私人投资存在跨区行为互动吗  

Does Cross Regional BehavioralInteraction Exist in Private Investment?

作　　者：杨青 苑春荟[1] YANG Qing;YUAN Chun-hui(Beijing University of Posts and Telecommunications,Beijing 100089,China)

机构地区：[1]北京邮电大学经济管理学院,北京100089

出　　处：《江西财经大学学报》2022年第5期42-59,共18页Journal of Jiangxi University of Finance and Economics

基　　金：国家自然科学基金项目“企业技术创新效率视角下我国研发财税政策的激励作用、调节效应与政策优化研究”(71804008)。

摘　　要：私人投资决策主观性强且决策权分散,可能受到关联地区投资影响。基于2004—2019年省际面板数据,实证研究了我国私人投资的跨区交互行为,结果显示:(1)控制经济、政府和市场因素影响后,我国私人投资表现出明显的空间正相关,存在互补型行为互动。(2)溢出效应、竞争合作效应和信息效应是导致私人投资跨区行为互动的重要原因。(3)竞争合作效应在三类机制中占主导,其中经济结构相似的地区间的资本流动以及以能源为基础的东西部合作是竞争合作效应的主要表现形式;信息效应在中小企业投资互动中发挥了重要作用,存在明显的“同伴效应”;溢出效应的影响较弱。鉴此,应重视私人投资互动的政策放大效应,畅通要素流动渠道,引导要素有效聚集。Private investment decision-making is subjective and decentralized,which may be affected by investment in related areas.Based on the inter-provincial panel data from 2004 to 2019,this paper conducts an empirical study of the cross regional interactive behaviors of private investments in China.The results show that:(1)after controlling the influences of economy,government and market factors,China’s private investment exhibits significant positive spatial correlation,in which there exist complementary behavioral interactions;(2)the spillover effect,the competition and cooperation effect and the information effect are the important causes for the cross regional behavioral interaction of private investments;(3)the competition and cooperation effect is dominant among the three types of mechanisms,in which the capital flow between the regions with similar economic structure and the energy-based cooperation between the eastern region and the western region are the chief forms of the competition and cooperation effect;the information effect plays an important role in the investment interactions of the small and medium-sized enterprises,there exists significant“Peer Effect”,while the impact of spillover effect is weaker.In view of this,the local governments should pay attention to the policy amplification effect of private investment interaction,smooth the channels of factor flows and guide the effective aggregation of factors.

关 键 词：私人投资 行为互动 要素流动 空间计量 

分 类 号：F830.59[经济管理—金融学]