行业规范标准化与资本跨区流动——基于企业异地投资的研究

Industry Norm Standardization and Cross-region Capital Flows:Evidence from the Inter-regional Investment of Listed Companies

资本要素市场分割是当前我国构建全国统一大市场和新发展格局的关键堵点。标准作为统一市场的制度根基,为经济交流与合作提供了共同的技术语言,能够有效破除生产要素自由流动面临的壁垒,但现有研究却鲜少关注标准化在推动全国统一大市场建设中的重要作用。本文借助我国2014年逐步试点的物流标准化政策,并利用手工收集整理的2007~2019年A股上市公司母子公司数据,构建交错型双重差分模型检验了行业规范标准化对企业异地投资的影响及机制。研究发现,物流标准化显著促进了资本跨区流动,表现为其能够显著吸引异地上市公司前往试点城市设立子公司。机制检验结果显示,降低企业交易成本,提高企业生产经营效率是物流标准化吸引异地企业投资的两个重要机制,且物流标准化对于前来设立子公司的企业确实发挥了降本提效的作用。异质性分析显示,制造业企业、省内企业和非国有企业的跨区资本流动受物流标准化的影响更大,同时,物流标准化对资本跨区流动影响的地理边界覆盖了超过1/5的国土面积。本文研究不仅为我国加快构建全国统一大市场和新发展格局提供了有益启示,也为我国进一步降低全社会物流成本提供了智力支持。

Capital market segmentation is a key bottleneck for China to build a unified national market and a new development paradigm.Standards,as the institutional foundation of a unified market,provide a common technical language for economic exchange and cooperation,effectively breaking down barriers to the free flow of production factors.However,existing research has paid little attention to the important role of standardization in promoting the construction of a unified national market.This paper leverages China's gradual pilot implementation of logistics standardization policy in 2014 and utilizes manually collected data on parent-subsidiary relationships of A-share listed companies from 2007 to 2019 to construct a staggered difference-in-differences model.The model aims to identify the impact and mechanisms of industry norm standardization on companies'cross-regional investments.The research finds that logistics standardization significantly promotes cross-region capital flows,as expressed by its ability to significantly attract non-local listed companies to establish subsidiaries in pilot cities.Mechanism test results show that reducing transaction costs for companies and improving production and operation efficiency are two important mechanisms by which logistics standardization attracts investment from other regions,and logistics standardization does indeed reduce costs and improve efficiency for enterprises establishing subsidiaries.Heterogeneity analysis shows that the impact of logistics standardization on cross-region flows is greater for manufacturing companies,companies located in the same province as the pilot cities,and private companies.Additionally,the geographic coverage of the impact of logistics standardization on cross-region capital flows spans more than one-fifth of the national territory.This study not only provides valuable insights for China to accelerate the construction of a unified national market and a new development paradigm,but also provides intellectual support for China to further reduce the logistics cost of the whole society.