行政垄断规制与企业投资水平——基于公平竞争审查制度的准自然实验

Administrative Monopoly Regulation and Enterprise Investment Level:A Quasi Natural Experiment based on Fair Competition Review System

打破地方保护和市场分割,是建设高效规范、公平竞争、统一开放的全国统一大市场的重要着力点。从微观企业的投资总量入手,使用2013—2019年A股上市公司的数据,以DID模型作为基本分析工具,探讨了公平竞争审查制度对企业投资水平的影响。研究发现,区域层面行政垄断会通过推动企业投资而拉动本地经济增长,而公平竞争审查制度的实施将相对抑制高行政垄断地区的企业投资水平。异质性分析发现,这一相对抑制作用在过度投资水平越高、全要素生产率越低、市场集中度越高、市场化进程越低、利润越高、收入越稳定、政府补贴越多、融资约束越低、银行借款越多的企业中更为显著,这表明公平竞争审查制度对高行政垄断地区企业投资的相对抑制作用在主体越受庇护、市场机制越完善、内外源融资来源越多的情况下呈现了更为显著的作用,进一步验证了公平竞争审查制度是通过抑制行政垄断的庇护渠道而影响企业投资的。

Breaking local protection and market segmentation is an important focus for building a unified na⁃tional market that is efficient,standardized,fair and open.Starting with the total investment of micro enterprises,using the data of A-share listed companies from 2013 to 2019 and using did model as the basic analysis tool,this paper discusses the impact of fair competition review system on enterprise investment level.It is found that at the regional level,administrative monopoly will indeed promote local economic growth by promoting enterprise invest⁃ment,that is,enterprise investment is an important tool for administrative monopoly to promote economic growth.The implementation of fair competition review system will relatively inhibit the investment level of enterprises in high administrative monopoly areas.At the same time,the cross-sectional heterogeneity study shows that the inhib⁃itory effect on enterprise investment in high administrative monopoly areas is higher in the level of over-invest⁃ment,lower in total factor productivity,higher in market concentration,lower in the process of marketization,and higher in profits.It is more significant in the sample of enterprises with high level,relatively stable income,more government subsidies,lower financing constraints and more bank borrowings.This shows that the fair competition review system has a more significant inhibitory effect on the investment level of enterprises in high administrative monopoly areas when the degree of administrative protection is higher,the market mechanism in which the enter⁃prise is located is more imperfect,and the internal and external financing of the enterprise is relatively abundant.It further verifies that fair competition review system affects enterprise investment by restraining the sheltering chan⁃nels of administrative monopoly.