产业集聚促进区域内企业融资了吗?——来自汽车制造业上市公司数据的证据

Does Industrial Agglomeration Promote Regional Corporate Financing?——Evidence from Listed Companies in Automobile Manufacturing Industry

基于产业区域固定资产投资完成额,构造了产业集聚程度指标测算方法,以产业集聚程度作为信号,构建产业集聚与企业融资理论模型,利用2008-2015中国30个省级区域汽车制造业固定资产完成额及汽车制造业板块上市公司年报数据,考察了集聚对产业内优质企业融资的影响。研究表明,在全国和地区层面上,中国汽车制造业集聚程度与产业内优质企业融资能力呈现出显著的负向关系,投资者短期投资获利动机显著,资金难以持续向优质企业集中,各汽车制造业集聚区域的同质化建设,导致投资分散和投资回报率低,限制了优质企业的发展。因此,以产业集聚程度为信号,关注产业集聚程度与企业融资状况,能够有效判断集聚发展阶段,引导集聚区域调整企业构成,推动产业升级,促进优质企业获得投资和发展壮大。

Based on the completion of fixed assets investment in industrial areas, a method for calculating the degree of industrial agglomeration is constructed as well as a theoretical model of industrial agglomeration and corporate financing that takes agglomeration degree as signal. Taking the data of fixed assets investment and annual reports of listed companies in automobile manufacturing industry in 30 Chinese provinces from 2008 to 2015, this paper investigates the influence of agglomeration on the excellent enterprises’ financing ability within the industry. The result indicates that there is a negative relationship between the agglomeration and the financing ability of excellect enterprises in automobile manufacturing industry in China on both national and regional levels. Investors have significant motives for short-term investment profit which makes it difficult for funds to keep accumulating in high-quality enterprises. Given the homogenization of various automobile manufacturing clusters, investment is dispersed and the investment returns are low, which limits the development of high-quality companies. Therefore, monitoring the industrial agglomeration degree and the financing situations of corporations while taking agglomeration degree as signal can effectively decide the phase of agglomeration, guide the agglomeration regions in adjusting industrial structure, promote the industry upgrading and facilitate investment procurement and growth for excellent enterprises.