地理距离是否影响辖区内的政企互动?——来自国有股权参股民营企业的证据  

Does geographical distance influence the relationship between the government and the enterprise?Evidence from the entry of state-owned equity in private enterprises

作　　者：于苏 王竹泉[1,2] 张龑[1,2] YU Su;WANG Zhuquan;ZHANG Yan(School of Management,Ocean University of China,Qingdao 266100,China;China Business Working Capital Management Research Center,Ocean University of China,Qingdao 266100,China)

机构地区：[1]中国海洋大学管理学院,山东青岛266100 [2]中国海洋大学中国企业营运资金管理研究中心,山东青岛266100

出　　处：《产业经济研究》2022年第5期101-114,128,共15页Industrial Economics Research

基　　金：国家社会科学基金重大项目(21&ZD144);国家自然科学基金面上项目(72072166);中央高校基本科研业务费专项资金资助项目(202161071)。

摘　　要：政企关系是我国经济转型过程中的重要议题。将地理经济学相关理论纳入混合所有制改革研究框架,以国有股权参股民营企业为切入点,探讨了地理距离能否影响辖区内的政企互动。利用2008—2019年A股民营上市公司样本,实证研究发现,民营企业与地方政府之间的地理距离越近,国有股权参股程度越高。相较于异地国有股权,政企距离对本地国有股权参股的影响程度更大。这一研究结论在一系列内生性和稳健性检验之后依然成立。在影响机理方面,民营企业与地方政府之间的地理距离通过影响二者之间的关系来发挥作用,即民营企业与地方政府为邻通过降低信息沟通成本使得二者之间更为“亲近”。进一步研究发现,当民营企业所在地区社会信任水平更高、制度环境更差以及民营企业所在行业未受国家重点扶持时,政企距离对国有股权参股发挥了更大的作用。此外,民营企业与政府为邻还能够增加企业的信贷规模、延长信贷期限、降低信贷融资成本,从而缓解民营企业受到的信贷歧视。The relationship between the government and enterprises is important in the process of China’s economic transformation.In this paper,geo-economic theories are incorporated into the framework for researching mixed-ownership reform.The entry of state-owned equity into private enterprises is taken as the starting point to verify whether the geographic distance between private enterprises and the government impacts the relationship.Using A-share listed private companies in China from 2008 to 2019,the study finds that the closer the geographical distance between a private enterprise and the local government,the higher the proportion of state-owned capital in that enterprise.Further,geographic distance has a greater impact on local than non-local state-owned equity.This conclusion remains robust after a series of tests for endogeneity and robustness.By revealing the mechanism,the study finds that the geographical distance between the private enterprise and the local government plays a role by affecting their relationship;that is,geographical proximity makes them closer by reducing communication costs.Further,geographical proximity plays a greater role in areas where the level of social trust is higher,the institutional environment is worse,and in industries not supported by policies.In addition,geographical proximity can result in increased availability of credit,extensions of the credit term,and reduced costs of credit financing to alleviate credit discrimination against private enterprises.

关 键 词：政企距离 政企关系 民营企业 国有股权 混合所有制改革 信贷歧视 

分 类 号：F062.9[经济管理—政治经济学]