法治强化能促进地方招商引资吗——基于投资权益司法保护的视角

Will Strengthening the Rule of Law Promote Local Investment Attraction——Based on the Perspective of the Judicial Protection of Investment Equities

以2006—2018年我国283个城市为样本,分析了以司法保障为代表的法治建设对地方吸引投资的作用机制,并利用城市人民法院的案件审判数据构造了投资权益司法保护指数,之后对这一影响作用进行了实证考察。研究表明:投资权益司法保护可以缓解政府干预和政治不确定性,从而增强城市的招商引资能力;基于地方发展前景和市场整合程度的异质性分析发现,投资权益司法保护对地方招商引资的影响在发展前景较好、市场整合程度较高的城市更显著;在司法保障条件下,实现高水平的招商引资可以显著改善城市的创新能力和就业容纳规模。

Taking 283 cities in China from 2006 to 2018 as the sample,this paper analyzed the impacting mechanism of the construction of the rule of law represented by judicial security on local investment attraction,and constructed the judicial protection index of investment equities by using the case trial data of urban people’s courts.Then the paper further made an empirical investigation of this influencing effect.The empirical results showed that,the judicial protection of investment equities has alleviated government intervention and political uncertainty,so as to enhance the ability of cities to attract investment.Based on the heterogeneity analysis of local development prospects and the degree of market integration,we found that,this effect of the judicial protection of investment equities was more significant in the cities with better development prospects and a higher degree of market integration.Furthermore,under the condition of judicial guarantee,the realization of high-level investment attraction has significantly improved the urban innovation ability and employment capacity.