政务微博使用与资本跨区域流动——基于企业异地投资的视角Government Microblog Use and Inter-regional Capital Flows:Based on the Perspective of Corporate Inter-regional Investment
陈良银,黄俊,刘建国,高华声
摘要(Abstract)：
基于政府利用社交媒体进行信息披露的实践，本文考察了政务微博使用对资本跨区域流动的影响。研究发现，政务微博使用显著促进了资本跨区域流动，具体表现为企业在政务微博使用程度更高的区域进行了更多的异地投资。进一步的研究显示，对于微博影响力更强的区域、高管社会资本更低和高管没有政府工作经历的企业，政务微博使用对资本跨区域流动的影响显著更强。作用机制的分析表明，政务微博使用降低了政策不确定性和制度性交易成本，由此吸引了企业到当地进行异地投资。经济后果的分析结果则显示，企业到政务微博使用程度更高的区域进行更多异地投资也显著改善了企业的盈利能力、提高了企业的市场价值并扩大了市场份额。本文丰富了企业异地投资和政务微博相关文献，为推动资本跨区域流动并建立全国统一大市场提供了参考与借鉴。
关键词(KeyWords)： 政务微博;资本跨区域流动;异地投资;政策不确定性;制度性交易成本
基金项目(Foundation): 国家自然科学基金青年项目“数字政府建设与资本跨区域流动—基于企业异地投资的视角”(项目批准号72302141);国家自然科学基金面上项目“公募基金ESG投资行为研究:影响因素、作用机理与经济后果”(项目批准号72572099);; 上海市晨光计划“集体诉讼制度的公司治理效应”(项目批准号25CGA52);; 国家社会科学基金重大项目“中国特色科技金融模式创新研究”(项目批准号25&ZD125)的资助
作者(Author): 陈良银,黄俊,刘建国,高华声
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- (1)由于难以分离出企业在异地投资和其他经营活动中所面临的政策不确定性与制度性交易成本,因此在检验作用机制时,本文采用公司年度层面的数据,考察上市公司所在地政务微博使用如何影响政策不确定性和制度性交易成本。 (2)由于此处的回归因变量为t+1期的企业绩效,因此样本相较于主回归样本有一定的减少。 (3)借鉴曹春方和贾凡胜(2020)的方法,由于此处考察的是企业到政务微博使用程度更高的区域进行异地投资如何影响企业绩效,这种影响更多地在实际子公司运营中体现,因此此处采用上市公司全部存量子公司数据,而并不仅是新增子公司的数据。