Management Review ›› 2025, Vol. 37 ›› Issue (3): 55-67.

• Economic and Financial Management • Previous Articles    

Non-local Chambers of Commerce and Inter-regional Capital Flows: Based on the Perspective of Inter-regional M&As

Hai Peng1, Tang Haodan2   

  1. 1. School of Economics, Beijing Wuzi University, Beijing 101149;
    2. School of International Business, Southwestern University of Finance and Economics, Chengdu 611130
  • Received:2023-04-21 Published:2025-04-02

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