摘要
在双循环格局和全国统一大市场建设的新时代背景下,跨区域配置要素构成微观企业能否抓住发展机遇的关键选择。文章研究中国企业集团的资本要素异地配置对其整体投资效率的影响作用,研究发现:借助全国统一大市场的制度红利,企业集团的资本异地配置能够提升子公司层面的现金资源使用成效,从而对集团整体投资效率产生优化作用,具体表现为弥补投资不足和抑制投资过度;进一步研究发现,前述影响作用在集团内部信息流动通畅、内部管控水平较高以及金字塔结构较为扁平的情况下更加明显,而资本要素异地配置最终有助于提升集团整体的市场价值和生产能力。研究表明我国企业实施跨区域投资能够更好地融入以国内大循环为主体、国内国际双循环相互促进的新发展格局,这不仅有力支持党的二十大报告中“构建全国统一大市场”的改革方向,而且为双循环下我国企业集团更好地融入全国统一大市场以优化资本投资效率提供了实现路径。
Under the background of the new era of dual-cycle pattern and the construction of a unified domestic market,how to better promote the high-quality development of microenterprises in China with the market-oriented allocation of factors has become a topic of common concern in the fields of decision-making,social practice and academic research.In general,the establishment of off-site subsidiaries by micro-enterprises has become the main form of crossregional allocation of their capital factors,which not only helps them seize the ever-changing development opportunities and enhance their core competitiveness,but also has a positive impact on the complementary advantages of different regions and the high-quality development of macro economy and society.Based on this background,this paper studies the impact of the off-site allocation of capital factors in enterprise groups on their overall investment efficiency.The study finds that,the capital allocation of enterprise groups in different places can improve the effectiveness of the use of cash resources at the subsidiary level,thereby optimizing the overall investment efficiency of the group,which is embodied in making up for insufficient investment and restraining excessive investment.Further research finds that,the aforementioned impact is more obvious when the internal information flow is smooth,the internal control level is high,and the pyramid structure is relatively flat.Internal information communication,internal control level,and the flattening of the pyramid structure help remote subsidiaries to transfer cutting-edge business opportunities to the parent company as soon as possible,thereby helping the group company to optimize investment decisions.The off-site allocation of capital factors will ultimately help to improve the overall market value and production capacity of enterprise groups.At the theoretical level,this paper expands the research on the economic consequences of the allocation of capital factors in different regions,and expands the influencing factors of corporate investment efficiency from the perspective of operating subsidiaries across regions.At the practical level,it echoes the new development requirements of“the domestic cycle being the main body and the domestic and international dual cycles promoting each other”.The conclusion not only supports the active exploration of decision-making executives to strengthen the construction of a unified national market,but also proposes that attention should be paid to the system of setting up subsidiaries in different regions,and the efficiency of factor circulation and resource allocation should be optimized by improving the cross-regional information communication mechanism and reducing transaction costs,so as to effectively build a new development pattern.
作者
胡芊芊
马新啸
栗宇丹
汤泰劼
Hu Qianqian;Ma Xinxiao;Li Yudan;Tang Taijie(School of Management,Zhejiang University,Zhejiang Hangzhou 310058,China;Management College/China Business Working Capital Management Research Center,Ocean University of China,Shandong Qingdao 266100,China;Guanghua School of Management,Peking University,Beijing 100871,China)
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
北大核心
2022年第6期18-31,共14页
Journal of Shanghai University of Finance and Economics
基金
国家自然科学基金重大项目(71790603)
关键词
全国统一大市场
资本要素异地配置
异地子公司
投资效率优化
过度投资
投资不足
a unified national market
off-site allocation of capital factors
off-site subsidiaries
investment efficiency optimization
over-investment
under-investment
作者简介
胡芊芊(1997—),女,湖南邵阳人,浙江大学管理学院博士研究生;通讯作者:马新啸(1993—),男,山东济宁人,中国海洋大学管理学院、中国企业营运资金管理研究中心副教授;栗宇丹(1996—),女,山西临汾人,北京大学光华管理学院博士研究生;汤泰劼(1993—),男,江苏苏州人,北京大学光华管理学院博士研究生。
