企业数字化促进了资本跨地区流动吗？——来自上市公司异地设立子公司的证据

Does Firm Digitization Facilitate Cross-regional Capital Flows? Evidence from the Nonlocal Subsidiaries Owned by Listed Companies

《财经研究》2023年49卷第12期 页码：91-105 online：2023年12月3日

作者

中：余典范1 , 张家才1 , 陈磊2

英：Yu Dianfan1, Zhang Jiacai1, Chen Lei2

作者单位：1. 上海财经大学 商学院，上海 200433; 2. 浙江农林大学 经济管理学院，浙江 杭州 311300

摘要及关键词

摘要：资本跨地区流动是构建国内统一大市场和经济高质量发展的重要支撑。文章基于2007—2019年中国上市公司数据，利用年报文本和数字化资本投入等方式测算企业数字化水平，从理论和实证两方面分析了企业数字化对资本跨地区流动的影响和作用机制。研究发现，企业数字化显著促进了上市公司设立异地子公司，加速资本跨地区流动。数字化对资本跨地区流动的促进效应在民营企业、流程制造业、生产性服务业和高竞争行业中更显著；同时，母子公司处于同一个城市群内部或母公司位于较大的城市时，这一促进效应也将更强。机制分析发现，企业数字化主要通过降低各项交易费用、优化企业内部组织、提高企业生产经营效率等途径促进了资本跨地区流动。进一步分析发现，企业数字化对本地投资并不存在显著挤出效应，且跨地区投资增加了母公司利润，但子公司之间的协同效应还有待加强。文章的研究为推进国内统一大市场建设提供了新的微观路径。

关键词：企业数字化；资本跨地区流动；国内统一大市场

Summary: Cross-regional capital flows are an important support for building a unified domestic market, and also an effective way to address the insufficient and unbalanced development of China’s regional economy. However, due to various limitations, cross-regional capital flows face serious obstacles. The digital economy has the effect of strengthening market functions in improving information communication efficiency and optimizing firm production layout. Therefore, it is of great practical significance to shed light on the impact and mechanism of firm digitalization on cross-regional capital flows, and it is also an important path to explore the construction of a unified national market. Based on the data of China’s listed companies from 2007 to 2019, this paper uses annual report texts and digital capital investment to measure the level of firm digitalization, and analyzes the impact and mechanism of firm digitalization on cross-regional capital flows. The study finds that firm digitalization significantly promotes the establishment of cross-regional subsidiaries, which accelerates capital flows. The promotion effect of digitalization on capital flows is more significant in private firms, process manufacturing, productive services, and highly competitive industries. At the same time, when the parent and subsidiary companies are located within the same urban agglomeration or in larger cities, this promotion effect will also be stronger. Mechanism analysis finds that firm digitalization mainly reduces transaction costs, optimizes internal organization, improves production and operation efficiency, and promotes cross-regional capital flows. Further analysis reveals that firm digitalization does not have a significant crowding-out effect on local investment, and cross-regional investment increases the profits of the parent company, but the synergistic effect between subsidiaries still needs to be strengthened. The marginal contributions of this paper are as follows: First, from the unique perspective of firm digitalization, it finds that firm digitalization can promote cross-regional capital flows through two mechanisms: saving transaction costs and optimizing internal organization, which provides new ideas for promoting the construction of a unified national market. Second, it finds that firm digitalization has a stronger promotion effect on cross-regional capital flows in larger cities, and the diffusion effect is greater than the siphon effect, which provides a reference for solving the “Lucas paradox” and also provides a new path for optimizing spatial capital allocation. Third, it finds that cross-regional capital flows have significant positive externalities for both cities and group companies, which provides micro evidence for building a new type of win-win and competitive relationship between local governments, increasing local government exchanges and cooperation, and promoting regional integration development.

Key words:firm digitalization; cross-regional capital flows; a unified domestic market

其他信息

DOI：10.16538/j.cnki.jfe.20230715.302

收稿日期：2023-02-20

基金项目：国家社会科学基金一般项目（20BJY039）；中央高校基本科研业务费项目（2023110139）

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