经济与管理研究2025，Vol.46Issue(6)：44-61,18.DOI:10.13502/j.cnki.issn1000-7636.2025.06.003
竞争政策能否促进资本跨区域流动?
Can Competition Policy Promote Cross-regional Capital Flows?
摘要
Abstract
The implementation of the Fair Competition Review System(FCRS)in 2016 represented the first systematic institutional framework designed to curb administrative monopolies and break down market barriers in China.The FCRS requires governments at all levels to take a self-review approach as the core principle,aiming to dismantle the institutional framework of local protectionism from the source and ensure unimpeded capital flows within a unified national market.Since the implementation of the FCRS,China has gradually built a multi-level institutional framework,the institutional system has undergone qualitative changes from policy guidelines to administrative regulations,and the scope of review has been expanded to new barriers,forming a two-way market protection mechanism. Based on data from Chinese A-share listed companies from 2013 to 2020 and data from non-local investment at the city level,this paper uses a generalized difference-in-differences model to investigate the impact of the FCRS on cross-regional capital flows and its mechanisms.The findings show that the implementation of the FCRS is conducive to promoting cross-regional capital flows.This conclusion remains valid after a series of robustness tests,including the placebo test,the replacement of variable measures,and the exclusion of other policies in the same period.The mechanism test reveals that the FCRS promotes cross-regional capital flows mainly by improving regional marketization,alleviating the financing constraints of enterprises,and enhancing corporate governance.The heterogeneity test indicates that this promoting effect is more significant in regions with a better business environment and higher fiscal transparency,as well as in asset-intensive enterprises. Based on the above findings,this paper puts forward the following policy recommendations:deepen the implementation of the FCRS and promote cross-regional capital flows;optimize the business environment and improve the information sharing mechanism to facilitate the implementation of competition policy;strengthen the fundamental status of competition policy,build an efficient competitive market system,and promote Chinese modernization. The marginal contribution lies in the following aspects.This paper enriches the relevant research on cross-city capital flows under the FCRS and provides more accurate empirical evidence for the promoting effect of the FCRS on cross-regional capital flows,offering important guiding significance for strengthening the fair competition review and fostering an efficient market competition system and a new pattern of development.关键词
公平竞争审查制度/竞争政策/资本跨区域流动/企业异地投资/营商环境Key words
fair competition review system/competition policy/cross-regional capital flows/cross-regional corporate investment/business environment分类
管理科学引用本文复制引用
张容嘉,张伟广,阴丽君..竞争政策能否促进资本跨区域流动?[J].经济与管理研究,2025,46(6):44-61,18.基金项目
中国社会科学院"青启计划""平台扼杀式并购对创新影响及规制政策研究"(2024QQJH129) （2024QQJH129）
辽宁省社会科学界联合会辽宁省经济社会发展研究课题"东北地区资本跨区域流动的量化特征与影响因素研究"(2025lslybwzzkt-065) （2025lslybwzzkt-065）
