总部位置、互联网发展程度和上市公司绩效——普及互联网可以弥补公司的地理劣势吗?

Headquarters location,Internet development,and performance of listed firms:can universalizing Internet access make up for a firm's geographical disadvantage?

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摘要以2010—2019年我国A股上市公司为样本,研究公司总部地理位置和公司所在地区互联网发展程度对上市公司绩效的影响,并考虑二者之间的交互对于公司绩效的作用机理。研究发现:上市公司总部与中心城市相隔较远的距离或公司处于非中心城市对上市公司绩效具有抑制作用,而反映互联网发展程度的互联网普及率的提高却能够显著促进公司绩效;互联网发展程度与公司总部地理位置对上市公司绩效提升具有正向的交互作用;此外,互联网发展程度、互联网发展程度较高的阶段和公司总部地理位置等三个因素对上市公司绩效的提升发挥正向的交互作用。因此,发展互联网基础设施可以在很大程度上弱化上市公司总部地理位置劣势给公司绩效带来的负面影响,从而有效弥补公司总部选址于非中心城市的地理劣势,使得上市公司在总部选址决策时能够着重考虑除地理位置以外的其他多种利好因素。 Based on a sample of China's A-share listed firms from 2010 to 2019,this paper studies the impact of the geographical location of firm headquarters and the Internet development of the region on the firm performance,and considers the interaction mechanism between these two factors and the firm performance.The results show that the long geographical distance between the firm headquarters and the nearest central city,or their location in a non-central city can significantly cast down the performance of A-share listed firms,while the level of Internet development characterized by Internet universalization can significantly stimulate firm performance.The level of Internet development and the geographical location of the firm headquarters have a positive interaction effect on firm performance.In addition,three factors,i.e.,the level of Internet development,the stage of a high degree of Internet development,and the geographical location of the firm headquarters,play a positive interactive role in firm performance.In conclusion,this paper argues that Internet development can cast down the negative effect of geographical location on firm performance,and further mitigate the disadvantages due to the location choice in non-center cities.Therefore,listed firms can consider other various benefits when making decisions about headquarters location.

作者孟佶贤任慧平杨晓光 MENG Jixian;REN Huiping;YANG Xiaoguang(School of Economics and Management,Beijing Forestry University,Beijing 100083,China;Marshall School of Business,University of Southern California,Los Angeles,CA 90007,USA;Academy of Mathematics and Systems Science,Chinese Academy of Sciences,Beijing 100190,China;School of Economics and Management,University of Chinese Academy of Sciences,Beijing 100190,China)

机构地区北京林业大学经济管理学院南加州大学马歇尔商学院中国科学院数学与系统科学研究院中国科学院大学经济与管理学院

出处《产业经济研究》 CSSCI 北大核心 2023年第5期30-43,共14页 Industrial Economics Research

基金国家自然科学基金青年项目(72101253) 国家自然科学基金重大项目(72192800)。

关键词公司总部地理位置互联网普及率公司绩效交互作用 firm headquarters geographical location Internet universalization firm performance interaction effect

分类号 F290 [经济管理—国民经济]