摘要
如何有效促进资本流动,是当前我国实现资本要素市场一体化的重要命题,也是构建国内统一大市场的关键问题。基于各地设立数据交易平台的准自然实验,利用2009—2022年中国A股上市公司数据,实证检验数据要素市场化对企业资本跨区域流动的影响。研究发现,城市数据交易平台建立后,外地企业在该地设立子公司的数量增加,表明数据要素市场化促进了企业资本跨区域流动。机制检验表明,降低信息不对称程度、交易成本以及代理成本是主要推动因素。上述效应针对不同企业属性、产业性质、市场化程度有差异化表现。进一步分析表明,完善数字基础设施、丰富数据应用场景、提高数据安全保障水平以及健全数据法治建设均有利于强化数据要素市场化对资本跨区域流动的促进作用。研究从加强平台、制度和基础设施的建设,强化政府与企业的数据要素价值创造意识,以及促进精准施策等方面,提出了相关政策建议。
Facilitating efficient capital flow is critical if China is to integrate the capital factor market and build a unified domestic market.Treating the establishment of data trading platforms in various regions as a quasi-natural experiment,this study analyzes data from Chinese A-share listed companies between 2009 and 2022 to empirically investigate how the marketization of data elements affects cross-regional enterprise capital flow.The results indicate that the number of subsidiaries enterprises from other regions establish within a city increases after that city establishes a data trading platform.This finding suggests that the marketization of data elements promotes cross-regional enterprise capital movement.Furthermore,mechanism analyses show that decreases in information asymmetry,transaction costs,and agency costs are key drivers of data factor marketization s effect.These factors impacts vary depending on enterprise characteristics,industry types,and levels of marketization.Supplementary analysis shows that enhancing digital infrastructure,broadening data application use,reinforcing data security measures,and improving legal frameworks related to data all play important roles in strengthening data element marketization s positive influence on cross-regional capital flow.Based on these findings,this paper offers policy recommendations for advancing platform,system,and infrastructure development;raising governments and enterprises awareness of the value that can be created with data elements;and encouraging precise policymaking.
作者
汤非平
郭晓辉
TANG Feiping;GUO Xiaohui(Graduate School,Chinese Academy of Fiscal Sciences,Beijing 100142,China;Chinese Academy of Fiscal Sciences,Beijing 100142,China)
出处
《产业经济研究》
北大核心
2025年第4期1-14,共14页
Industrial Economics Research
基金
国家社会科学基金社科学术社团资助项目(24SGC093)
国家社会科学基金青年项目(22CJY022)。
关键词
资本跨区域流动
资本要素市场一体化
国内统一大市场
数据要素市场化
企业异地设立子公司
cross-regional capital flows
integration of capital factor market
cohesive domestic market
data factor marketization
establishment of out-of-region subsidiaries
