【摘要】 近年来国有资本跨区域入股企业的现象日趋普遍，但鲜有研究关注其对企业经营的影响。本文利用2007—2022年A股上市公司的子公司分布数据，检验来源于上市公司所在省份之外的异地国有股东入股对企业跨区域发展的影响。研究发现：异地国有股东入股有效促进了企业向其原籍地跨区域设立子公司。机制分析表明，异地国有股东通过改善原籍地产权保护环境、提升其社会信任水平、提供资源支持，从而促进了企业跨区域发展。经济效益检验发现，异地国有股东显著提升了企业在其原籍地投资子公司的经营绩效。进一步分析发现，在排除治理效应影响后异地国有股东作用依然显著，该作用在促进企业向欠发达地区顺流投资时更强，且并未对企业向其他地区投资产生负面影响，国有资本与其他地区空间关联关系的强化有助于降低其原籍地的地方保护并缓解了地区市场分割壁垒。本文的研究结论深化了对国有股东功能的认识，为缓解地区间市场分割、加快促进生产要素的跨区域流动提供了新的政策思路。更多还原

【Abstract】 State capital investment in enterprises across regions has become increasingly common in recent years. However, few studies have explored its impact on corporate operations. Using data on the distribution of subsidiaries of A-share listed companies from 2007 to 2022, this paper examines the impact of cross-regional state-owned shareholders on the cross-regional development of enterprises. The study finds that investment by cross-regional state-owned shareholders effectively promotes listed companies to establish subsidiaries in the regions where these shareholders originate. Mechanism analysis reveals that cross-regional state-owned shareholders enhance property rights protection for firms expanding into their home regions, increase firms’ social trust in these regions, and provide resource support, thus facilitating cross-regional expansion into their shareholders’ home regions. Economic benefit tests show that cross-regional state-owned shareholders notably improve the operational performance of subsidiaries invested in their home regions. Further analysis shows that,after controlling governance effects, the role of cross-regional state-owned shareholders remains significant.Moreover, the promotion effect is stronger for investments from economically developed regions to less developed ones. Cross-regional state-owned shareholders facilitate investments in their regions of origin without negatively impacting investments in other regions. Additionally, the spatial connection between state-owned capital and other regions helps mitigate local protectionism, thereby alleviating regional market segmentation barriers. The findings of this paper deepen the understanding of the functions of state-owned shareholders and provide new policy insights for alleviating regional market segmentation issues, thereby accelerating the cross-regional flow of production factors.更多还原