行政区划调整与企业融资趋同--来自撤县设区的证据

Administrative Division Adjustment and Corporate Financing Convergence:Evidences from the City-County Merger

在我国经济整体高速发展的同时,区域发展的不协调、不均衡依然存在,不同行政区域间仍面临明显的市场分割,并催生出城乡信贷分割等严重危害企业发展的问题。在这一现实背景下,推动区域一体化、建立全国统一市场的实际举措及其经济后果成为兼具理论价值和现实意义的重要话题。本文基于我国A股上市公司的数据,以企业间融资趋同为切入点考察了行政区划调整--撤县设区,在微观企业层面的效果。研究发现,撤县设区后,区域间的信贷市场壁垒被打破,被撤并县域公司与市辖区公司的融资结构明显趋同,且该趋同效应在市场分割程度较高的地区更加显著。此外,这种融资趋同也受到企业之间学习效应的影响,并主要表现为长期债务决策上的趋同。本文的结果表明,由政府主导的行政区划调整能有效打破行政区域间的行政壁垒,促进信贷资源流动,加速市县企业间融资协同,从而有力推进区域经济的一体化发展。

With the rapid development of China’s economy, the problem of unbalanced regional development and market segmentation still exists among different administrative regions, leading to urban-rural credit segmentation and other serious problems that negatively affect corporate development.Given this realistic situation, the measures and economic consequences of promoting regional integration and establishing a national unified market have become important topics of theoretical and practical significance.From the perspective of micro-enterprises, this paper investigates the regional integration effect of the administrative division adjustment led by the government-the policy of city-county merger.We find that inter-regional credit market barriers are broken after the city-county merger, and the financing convergence of companies in the merged county and companies in the municipal district significantly increases.Moreover, this result is more significant in regions of a high degree of market segmentation.In addition, the financing convergence is also affected by the learning effect among firms, and is mainly reflected in the convergence of long-term debt decisions.Our results show that the adjustment of administrative division led by the government could effectively break the administrative barriers among administrative regions, promote the flow of credit resources, promote the financial linkage of companies in municipal districts and in counties, thus effectively promots the integration of regional economy.