摘要
中国经济增长已经进入高质量发展阶段,各地各层级开发区能否推动域内企业实现提质增效的内涵式增长至关重要。与以往研究聚焦于国家级开发区不同,本文采用多时点DID模型首次对比分析了国家级和省级开发区对域内企业投资效率的影响。实证结果表明,国家级开发区对企业的投资不足和过度投资水平均有显著的抑制效应,提升域内企业的投资效率;而省级开发区虽然也对企业的投资不足有显著的抑制作用,但同时会增加域内企业的过度投资,总体上降低企业的投资效率。机制研究表明,国家级开发区设立会通过政策扶持缓解企业的融资约束和集聚经济带来的竞争效应提升企业的投资效率;而省级开发区内的企业会更多受到地方政府政策意图的影响降低企业投资效率,体现在官员更替时对企业投资效率的负面效应更为明显。进一步,不同层级开发区对企业投资效率的影响存在企业产权性质和地区市场化程度的差异。本文的研究能够为促进各地各层级开发区建设和地区经济高质量发展提供政策参考。
China’s economic growth has entered a stage of high-quality development,and whether development zones at all levels in various regions can promote the connotative growth of enterprises in the region to achieve quality and efficiency improvement is crucial.Unlike previous studies that focused on national level development zones,this article uses a multi time point DID model to compare and analyze for the first time the impact of national and provincial level development zones on the investment efficiency of enterprises in the region.The empirical results indicate that national development zones have a significant inhibitory effect on the level of underinvestment and overinvestment of enterprises,improving the investment efficiency of enterprises within the region;Although provincial-level development zones also have a significant inhibitory effect on the insufficient investment of enterprises,which will also increase the excessive investment of enterprises within the region,and overall reduce the investment efficiency of enterprises.Mechanism research shows that the establishment of national level development zones will alleviate financing constraints for enterprises and improve investment efficiency through policy support,as well as the competitive effects brought by agglomeration economy;Enterprises within provincial-level development zones will be more affected by the policy intentions of local governments to reduce their investment efficiency,which is reflected in the more obvious negative impact of official turnover on enterprise investment efficiency.Furthermore,there are differences in the nature of enterprise property rights and the degree of regional marketization in the impact of different levels of development zones on enterprise investment efficiency.The research in this article can provide policy references for promoting the construction of development zones at all levels and high-quality economic development in various regions.
出处
《会计研究》
CSSCI
北大核心
2023年第7期72-86,共15页
Accounting Research
基金
国家社会科学基金后期资助项目(22FJYB015)
湖南省自然科学基金青年项目(2023JJ40184)
长沙市自然科学基金青年项目(kq2208046)的资助。
关键词
开发区建设
地方政府行为
企业投资效率
政策扶持
竞争效应
Development Zone
Local Government Behavior
Enterprise Investment Efficiency
Policy Support
Competition Effect
作者简介
通讯作者:蔡庆丰,qfcai@xmu.edu.cn。
