司法体制改革与资本跨区域配置——来自上市公司异地子公司分布的证据  

Local Judicial System Reform and Cross-regional Capital Allocation:Evidence from Launching of Non-local Subsidiaries of Listed Companies

作　　者：熊家财[1] 杨泽霖 JIACAI XIONG;ZELIN YANG(School of Accountancy,Jiangxi University of Finance&Economics)

机构地区：[1]江西财经大学会计学院 [2]江西财经大学

出　　处：《产业经济评论》2025年第2期80-100,共21页Review of Industrial Economics

基　　金：国家社会科学基金项目“人工智能对制造业转型升级的影响研究”(23AZD085);国家自然科学基金项目“地方经济增长目标约束、资源配置与企业资本投向研究”(72162019)的阶段性成果。

摘　　要：本文基于“省以下地方法院人财物省级统管”的准自然实验,通过城市吸收异地上市公司子公司数量,考察司法体制改革对资本跨区域配置作用。研究发现,司法体制改革有助于提升城市吸收异地资本能力、促进资本跨区域流动,经过一系列稳健性检验结论保持不变。机制分析表明,司法体制改革有助于提升城市法治水平、促进地方金融发展、降低地区间市场分割,进而促进资本跨区域流动。此外,在法律环境较差、投资者保护程度较差以及政府干预较强的地区,司法体制改革的作用更为显著。本文研究为推进、完善司法体制改革提供了理论依据,也为打破市场分割、建设全国统一大市场提供了经验证据。This paper utilize the reform of“the universal management of human and property in local courts below the provincial level”as a natural experiment to investigate the impact of the improvement of judicial independence on the construction of a unified national market,by using cross-regional capital flow by the number of subsidiaries of non-local listed companies in a city.The finding suggests that judicial independence can positively affect capital flow across regions,this result is robust to a series of robustness tests and after accounting for the effect of endogeneity problem.The positive relationship between judicial independence and cross-regional capital flow is more salient in regions with poor legal environment,weak investor protection and strong government intervention.Furthermore,the mechanism analysis identifies that the rule of law,financial development and market segmentation degree in a city mediate the impact of this reform on cross-regional capital flow.This study not only provides a theoretical basis for promoting and improving the reform of the local judicial system,but also is practically significant for suppressing market segmentation and building a unified national market.

关 键 词：司法体制改革 司法独立 资本跨区域流动 市场分割 全国统一大市场 

分 类 号：F832.5[经济管理—金融学]