Influence of Telecom Invisible Transfer Payment on Capital Circulation of Industrial Enterprises
Based on the micro-data of industrial enterprises and the macro-data of provinces and cities in China from 2003 to 2015,this paper defines and measures the telecom hidden transfer payment,and probes into its influence on the capital cycle of industrial enterprises theoretically and empirically.The results show that:1)The telecom invisible transfer payment in each province shows obvious temporal changes and spatial distribution characteristics.In general,telecom resources are shifting from the eastern region to the middle and western regions.2)The invisible transfer payment has a positive influence on the capital circulation of industrial enterprises,and the conclusion is still valid after the endogenous analysis and robustness test.3)The heterogeneity analysis also shows that,compared with export enterprises and enterprises in developed regions,the capital circulation of domestic enterprises and enterprises in less developed regions is more enhanced by the telecom invisible transfer payment,which is,to a certain extent,beneficial to promote the great domestic circulation and narrow the regional development gap.
telecom invisible transfer paymentindustrial capital circulationdomestic great circulationregional development gapnew development pattern
万方数据
维普
