【摘要】 本文以2004-2015年中国房地产行业A股上市公司首次进入各省份的数据为样本,研究了地区制度环境对企业跨区域投资地域选择的影响。研究结果表明,区域制度环境越好,企业进入的概率越高;目标地与企业注册地之间制度距离越大,企业进入的概率越低;企业更愿意从制度环境差的注册地进入制度环境好的目标地而不愿从制度环境好的注册地进入制度环境差的目标地;并且从强制度区域进入弱制度区域时,制度距离对进入决策具有显著的抑制作用,但从弱制度区域进入强制度区域时,制度距离的影响却不显著。进一步研究发现,企业的政府关联和相关投资经验能够显著减弱制度环境、制度距离对投资地域选择的影响,降低制度环境带给企业的压力,促进企业的投资。更多还原

【Abstract】 By analyzing the performance of China’s A-share listed real estate companies after their first entry into different provinces in China during the period from 2004 to 2015, this paper studies the effects of institutional environment on the location choices of companies. The empirical results indicate that the better the institutional environment of a target location is, the more likely the location is chosen. The bigger the institutional distance between target area and companies’ register area is, the less likely the area is chosen. What’s more, companies are willing to enter areas with institutional environment stronger than their register area and reluctant to enter the areas with institutional environment weaker than their register area. Furthermore, as to companies registered in areas of strong institution that entered areas of weaker institution, the restraining effect of institutional distance on the location choice is significant. But for companies registered in areas of weaker institution that entered areas of stronger institution, the effect of institutional distance on the location choice is not significant. By further analysis, we find that political connection and relevant investment experience moderate the relationship of institutional environment, institutional distance and location choice. These two factors can both reduce the inhibiting effect of the institutional environment on the entry choice and stimulate investment.更多还原