment in the investment location. The conclusion of this paper enriches the research on the relationship between the industrial policy and the cross-regional investment behavior of enterprises, which is of great significance for China to alleviate the market segmentation and promote the cross-regional capital flow.