区域一体化战略、社会网络与商业信用--基于京津冀一体化的证据

Regional integration strategy,social network and trade credits:Evidence from Beijing-Tianjin-Hebei integration

区域一体化战略对微观企业行为的影响及作用渠道是事关中国经济高质量发展的重要问题,但学术界尚未有深入研究.本文以京津冀一体化国家战略的实施为研究场景,从企业商业信用的微观视角检验了区域一体化这一正式制度推行对社会网络这一非正式制度作用发挥的替代性影响.基于京津冀“区域内非本地”的综合社会网络关系研究发现,区域社会网络较低的上市公司在一体化政策全面实施后所获得的商业信用显著提升,且结果主要体现在信息不对称较高的企业,竞争程度较弱的行业和供应链依赖度低的企业,以及更多地体现在无高管政治关联、高管兼任网络中心度较低的企业和工作网络类型中.结论表明区域一体化政策有助于系统性降低整个市场的交易成本,从而改善营商环境,为区域一体化战略支持经济高质量发展提供了微观机制检验,从而也为粤港澳、长三角等区域一体化国家战略的实施提供了政策启示.

The impacts and channels of regional integration policy on micro-enterprise behavior are important issues related to the high-quality development of China's economy,but there has not been in-depth researches yet.The paper takes the comprehensive implementation of the national strategy of Beijing-Tianjin-Hebei inte-gration as a research scenario,and examines the substitutive effect of the formal system of regional integration policy on the role of informal system of regional social network from the perspective of corporate commercial credit.Based on the research of the“intra-region and non-local aggregated social networks”,the paper finds that:(1)the firms with weak regional social network obtain more trade credit after the integration policy;(2)this evidence is mainly showed in the firms with high information asymmetry,weak industry competition and low supply chain dependence,no executive-political connections,low network centrality,and work network rela-tionships.The results may show that the regional integration policy helps to systematically reduce the transac-tion cost of the entire market,thereby improving the business environment,which provides a micro-mechanism of the regional integration strategy to support the high-quality development of the economy.The conclusion also provides policy implications for the implementation of a series of regional integration strategies such as Guang-dong,Hong Kong,Macao and the Yangtze River Delta.