要素交易效率约束、总部迁移与企业成长 阅读全文
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Title | Trade Efficiency of Advanced Factors, Headquarter Relocation and Firm Growth
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作者 | 卢荻 鞠晓生 谭琦 |
Author | Lu Di,Ju Xiaosheng and Tan Qi |
作者单位 | 中国人民大学经济学院;国防科学技术大学 |
Organization | RenMin University; National University of Defense Technology |
作者Email | dl1@soas.ac.uk;fuxiao0912@163.com |
中文关键词 | 要素交易效率 企业总部迁移 企业成长 绩效 |
Key Words | Trade Efficiency of Advanced Factors; Headquarter Relocation; Firm Growth; Performance |
内容提要 | 本文以2004-2012年中国上市公司为样本分析了公司总部异地迁移的迁移绩效问题。本文发现地区要素交易效率的高低直接影响公司总部迁移的概率,地区要素交易效率越低,公司总部迁移的可能性越高。使用平均处理效应模型,本文发现公司总部迁移的绩效与迁移类型相关,跨省总部迁移更多地通过扩大生产规模提高了公司的财务绩效,而同市跨区迁移引起公司研发投资上升,财务绩效变化不明显。在考虑并处理了样本选择偏误等内生性问题后,上述结论仍然成立。本文研究表明,企业通过迁移总部分享新驻地更高的要素交易效率便于规模扩张或者技术升级进而实现快速成长。 |
Abstract | This paper uses a micro data set on the relocation of listed companies from 2004 to 2012 to investigate the performance of headquarter relocation. Our results show that the trade efficiency of local advanced factors is an important role that influences the company’s relocating decision. The performance of headquarter relocation depends on migration distance. Those migration crossing over cities or provinces improve performance strongly through enlarging scale of production, while those migrations within city have weak financial performance improvement but more innovation investment. Those findings are robust when considering selection bias and other endogenous problems. Our study shows headquarter relocation is one way for companies to enjoy higher trade efficiency of advanced factors, by which realizes faster growth. |
文章编号 | WP807 |
登载时间 | 2015-01-20 |
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