城市群政策能否促进企业专业化分工？——来自中国上市公司的证据

Can Urban Agglomeration Policy Promote Enterprise Specialization? Evidence from Chinese Listed Companies

《财经研究》2023年49卷第6期 页码：19 - 33 online：2023年6月3日

作者

中：王逸翔1 , 张红凤2 , 何旭1 , 李睿2

英：Wang Yixiang1, Zhang Hongfeng2, He Xu1, Li Rui2

作者单位：1. 山东财经大学 经济学院，山东 济南 250014; 2. 山东财经大学 公共管理学院，山东 济南 250014

摘要及关键词

摘要：打破市场分割、有效深化分工协作，是新发展阶段中国应对百年未有之大变局的关键。文章以国家级城市群的设立作为准自然实验，从微观企业入手，利用2010—2019年沪深两市A股上市公司及其所在地市级层面数据，构建多期双重差分模型考察了城市群政策对企业专业化分工的影响。研究发现，城市群政策能够显著促进城市群内企业的专业化分工，这一结论在经过一系列稳健性检验后依然成立。机制检验表明，城市群政策对企业专业化分工的促进效应主要通过扩大企业可及的市场范围和降低企业的交易成本而实现，这种促进效应受到城市群内核心城市的溢出效应和虹吸效应的共同影响，且会随企业所在城市与城市群内核心城市之间距离的逐渐增大而呈现“U形”变化趋势。异质性分析表明，多核心和交通基础设施完善的城市群内的企业专业化分工受到城市群政策的正向影响更加显著。文章的研究丰富了企业分工影响因素的研究，从微观视角补充了城市群政策效果评估的相关文献，为如何充分发挥城市群政策对企业专业化分工的促进效应提供了经验证据。

关键词：企业专业化分工；城市群；多期双重差分；市场范围；交易成本

Summary: How to break the market segmentation and effectively deepen the division of labor and collaboration is the key for China to cope with the unprecedented changes in the past century in the new development stage. Taking the establishment of national urban agglomerations as a quasi-natural experiment, this paper studies the impact of urban agglomeration policy on enterprise specialization from the perspective of micro enterprises by using a multi-period DID model with the financial data of all A-share listed companies in Shanghai and Shenzhen from 2010 to 2019 as well as municipal-level data. It is found that urban agglomeration policy can significantly promote the enterprise specialization in urban agglomeration, and this conclusion is still valid after a series of robustness tests. The mechanism test shows that the promotion effect of urban agglomeration policy on enterprise specialization can be realized by expanding the market scope of enterprises and reducing the transaction costs faced by enterprises, and this effect is affected by the spillover effect and siphon effect of the core city of urban agglomerations. This effect has a “U”-shaped trend as the distance between the city where the enterprise is located and the core city of urban agglomerations gradually increases. The heterogeneity analysis shows that the specialization of sample enterprises in urban agglomerations with multi-cores and urban agglomerations with high-level transportation infrastructure is more significantly promoted by the policy effect of urban agglomerations. This paper has the following contributions: First, it takes urban agglomeration policy as the entry point and constructs a multi-period DID model to examine the impact of urban agglomeration policy on enterprise specialization, which supplements the research on the influencing factors of enterprise specialization. Second, it examines how urban agglomeration policy affects enterprise specialization by taking enterprises as the research object, which supplements the empirical evidence on the micro effect of urban agglomeration policy. Besides, this paper has some implications for policymaking: Local governments should continuously improve the construction of urban agglomerations at all levels according to development plans and set up corresponding assessment mechanisms. While promoting inter-city cooperation within urban agglomerations, they should also strengthen exchanges and cooperation between urban agglomerations. In addition, local governments should minimize the “agglomeration shadow” by promoting the multi-polarization development and transportation infrastructure construction in urban agglomerations.

Key words: enterprise specialization; urban agglomerations; multi-period DID; market scale; transaction costs

其他信息

DOI：10.16538/j.cnki.jfe.20230221.302

收稿日期：2022-09-03

基金项目：国家社会科学基金重点项目（19AJY014）；山东省社会科学规划研究项目（22CZTJ23）；山东省人文社会科学课题（2022-YYGL-08）

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