Eliminating local protectionism and market segmentation and promoting the free flow of various production factors among regions are the key to building a unified national market.This paper uses the fair competition review system as a quasi-natural experiment to test the impact of this system on corporate cross-regional investment.This study shows that the fair competition review system significantly promotes corporate cross-regional investment.The mechanism test confirms that this system promotes corporate cross-regional investment by enhancing the adequacy and fairness of market competition and reducing transaction costs.Further examination shows that the fair competition review system promotes cross-regional investment by corporations more significantly in areas where the implementation of the system is included in the government performance evaluation system,in areas where the results of third-party evaluations are made public,and for corporations with high environmental uncertainty.The economic consequences test shows that the system improves the corporate performance of operations in different regions by promoting cross-regional investment.This study contributes to the empirical evidence showing that government regulation and institutional environment affect corporate investment decisions.It also provides micro-level guidance for improving the fair competition review system to realize better alignment between the efficient market and the well-functioning government,promote the construction of market integration,and construct a new development pattern.
关键词
公平竞争审查制度/跨地区投资/地方保护/市场分割/行政垄断/双重差分模型
Key words
fair competition review system/cross-regional investment/local protectionism/market segmentation/administrative monopoly/difference-in-differences model
维普
万方数据