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| 文章编号：1672-3104(2023)05-0123-15 |
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数字技术发展对企业异地投资的促进效应与内在机制 |
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张鑫和1，岳书敬1, 2，赖晓冰1 |
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（1. 东南大学经济管理学院，江苏南京，211189；
2. 东南大学中国特色社会主义发展研究院，江苏南京，211189） |
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| 摘 要： 基于2009—2019年中国A股上市公司微观样本，通过文本匹配方法建立相对完备的数字技术词典，结合专利数据构建地区数字技术发展水平的评估指标，并将其与企业异地投资数据相匹配，考察数字技术发展对企业异地投资的促进效应及内在机制。研究发现：数字技术发展对企业异地投资具有显著促进效应，且相比于跨国投资，数字技术发展对企业跨省投资的促进作用更大；数字技术发展对企业异地投资的促进效应主要通过降低代理成本和缓解融资约束实现；异质性分析表明，对于国有企业，数字技术的跨省投资促进效应更显著；对于高科技企业，数字技术的跨国投资效应更显著。 |
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| 关键词： 数字技术；异地投资；代理成本；融资约束 |
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The promotion effect and internal mechanism of digital technology development on enterprises' cross-region investment |
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ZHANG Xinhe1, YUE Shujing1, 2, LAI Xiaobing1 |
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（1. School of Economics and Management, Southeast University, Nanjing 211189, China;
2. Institute of Socialist Development with Chinese Characteristics, Southeast University, Nanjing 211189, China） |
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| Abstract: Based on the analysis of the micro samples of Chinese A-share listed companies from 2009 to 2019, this paper establishes a relatively complete digital technology dictionary through text matching method, constructs an index combined with patent data to measure the development level of regional digital technology, and matches the above evaluation index with the manual collated enterprises' cross-region investment database to investigate the effect and mechanism of digital technology on enterprises' cross-region investment. The study finds that digital technology development has a significant promoting effect on the level of enterprises' cross-region investment, playing a greater role in promoting cross-provincial investment than cross-border investment, and that the promotion effect of digital technology development on enterprises' cross-region investment is mainly achieved through reducing agency costs and alleviating financing constraints. Heterogeneity analysis shows that for state-owned enterprises, the promotion effect of digital technology on cross-provincial investment is more significant, while for high-tech enterprises, the effect of digital technology on cross-border investment is more pronounced. |
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Key words: digital technology; cross-region investment; agency cost; financing constraint |
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