摘要
府际协作是国家治理体系在跨区域合作领域的制度创新,其高度组织化的运作机制为探究宏观政策如何影响微观企业投资行为提供了独特视角。基于2000—2022年上市公司异地设立子公司的微观数据,本文运用双重差分法实证检验了东西部协作和东北对口合作政策对企业跨区域投资行为的影响及其作用机制。研究发现,东西部协作显著提升了投资方上市公司向结对目的地城市(尤其是地级市)的投资数量,形成了具有“东部-西部”双向互动特征的异地投资格局,凸显了其兼具扶贫目标导向与区域互利互惠的政策属性。机制分析表明,目的地城市的制度性交易成本是影响投资决策的关键因素;国有企业在该过程中扮演了核心政策执行主体角色。进一步地,东北对口合作分析表明,府际协作呈现从“强-弱协作”向“强-强合作”的演进趋势,政策的市场化导向持续增强,表现为民营企业参与度的显著提升及其对扶贫目标与制度性交易成本的敏感性响应。本文不仅探讨了中国特色府际协作的制度创新本质,实证支撑了降低制度性交易成本对激发市场活力的关键作用,也为共同富裕目标下优化区域协作机制提供了新的政策启示。
Intergovernmental collaboration represents an institutional innovation within China's national governance system in the realm of cross-regional cooperation.Its highly organized operational mechanism offers a unique perspective for exploring how macro-level policies shape micro-level corporate investment behavior.Using micro-level data on cross-regional subsidiary establishments by listed companies from 2000 to 2022,this study employs a difference-in-differences approach to empirically examine the impact of the East-West Collaboration and Northeast-East Paired Collaboration policies on corporate cross-regional investment behavior and their underlying mechanisms.The study finds that the East-West Collaboration has significantly increased investment by listed companies from the eastern regions into paired cities(especially at the prefecture level)in the western regions,forming a bidirectional cross-regional investment pattern that highlights the policy's dual focus on poverty alleviation and mutual regional benefits.Mechanistic analysis reveals that institutional transaction costs—rather than transportation costs-in destination cities are a key determinant of investment decisions,with state-owned enterprises serving as central policy implementers.Further analysis of the Northeast-East Paired Collaboration demonstrates that intergovernmental collaboration is evolving from a"weak-strong",assistance model to a"strong-strong"partnership,with a deepening market-oriented policy orientation.This shift is evidenced by the rising participation of private enterprises,which exhibit heightened sensitivity to both poverty alleviation goals and institutional costs.This study makes three key contributions.First,it develops a unified analytical framework to examine how regional cooperation policies shape corporate investment decisions,revealing how firms balance policy objectives and market incentives.Second,it provides robust evidence that institutional transaction costs consistently exert a stronger influence on cross-regional investment than transportation costs,highlighting the importance of institutional reforms.Third,it demonstrates how state-led intergovernmental collaboration can effectively guide market participants through market-based tools,validating the"capable government,effective market"model in addressing regional disparities.These findings enrich the understanding of government-market dynamics in regional development.
作者
徐明
XU Ming(Guangdong University of Foreign Studies,510006)
出处
《财贸经济》
北大核心
2026年第1期62-82,共21页
Finance & Trade Economics
基金
国家社会科学基金一般项目“防止返贫背景下结对帮扶提升脱贫地区多维人力资本的机制与路径研究”(24BJL043)。
关键词
东西部协作
东北对口合作
跨区域投资
制度性交易成本
East-West Collaboration
Northeast-East Paired Collaboration
Cross-Regional Investment
Institutional Transaction Costs
