都市圈协同发展与企业异地投资:比较优势视角

Coordinated Development of Metropolitan Areas and Cross-regional Investment:From the Perspective of Comparative Advantage

畅通资本内循环的障碍之一在于地方间逐底竞争导致的行政壁垒,这严重阻碍了资本跨区流动,使不少地方背离比较优势发展。本文基于《京津冀协同发展规划纲要》的实施,研究都市圈协同发展规划对企业异地投资的影响。都市圈协同发展规划是中央嵌入的地方协同,更易缓解区域间的同质竞争,使各地按比较优势发展。运用双重差分法(DID)研究发现:《京津冀协同发展规划纲要》实施后,北京企业向津冀的异地投资显著增加;企业所处行业的比较优势越弱,企业异地投资越多,这说明都市圈协同发展规划一定程度上纠正了地方背离比较优势发展的行为。进一步检验发现,异地投资的企业价值显著提高。本文从中央嵌入角度关注地方横向协同的区域一体化研究,为畅通资本内循环的政策制定提供实践上的验证。

One of the obstacles to the smooth domestic circulation of capital is the administrative barriers of cross-regional capital flow caused by race to the bottom between regions,which makes many places develop away from their comparative advantages.Based on the implementation of the Outline of Beijing-Tianjin-Hebei Coordinated Development Plan,we examine the effect of the metropolitan area coordinated development plan on corporate cross-regional investment.The metropolitan area coordinated development plan is jointly led by the central and local governments,which is more useful to mitigate homogeneous competition between regions and enable development based on comparative advantages.DID results show that after the implementation of the Outline,Beijing's investment in Tianjin and Hebei has increased significantly.This phenomenon is more pronounced in industries with lower comparative advantage.Further tests show that the value of firms that make cross-regional investments has been significantly improved.This paper complements the literature on regional integration from the perspective of central-embedded system and provides practice test for policy implications to smooth the domestic circulation ofcapital.