产业集聚与企业资产结构——基于中国地级市及上市企业的证据

Industrial Agglomeration and Corporate Asset Composition:Empirical Evidence from Prefecture-level Cities and Listed Companies in China

基于2005—2020年中国285个地级以上城市数据及上市企业面板数据,实证考察地区产业聚集水平对企业资产结构的影响、作用机理及异质性效应。研究发现,制造业产业集聚会明显改变企业资产的配置结构,提升实业资本配置占比,降低金融资产比例;生产性服务业集聚显著抑制企业实体资产配置比例,提高金融资产配置占比。细分行业检验结果展示,制造业集聚的企业资产配置结构效应,在技术密集型行业与高端技术行业中更加显著;生产性服务业集聚的实体资产配置抑制效应在知识密集型生产性服务业显著,对金融资产配置的增进效应在资源密集型生产性服务业显著;产业集聚对企业资产结构的影响在不同区域、不同企业之间存在差异。研究结论为有关部门分析产业集聚差异性特征及微观经济后果、发挥产业集聚区位优势提供理论依据,为上市企业动态调整企业投资结构提供经验证据。

Using data from 2005 to 2020 for 285 Chinese cities at the prefecture level and a⁃bove,coupled with panel data from publicly listed companies,this study empirically investigated the influence,underlying mechanisms,and heterogeneity of regional industrial agglomeration on corporate asset composition.The findings suggest that the concentration of manufacturing activities meaningfully reshapes firms’asset allocation strategies by elevating the share of real industry cap⁃ital and reducing that of financial assets.In contrast,agglomeration in the productive service sec⁃tor leads to a contraction in the proportion of tangible assets and an augmentation in the allocation of financial assets.Segment-level analysis uncovers that the asset restructuring effects induced by manufacturing agglomeration are more salient in technology-intensive and high-end technologi⁃cal industries.Additionally,the suppressive impact on tangible asset allocation is markedly pro⁃nounced in knowledge-intensive and productive service industries,whereas the amplifying impact on financial asset allocation is particularly notable in resource-intensive and productive service industries.Importantly,the effects of industrial agglomeration on asset composition exhibit varia⁃tions across different geographical regions and corporate profiles.These findings furnish theoreti⁃cal underpinnings for local governmental units engaged in dissecting the idiosyncratic attributes and microeconomic implications of industrial agglomeration.They offer empirical substantiation for listed companies contemplating dynamic adjustments to their investment portfolios.