行政区划调整与企业投资趋同——来自撤县设区的证据

Administrative Division Adjustment and Investment Convergence:Evidence from the City-County

在国内市场分割的现实情境下,如何推动区域一体化,进而建立全国统一市场成为重要命题。本文从微观企业入手,考察了由政府主导的行政区划调整——撤县设区的区域一体化效果。研究发现,撤县设区后,被撤并县域企业与市辖区企业的投资行为显著趋同,这一结果在市场分割程度较高的地区以及资本密集型企业中更加显著。进一步,本文从整体投资趋同中分离出了市县企业之间的投资学习效应。本文结果表明,由政府主导的行政区划调整能有效促进市县企业联动,推进区域一体化。

Under the realistic situation of market segmentation,how to promote regional integration and establish a national unified market has become an important issue.From the perspective of micro-enterprises,this paper investigates the regional integration effect of the administrative division adjustment led by the governmentthe policy of city-county merger.We find that the investment convergence of companies in the merged county and companies in the municipal district significantly increases after the city-county merger,and this result is more significant in the regions with a high degree of market segmentation and in capital-intensive companies.We further separate the learning effect between companies in the merged county and companies in the municipal district.The results show that the administrative division adjustment led by the government can effectively promote the linkage of companies in municipal districts and in counties,thus promoting the integration of regional markets.