社会信用环境与资本跨区域流动——基于社会信用体系改革试点政策和企业异地投资的研究  

Social Credit Environment and Cross-regional Capital Flows:A Study Based on Pilot Policies of Social Credit System Reform and Enterprises'Off-site Investments

作　　者：江成涛 王亚雯 王玉娟[2] JIANG Chengtao;WANG Yawen;WANG Yujuan(School of Economics,Renmin University of China,Beijing 100872,China;School of Economics,Anhui University,Hefei 230601,China)

机构地区：[1]中国人民大学经济学院,北京100872 [2]安徽大学经济学院,安徽合肥230601

出　　处：《中南财经政法大学学报》2024年第6期107-118,共12页Journal of Zhongnan University of Economics and Law

基　　金：中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目“区位导向性产业政策的房价效应研究:以开发区政策为例”(23XNH064)。

摘　　要：完善的社会信用环境是全国统一大市场建设的“基石”,对引导资本要素充分流动和高效配置具有重要意义。本文手工整理2008—2021年A股上市公司异地投资活动数据,以社会信用体系改革试点政策为准自然实验,识别社会信用环境改善对资本跨区域流动的影响。研究发现,社会信用体系改革试点政策使试点城市获得的新增异地子公司数量平均相对提高约2.33%。机制分析发现,社会信用环境改善能够通过降低企业交易成本、缓解企业外部融资约束和减少企业不确定性感知来促进企业异地投资活动。异质性分析发现,社会信用环境改善促进了高契约密集度行业和高外部融资需求行业内企业的异地投资活动,同时有利于资本从东部地区流向中西部地区。本文从信用环境视角丰富了资本跨区域流动影响因素的研究,相关结论有助于为建设全国统一大市场和构建“双循环”新发展格局提供政策参考。A perfect social credit environment is the"cornerstone"for the construction of a unified national market,which is of great significance in guiding the full flow and efficient allocation of capital factors.In this paper,we manually organize the data of A-share listed companies'offshore investment activities from 2008 to 2021,and use the pilot policy of social credit system reform as a quasi-natural experiment to identify the impact of the improvement of the social credit environment on the cross-regional flow of capital.It is found that the pilot policy of social credit system reform leads to an average relative higher number of new offshore subsidiaries acquired by the pilot cities by about 2.33%.Mechanism analysis finds that an improved social credit environment can facilitate firms'cross-regional investment activities by lowering firms'transaction costs,easing firms'external financing constraints,and reducing firms'perceptions of uncertainty.Heterogeneity analysis finds that the improvement of social credit environment promotes the cross-regional investment activities of enterprises in high contract-intensity industries and industries with high external financing needs,and facilitates the flow of capital from the eastern region to the central and western regions.This paper enriches the research on the factors affecting capital flows across regions from the perspective of credit environment,and provides policy references for the construction of a unified national market and the construction of a new"double-cycle"development pattern.

关 键 词：社会信用环境 社会信用体系改革试点政策 企业异地投资 资本跨区域流动 全国统一大市场 

分 类 号：F061.5[经济管理—政治经济学]