金融科技与资本跨地区流动——基于企业异地投资视角  

FinTech and Cross-regional Capital Flows——From the Perspective of Corporate Inter-regional Investments

作　　者：胡云飞 戴国强[2] 高鹏[3] HU Yun-fei;DAI Guo-qiang;GAO Peng(School of Business,Shanghai Normal University Tianhua College,201815;School of Finance,Shanghai University of Finance and Economics,200433;Institute for Global City,Shanghai Normal University,200234)

机构地区：[1]上海师范大学天华学院商学院,201815 [2]上海财经大学金融学院,200433 [3]上海师范大学全球城市研究院,200234

出　　处：《上海经济研究》2024年第7期105-118,共14页Shanghai Journal of Economics

基　　金：国家社科基金重大项目“以全球城市为核心的巨型城市群引领双循环发展研究”(项目编号:22&ZD067)阶段性成果之一。

摘　　要：资本跨地区流动对国家经济增长和地区均衡发展至关重要,它将促进区域资源的高效配置,加速资本短缺地区的经济增长与生产效率提升。本文利用2011-2022年中国上市公司的异地投资数据,考察了省级层面的金融科技发展对资本跨地区流动的影响。结果表明,金融科技的提升在促进资本跨地区流动方面发挥了关键的推动作用。进一步分析发现,金融科技发展有效减少了金融机构与企业之间的信息不对称以及管理层的短视行为,减轻了企业融资的限制,同时提升了产业链现代化和企业价值,进而增强了区域间资本的流动性。特别是对于国有企业、非银行股东企业以及位于东部地区的企业,金融科技在促进其跨地区投资方面表现尤为突出,有效推动了资本在不同地区间的流动。本文建议政策制定者应考虑提供税收优惠和财政补助来降低企业运营成本并鼓励创新,并通过建立完善的监管框架及简化投资程序来支持金融科技发展和激发企业跨地区投资的动力,从而推动经济高质量发展。Capital flows across regions are crucial to national economic growth and balanced regional development,driving the efficient distribution of resources and spurring economic and productivity gains in capital-starved regions.This paper examines the impact of fintech development on capital flows across regions at the provincial level using data on inter-regional investments of Chinese listed companies from 2011 to 2022.The findings indicate that FinTech enhancement plays a key driving role in facilitating capital flows across regions.Further insights reveal that FinTech progress effectively reduces information asymmetry between financial institutions and firms as well as short-sighted behaviour of management,and alleviates the constraints of corporate financing,while enhancing industrial chain modernisation and enterprise value,which in turn enhances inter-regional capital mobility.In particular,for state-owned enterprises,non-bank shareholder firms,and firms located in the eastern region,FinTech has been particularly prominent in facilitating their cross-regional investments,effectively promoting the flow of capital across regions.This paper suggests that policymakers should consider providing tax incentives and financial subsidies to reduce the operating costs of enterprises and encourage innovation,as well as establishing a sound regulatory framework and simplifying investment procedures to support the development of FinTech and stimulate the incentives of enterprises to invest across regions,and steering the economy towards high-quality development.

关 键 词：金融科技 资本跨地区流动 企业异地投资 融资约束 企业价值 

分 类 号：F830.59[经济管理—金融学]