“央企入驻”是否有助于改善要素错配?

Examining the Impact of Central Enterprise Entry on Alleviating Factor Misallocation

央企作为国民经济的重要支柱,在优化资源配置中发挥着重要作用。文章以1998~2019年非金融类央属上市公司为研究对象,考察“央企入驻”对要素错配的影响。研究发现,“央企入驻”有助于改善要素错配,提高资源配置效率,且该效应在数字经济发展迅速、行业竞争激烈与高盈利的样本中表现更明显;机制分析表明,“央企入驻”既会通过提高地方政府竞争程度,改善区域间的要素错配,又会通过调整企业的内外部融资约束,影响区域内要素配置。特别地,“央企入驻”虽会通过限制企业外部融资便利,加速区域内要素错配,但却能以缓解企业内部融资约束的方式,有效改善区域内要素错配。此外,“央企入驻”也有助于缓解由于资本约束和劳动力流动障碍等不同生产要素所产生的资源错配。

Central enterprises,as a crucial pillar of the national economy,play a significant role in optimizing resource allocation.This paper investigates the effect of central enterprise entry into local areas on alleviating factor misallocation,using a sample of non-financial listed central enterprises from 1998 to 2019.The findings reveal that the entry of central enterprises can help mitigate factor misallocation and enhance resource allocation efficiency.This effect is particularly pronounced in conditions characterized by rapid development of the digital economy,intense industry competition,and high profitability.Mechanism analysis demonstrates that the entry of central enterprises not only improves the competition among local governments,thereby reducing factor misallocation between regions,but also influences factor allocation within regions by adjusting the internal and external financing constraints of enterprises.Specifically,while the entry of central enterprises may restrict external financing convenience and potentially accelerate factor misallocation,it can alleviate internal financing constraints and contribute to improved factor allocation.Furthermore,the impact of central enterprise entry on factor misallocation exhibits structural variations through the easing of capital constraints and the strengthening of labor mobility.