Do the Guangdong-Hong Kong-Macao Greater Bay Area Plan Improve Total Factor Productivity of Enterprises?——Evidence from Listed Chinese Manufacturing Companies
In recent years,urban agglomeration planning has restructured the regional development pattern and unleashed new growth drivers for enterprises,which has become an important engine driving economic growth at home and abroad.The Greater Bay Area City Group is one of the most open and economically active areas in China.Based on the data of China's list-ed manufacturing companies from 2015 to 2021,this paper takes the Guangdong-Hong Kong-Macao Greater Bay Area plan-ning as a quasi-natural experiment,and uses the DID Model to investigate the impact of urban agglomeration planning in the Guangdong-Hong Kong-Macao Greater Bay Area on the total factor productivity(TFP)of enterprises.The research shows as follows:(1)The Guangdong-Hong Kong-Macao Greater Bay Area plan significantly improves the TFP of enterprises in the region,and the conclusion still holds after a series of robustness tests such as parallel trend test,PSM-DID test and placebo test.(2)The Guangdong-Hong Kong-Macao Greater Bay Area plan has enhanced the TFP of foreign and other enterprises,enterprises in central cities and traditional manufacturing enterprises to a greater extent.(3)From the perspective of mecha-nism analysis,the Guangdong-Hong Kong-Macao Greater Bay Area plan mainly promotes TFP improvement by alleviating fi-nancing constraints and improving human capital agglomeration.This paper enriches the research on the effects of regional policies and provides references for formulating regional development strategies and promoting TFP of enterprises.
Regional PolicyGuangdong-Hong Kong-Macao Greater Bay AreaTotal Factor ProductivityDID Model