交通投资何以实现高质量的市场一体化?——基于地理性与制度性市场分割的视角

How Can Transportation Investment Achieve High Quality Market Integration?A Perspective Based on Geographical and Institutional Market Segmentation

通过构建一个两地区政府与企业动态博弈模型,可以廓清交通基础设施投资影响市场分割的内在理论机制,尤其是区分制度性与地理性市场分割的两类构成及内生决定。基于2000-2013年中国工业企业数据库与长江经济带城市数据的匹配数据,采用动态面板系统GMM估计方法,对交通投资影响市场分割的非线性关系、微观机制进行实证检验,结果发现:(1)交通投资对市场分割的影响存在先促进、后抑制的“倒U”关系,而且更多的样本(63%)处于“拐点”右侧,有利于打破长江经济带市场分割。(2)从市场分割的两类构成中可知,交通投资通过“税收激励效应”的发挥加剧了制度性市场分割,而且96%的样本表现出这一显著效应;另外,交通投资对企业运输成本的影响存在“倒U”关系,且更多的样本(62%)表现出对企业运输成本的降低作用,有助于打破地理性市场分割。(3)地区专业化水平有助于交通投资打破市场分割,地区专业化水平越高,则交通投资对市场一体化的促进作用越强,且对两类市场分割均显著。(4)交通投资对市场分割的影响在长三角、长江中游和成渝地区存在显著差异。研究结果可以得出畅通交通基础设施投资渠道,打破制度性以及地理性市场分割,推动长江经济带实现更高质量市场一体化的政策启示。

This paper contributes to the clarification of the endogenous impact mechanism of transportation infrastructure investment,hereafter referred to as simply transportation investment,on the two types of market segmentation:the institutional market segmentation as well as the geographic market segmentation,by constructing a dynamic game model between the governments and the enterprises in the two regions.The study,based on the matching data of the 2000-2013 Chinese industrial enterprise database and the city data of the Yangtze River Economic Belt,then goes further to empirically test the nonlinear inverted U relationship between the basic investment in transportation and the market segmentation by using a dynamic panel system GMM estimation method.Followed afterwards is an empirical test on the micro mechanisms of‘tax incentive effect’as well as‘transportation cost effect’.The research has yielded the following results.Firstly,transportation investment has an‘inverted U’relationship that affects market segmentation by means of‘Tax incentive effect’,of which 63%of the samples are located to the right of the‘inflection point’,which exhibits an inhibitory effect on market segmentation.Secondly,transportation investment intensifies the institutional market segmentation,and 96%of the samples present such a significant effect.There exists in addition a meaningful‘inverted U’relationship between transportation investment and market segmentation.And it reduces the transportation costs of enterprises and suppresses the level of geographical segmentation by means of‘transportation cost effect’,of which 62%of the samples are located to the right of the‘inflection point’,displaying an inhibitory effect on the transportation cost of the enterprises.Thirdly,Regional specialization helps to break down the two types of market segmentation and to strengthen the market integration effect of transportation investment.And fourthly,In the regional heterogeneity test,the impact of transportation investment on market segmentation in the Yangtze River Delta and the middle reaches of the Yangtze River demonstrates a significant‘inverted U’relationship,with 61%and 6.4%of the samples located to the right of the‘inflection point’respectively,showing the market integration effect.Meanwhile,the transportation investment in Chengdu and Chongqing has a monotonous relationship that inhibits market segmentation.The paper finally proposes policy implications for unblocking transportation infrastructure investment channels,breaking institutional and geographic market segmentation,and promoting market integration in the Yangtze River Economic Belt.