Digital Infrastructure Construction and Inter-regional Capital Flows:Based on the Empirical Evidence of Enterprises'Cross-District Mergers and Acquisitions
Exploring the impact of digital infrastructure development on the flow of capital across regions is one of the important issues to help build a unified national market in the era of digital economy.Based on the hand-collected data on cross-regional mergers and acquisitions,we explore the specific impact and internal mechanism of digital infrastructure construction on the inter-regional capital flows.The results show that digital infrastructure construction can significantly promote cross-regional M&A of enterprises,which implies that digital infrastructure construction can effectively weaken regional capital market segmentation,and this result still holds after a series of robustness tests.Mechanisms tests confirm that alleviating the information asymmetry and extending organizational boundaries are key channels through which digital infrastructure construction facilitates inter-regional capital flows.The heterogeneity analysis shows that in enterprises with strong soft information constraints,low degree of market integration and weak transportation infrastructure construction,digital infrastructure construction can more obviously promote capital flow across regions.Further,the influence of digital infrastructure construction on the cross-regional flow of capital is asymmetric in the direction,which is embodied in promoting more capital into developed cities and reflecting the"siphon effect"of developed cities on capital.The above results provide new explanation for the promotion of cross-regional capital flows through moderately advanced deployment of digital infrastructure construction,and also provide an important reference for the promotion of the construction of a unified national market.
digital infrastructure constructioninter-regional capital flowsunified national market
万方数据
