Information Barriers and Spatial Allocation of Capital:A Dialectal Perspective
The spatial allocation of capital plays an important role in international and domestic dual circulation,but China has long been grappling with the problem of capital segmentation in the local market.Unlike previous studies that attribute this to institutional cost,this paper explores the influence of the cost of information on this issue from a dialectal perspective.The study indicates that the interregional dialectal distance significantly hinders the spatial allocation of capital,which is not limited to listed companies,and instead also affects non-listed companies.The mechanism of influence reveals that dialectal distance is not conducive to the establishment of cross-regional social networks,it weakens interregional social trust and mutual assistance,and increases the information cost of cross-regional business investment.Improving the business environment cannot overcome the information barriers created by dialect in the short term but inclusion of culture can mitigate this impact to some extent.This study suggests that in the process of the continuous improvement of China's institutional environment,it is of utmost importance to promote the strong inclusion of Chinese culture so as to break down the implicit barriers of cross-regional resource allocation.
spatial allocation of capitalinformation costsdialect
NETL
NSTL
万方数据
