摘要
企业长期投资是形成市场主导的有效投资内生增长机制的重要体现,是促进实体经济高质量发展的重要保障,对于培育发展企业新质生产力具有重要意义。本文在理论分析市场准入管制放松对企业长期投资影响的基础上,基于2016年开始实施的市场准入负面清单制度实践,运用交叠双重差分法进行实证检验,并进一步分析其对耐心资本形成的作用。结果发现,市场准入管制放松能够促进企业长期投资提升。异质性分析表明,市场准入管制放松对企业长期投资的提升作用在地方保护主义程度较高组别、行业壁垒较高组别、民营企业、风险承担能力较弱企业和信息不对称程度较高企业中显著。机制分析表明,市场准入管制放松通过增强企业市场预期、降低企业市场势力和优化要素配置效率三条渠道促进企业长期投资提升。进一步研究发现,市场准入管制放松引致的企业长期投资提升效应能够有效推动企业“脱虚向实”和增强投资者信心,进而促进耐心资本形成。本文不仅拓展了市场准入负面清单制度实施的效果评估范围,还从市场准入角度剖析了企业长期投资的驱动力,对持续深化市场制度性改革、构建以市场为主导的有效投资内生增长机制以及发展耐心资本提供了经验证据和政策启示。
Corporate long-term investment is crucial for fostering the high-quality development of the real economy and is essential for cultivating new quality productive forces within firms.However,significant uncertainties,stemming from implicit market barriers,volatile supply-demand structures,opaque compliance costs,and misallocation of capital returns,often lead firms to favor short-term projects over long-term investments.The Negative List for Market Access policy,a pivotal institutional reform,aims to mitigate these uncertainties.By clearly defining prohibited and restricted sectors for market entry,it effectively reduces market uncertainty,optimizes the investment environment,and stimulates investment vitality across all market entities.Using a sample of A-share listed companies in China,this study treats the implementation of the Negative List for Market Access as a quasi-natural experiment of market entry deregulation and employs a staggered difference-in-differences(SDID)model to identify the causal effect of this deregulation on corporate long-term investment.The findings indicate that market access deregulation has a significant positive impact on corporate long-term investment,a result that remains robust across multiple tests.Heterogeneity analysis reveals that the positive effect on long-term investment is more pronounced for firms in regions with greater local protectionism,in industries with higher entry barriers,for private enterprises,for firms with lower risk-bearing capacity and higher degrees of information asymmetry.Mechanism analysis suggests that market access deregulation stimulates long-term investment by enhancing firms'market expectations,reducing their market power,and improving factor allocation efficiency.Further analysis shows that the increase in long-term investment induced by deregulation effectively encourages firms to shift from financial speculation to real-sector activities(de-financialization)and boosts investor confidence,thereby fostering the formation of patient capital.This paper makes several marginal contributions to existing literature.First,it expands the scope of evaluation for market entry deregulation by focusing on its long-term effects on corporate investment.Second,it enriches relative literature on corporate long-term investment by examining the mechanisms from the perspectives of market completeness and fairness.Finally,this paper clarifies the relationship between dismantling market entry barriers and corporate investment,offering a deeper understanding of the synergy between an"efficient market and active government".Additionally,it provides theoretical support for developing a market-led endogenous growth mechanism for investment and cultivating patient capital.Based on these findings,this paper proposes the following policy implications.First,the government should continue to deepen market access reforms by establishing a more open and transparent system to create a favorable institutional environment for long-term corporate investment.Second,policymakers should fully leverage the identified mechanisms to strengthen the transmission channels that promote long-term investment.Third,when implementing the Negative List for Market Access policy,targeted support measures should be tailored for different types of firms,considering the heterogeneous effects observed across regions,industries,and firm characteristics.Fourth,market entities should be guided to increase their investment in the real economy and bolster investor confidence,which will facilitate the development of patient capital.
作者
杨仁发
陆瑶
YANG Ren-fa;LU Yao(School of Economics,Anhui University)
出处
《中国工业经济》
北大核心
2025年第6期159-177,共19页
China Industrial Economics
基金
国家社会科学基金后期资助一般项目“中国数字经济与制造业深度融合研究”(批准号21FJYB045)。
关键词
市场准入管制放松
企业长期投资
准自然实验
耐心资本
market access deregulation
corporate long-term investment
quasi-natural experiment
patient capital
作者简介
杨仁发,安徽大学经济学院教授,博士生导师,经济学博士;通讯作者:陆瑶,安徽大学经济学院博士研究生。电子邮箱:luyao6728@163.com。
