摘要
数字技术本身的新突破可以提高集团内部资本市场的治理效率,促进企业资本跨区域流动。本文结合2007-2021年企业数字专利和异地设立子公司的证据,探究数字技术创新对企业资本跨区域流动的影响。研究表明,数字技术创新可以推动企业资本跨区域流动。机制检验发现,数字技术创新可以促使异地子公司利润分回母公司,进而提高企业资本跨区域流动水平。异质性分析发现,在数字产业化行业和非数字经济行业、同一经济圈以外以及市场分割程度较低地区,数字技术创新的赋能效果更加明显。进一步分析发现,对于没有数字技术创新的企业,数字化战略也有助于企业跨地区发展,但促进效果并没有前者强。此外,虽然数字技术创新促进企业资本流向更为发达的地区,但有利于缩小母子公司所在城市间的经济增长差距。本文从企业异地发展的角度揭示数字技术创新助力企业资本跨地区流动的重要作用,检验地理性二元经济理论的中国实践结果,为我国数字技术创新政策制定、巩固建设全国统一大市场提供重要的经验证据。
The new breakthroughs in digital technology itself can improve the governance efficiency of the internal capital market of the group and promote the cross regional flow of corporate capital.This paper explores the impact of digital technology innovation on cross regional capital flow of enterprises,based on evidence of digital patents and the establishment of subsidiaries in different locations from 2007 to 2021.Research indicates that digital technology innovation drives the inter-regional capital flows.Mechanism test has found that digital technology innovation can promote the profit sharing of subsidiaries in different regions back to the parent company,thereby improving the level of cross regional capital flow of enterprises.Heterogeneity analysis reveals that the empowering effects of digital technology innovation are more evident in the digital industrial sectors,non-digital economic sectors,and in regions outside the same economic circle with a lower degree of market segmentation.Further analysis finds that,for enterprises without digital technology innovation,digital strategies can also help them develop across regions,but the promotion effect is not as strong as the former.In addition,while digital technology innovation promotes capital flow to more developed regions,it also helps to reduce the economic growth gap between cities where subsidiary and parent companies are located.This article reveals the important role of digital technology innovation in facilitating cross regional capital flow for enterprises from the perspective of remote development,tests the practical results of the geographical dual economy theory in China,and provides important empirical evidence for the formulation of digital technology innovation policies and the consolidation of the construction of a unified national market in China.
作者
申明浩
庞钰标
SHEN Ming-hao;PANG Yu-biao(Key Laboratory of Greater Bay Area Construction and Regional Coordinated Development,Guangdong University of Foreign Studies,Guangzhou 510000,China;School of Economics and Trade,Guangdong University of Foreign Studies,Guangzhou 510000,China)
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2024年第5期3-21,共19页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家社会科学基金重大项目(21&ZD123)。
关键词
数字技术创新
资本跨区域流动
异地子公司
全国统一大市场
digital technology innovation
inter-regional capital flows
cross-regional subsidiaries
a unified national market
