异地商会与资本跨区域流动——基于企业异地并购的视角

摘要/Abstract

摘要： 从企业异地并购这一资本跨区域流动的微观视角，本文通过构建交叠双重差分模型实证考察了异地商会对资本跨区域流动的影响及其机制。研究发现：异地商会能够显著提升异地并购的数量和金额，且这一影响并非短期效应，而是日益重要的长期效应；在使用工具变量法、“异质性-稳健”估计方法以及进行其他一系列稳健性检验之后，前述研究结论依然显著成立。从影响机制来看，异地商会可以通过弱化地区间信息壁垒、搭建企业与地方政府有效沟通的平台以及增强地区间信任等多重途径，有效地缓解由制度性与非制度性因素导致的市场分割对异地并购的不利影响，促进资本跨区域流动。本文的研究结论对于现阶段中国如何更好地利用商会组织促进资本跨区域流动，进一步推动构建强大、统一的国内大市场与国内经济大循环具有重要的指导意义。

关键词: 异地商会, 资本跨区域流动, 异地并购, 市场一体化

Abstract: From the perspective of inter-regional mergers and acquisitions (M&As), this paper empirically investigates the influencece of non-local chambers of commerce on inter-regional capital flows and its mechanism by constructing a staggered difference-in-differences model. The results show that non-local chambers of commerce can significantly increase the number and value of inter-regional M&As, and this effect is not a short-term effect but an increasingly important long-term effect. After considering endogeneity and a series of factors that may cause estimation bias, the above conclusions still hold significantly. As for impact mechanisms, by weakening information barriers between regions, setting up effective communication platforms for companies and local government, and enhancing trust between regions, non-local chambers of commerce can effectively alleviate the adverse impact of market segmentation caused by institutional and non-institutional factors on inter-regional M&As. The conclusions of this paper have important guiding significance for better use of non-local chambers of commerce to promote inter-regional capital flows, and further promote the construction of a solid and unified domestic market and domestic economic circulation.

Key words: non-local chambers of commerce, inter-regional capital flows, inter-regional M&As, market integration

海鹏, 唐浩丹. 异地商会与资本跨区域流动——基于企业异地并购的视角[J]. 管理评论, 2025, 37(3): 55-67.

Hai Peng, Tang Haodan. Non-local Chambers of Commerce and Inter-regional Capital Flows: Based on the Perspective of Inter-regional M&As[J]. Management Review, 2025, 37(3): 55-67.

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