开发区设立会影响企业长期投资吗？

Does the Establishment of Development Zones Affect Corporate Long-term Investment?

中文关键词:  开发区设立  长期投资  融资约束  环境不确定性  管理层短视

英文关键词:establishment of development zones  long-term investment  financing constraints  environmental uncertainty  managerial myopia

中文摘要:

      探究企业长期投资的驱动因素对实现经济高质量发展至关重要。基于2007—2023年中国沪深A股上市公司数据,采用多时点DID模型,实证检验了开发区设立对企业长期投资的影响及作用机制。研究发现,开发区设立能够促进企业长期投资,且该效应主要通过缓解融资约束、降低环境不确定性以及抑制管理层短视三条路径实现。异质性分析结果表明,开发区设立对企业长期投资的促进作用在地区银行集中度高、企业供应链风险高、管理层业绩压力大以及地区市场化水平高时更为显著。进一步研究发现,相较于企业资本性支出,开发区设立对企业研发支出的促进作用更为显著；相较于省级开发区,国家级开发区对企业长期投资的促进作用更为显著。因此,应持续优化开发区的建设与管理,引导企业关注长期价值投资,为经济高质量发展注入持续动力。

英文摘要:

      Exploring the driving factors of corporate long-term investment is crucial for achieving high-quality economic development. Using data from China's A-share listed firms in Shanghai and Shenzhen stock exchanges from 2007 to 2023, this study employs a multi-period difference-in-differences (DID) model to empirically examine the impact of the establishment of development zones on corporate long-term investment and its underlying mechanisms. The findings indicate that the establishment of development zones promotes corporate long-term investment, primarily through three channels:alleviating financing constraints, reducing environmental uncertainty, and mitigating managerial myopia. Heterogeneity analysis indicates that the promoting effect is significant for firms located in regions with higher banking concentration, firms facing greater supply-chain risk, those whose managers experience higher performance pressure, and those in regions with a higher level of marketization. Further analysis reveals that the establishment of development zones has a stronger promoting effect on firms' research and development expenditures than on capital expenditures. Furthermore, compared to provincial-level development zones, national-level development zones exert a stronger promoting effect on corporate long-term investment. Therefore, efforts should be made to continuously optimize the construction and management of development zones and guide firms to focus on long-term value investment, to inject sustained momentum into high-quality economic development. 