网络基础设施建设能否促进资本跨区域流动?

Can the Construction of Network Infrastructure Promote Inter-regional Capital Flow?

摘要:

在构建新发展格局背景下,以数字化推动资本跨区域流动、实现区域要素整合是畅通国内大循环和建设全国统一大市场的重要内容。本文整理获取 2010—2021 年中国 A 股上市公司异地投资数据,构建多时点DID模型实证检验了网络基础设施建设对资本跨区域流动的影响效应及作用机制。研究结果表明,网络基础设施建设显著促进了资本跨区域流动,考虑内生性、其他政策干扰等因素后,核心结论依然稳健;机制检验表明,网络基础设施建设通过提高企业数字化管理水平、缓解企业信息不对称促进资本跨区域流动;异质性分析表明,该促进效应对非国有企业、高融资约束企业、市场分割程度高地区企业更显著;从企业资本流向看,企业跨省投资要多于同省异市投资。本文为如何更好释放数字经济红利,加快建设全国统一大市场提供了有益参考。

Abstract:

In the context of building a new development pattern, promoting inter-regional capital flow and realizing the integration of regional elements through digitalization is an important part of smoothing the domestic circulation and building a unified national market. The trans-regional investment data of China??s A-share listed companies from 2010 to 2021 was collected, and a multi-time point DID model was constructed to empirically test the impact and mechanism of network infrastructure construction on the inter-regional capital flow. The results show that the construction of network infrastructure significantly promotes the inter-regional capital flow, and the core conclusions are still stable after considering factors such as endogeneity and other policy interference. The mechanism test shows that the network infrastructure construction promotes the inter-regional capital flow by improving the digital management level of enterprises and alleviating the information asymmetry of enterprises. Heterogeneity analysis shows that the promoting effect is more significant for non-state-owned enterprises, enterprises with high financing constraints, and enterprises with high market segmentation. From the perspective of enterprise capital flow, enterprises invest more across provinces than in different cities in the same province. It provides a useful reference for how to better release the dividends of the digital economy and accelerate the construction of a unified national market.