全国统一大市场下企业异质性与多层级市场投资选择

Firm Heterogeneity and Multi-level Market Investment Choice in the Unified National Market

从规模和层级两个视角提出中国大国市场优势的一种新解释——多层级市场优势,并将中国337个直辖市及地级行政区从地理空间层面划分为6个市场层级。利用1999—2018年中国A股3 688家上市公司数据,手工收集上市公司自成立以来的所有子公司和分支机构的工商企业登记信息,研究异质性企业国内跨市场层级投资选择问题。研究表明:企业全要素生产率越高,投资多层级市场的概率越大,只投资少数市场层级的概率越小;只投资高层级市场的企业生产率较高,只投资低层级市场的企业生产率较低,而既投资高层级市场又投资低层级市场的企业生产率最高,但在民营企业这一效应表现得不明显;企业规模越大,投资多个市场层级的概率越大。在国内外复杂的政治经济形势下,本研究既扩展了中国企业市场进入方面的探讨,又为加快建设全国统一大市场提供了政策建议。

This paper puts forward a new explanation of the market advantages from the perspective of scale and level, and divides the Chinese market into six levels in 337 prefecture-level administrative regions in China. Using the data of 3,688 A-share listed companies in China from 1999 to 2018, this paper examined the investment choice of domestic cross market level performed by heterogeneous enterprises. The findings show that the higher the total factor productivity, the greater the probability of investing in multiple markets, and the smaller the probability of investing in the few markets;the productivity of enterprises that only invest in the high-level market is higher, while the productivity of enterprises that only invest in the low-level market is lower;the productivity of enterprises that invest in both the high-level market and the low-level market is the highest, but this effect of private enterprises is not significant;the larger the enterprise scale, the greater the probability of investing in multiple markets. Under the complex political and economic situation at home and abroad, this study not only expands the research on the market entry of Chinese enterprises, but also provides policy suggestions for forming a strong domestic market.