数字基础设施建设与企业资本跨区域流动——来自上市企业异地子公司的经验证据  

Digital infrastructure construction and corporate inter-regional capital flows:empirical evidence from listed firms off-site subsidiaries

作　　者：罗奇 LUO Qi(School of Statistics and Data Science,Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]江西财经大学统计与数据科学学院,江西南昌330013

出　　处：《产业经济研究》2025年第1期86-99,共14页Industrial Economics Research

基　　金：国家社会科学基金重大项目(24&ZD069);国家社会科学基金重点项目(23AZD085);江西省高校人文社会科学研究项目(JJ24203);江西省教育厅科学技术研究项目(GJJ2400405)。

摘　　要：数字基础设施建设的“数字红利”对中国跨地区发展战略实施和市场整合具有重要意义。将“宽带中国”战略试点作为一次准自然实验,采用2008—2022年中国上市企业样本和交叠双重差分方法,探讨数字基础设施建设对企业资本跨区域流动的影响。研究发现:(1)“宽带中国”战略引致的数字基础设施建设显著推动当地上市企业设立异地子公司,进而促进企业资本跨区域流动,该结论在一系列稳健性检验后仍然成立。(2)数字基础设施建设通过降低企业信息不对称、提高企业的生产率和管理效率,助力企业资本跨区域流动。(3)对于进入壁垒较低的行业、市场分割较严重和市场化水平较高的地区以及非国有企业而言,数字基础设施建设对资本跨区域流动的促进作用较大。上述结论进一步拓展了要素市场整合领域的相关研究,且对于如何建设全国统一大市场具有一定启示意义。The“digital dividend”of digital infrastructure is of great significance for the implementation of China s cross-regional development strategy and market integration.This study uses the“Broadband China”pilot as a quasi-natural experiment to consider the impact of digital infrastructure on corporate inter-regional capital flows using a sample of Chinese listed firms from 2008 to 2022 and a staggered difference-in-differences approach.The findings are as follows.First,the construction of digital infrastructure as a result of the“Broadband China”strategy significantly facilitates the establishment of off-site subsidiaries by locally listed firms,which in turn,promotes inter-regional capital flows;this result holds after a series of robustness checks.Second,the construction of digital infrastructure facilitates inter-regional capital flows by reducing corporate information asymmetries and improving corporate productivity and management efficiency.Third,the effect is greater for industries with lower barriers to entry,regions with more segmented markets and higher levels of marketization,and non-state-owned enterprises.These conclusions expand research in the field of factor market integration and have implications for building a unified national market.

关 键 词：数字基础设施 “宽带中国” 资本跨区域流动 异地子公司 上市企业 

分 类 号：F279.2[经济管理—企业管理]