胡兵,阮子轩 | “一带一路”倡议的市场整合效应——基于制造业上市公司异地投资视角

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引用本文:胡兵,阮子轩.“一带一路”倡议的市场整合效应——基于制造业上市公司异地投资视角[J].科技与产业,2025,25(20):77-87
作者信息:

胡兵重庆师范大学经济与管理学院，重庆 401331

阮子轩国家税务总局重庆市潼南区税务局，重庆 402660

摘要:

在构建“双循环”发展格局背景下，研究“一带一路”倡议对要素资源流通配置的影响及作用机制具有重要学术价值和现实意义。以“一带一路”倡议实施为准自然实验，手工整理2010—2019年制造业上市公司的子公司数据，以母公司在异地设立子公司的行为来测度资本要素的跨区域流动性，研究“一带一路”倡议对资本要素市场整合的影响。研究发现，“一带一路”倡议显著促进企业异地投资，倡议对资本要素市场具有整合效应，该结论经过一系列检验仍然稳健。机制检验表明，“一带一路”倡议具体通过政策支持、设施联通、对外投资影响企业国内异地投资。进一步异质性检验发现，相较于国有企业，“一带一路”倡议对非国有企业异地投资及其投资回报的影响更为显著。因此，在“一带一路”建设过程中应加强地方政府间交流协作、鼓励支持企业异地投资，畅通要素资源合理配置，促进市场整合的新发展格局建设。

关键词:

“一带一路”倡议; 市场整合; 异地子公司; 双重差分

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Market Integration Effect of the “the Belt and Road” Initiative: From the Perspective of Non Local Investment of Listed Manufacturing Companies

Abstract:

In the context of building a new development pattern of “double circulation”, the key is to achieve a smooth economic cycle driven by high-quality development. It is of great academic value and practical significance to study the impact of the “the Belt and Road” initiative on the circulation and allocation of factor resources and its mechanism of action. Taking the implementation of the “the Belt and Road” initiative as a quasi natural experiment, the data of subsidiaries of manufacturing listed companies from 2010 to 2019 was manually collated, the cross regional liquidity of capital factors was measured based on the parent company’s behavior of setting up subsidiaries in different places, and the impact of the “the Belt and Road” initiative on capital factor market integration was studied. It is found that the “the Belt and Road” initiative significantly promotes enterprises’ investment in different provinces, and the initiative has an integration effect on the capital factor market. This conclusion is still robust after a series of tests. The mechanism test shows that the “the Belt and Road” initiative affects enterprises’ domestic investment in different provinces through policy support, facility connectivity and foreign investment. Further heterogeneity test shows that compared with state-owned enterprises, the “the Belt and Road” initiative has a more significant impact on non-state-owned enterprises’ investment in different places and their investment returns. Therefore, in the process of building the “the Belt and Road”, it is necessary to strengthen exchanges and cooperation between local governments, encourage and support enterprises to invest in different places, smooth the rational allocation of factor resources, and promote the construction of a new development pattern of market integration.

Key words:

“the Belt and Road” initiative;market integration;non local subsidiaries;difference-in-differences



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中国技术经济学会《科技和产业》编辑部
2025年11月21日

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