【作者】 赵丽霞；

【导师】 杨俊仙；

【作者基本信息】 山西大学 ， 数量经济学， 2018， 硕士

【摘要】 投资是拉动经济增长的重要方面,企业投资是投资中最重要的组成部分,在促进区域经济增长中发挥着举足轻重的作用。同时,区域的资源与环境也深刻影响着企业的投资。大量的研究发现,我国企业总部向发达城市布局和迁移,而企业总部作为企业的大脑和心脏主宰了企业的投资决策。以往的研究大多站在企业寻求最佳区位的角度考虑企业总部向发达城市集聚的问题。金融和经济的高度发达使企业之间产生错综复杂的关联,越来越多的研究表明地域内企业之间的内生互动影响了企业的绩效和行为,这是以往的投资理论所忽视的。我们选取1998年1月至2015年12月A股上市公司的数据,借鉴Dougal等^[1]的模型实证研究了地域内企业投资水平的同涨共跌性。研究发现:（1）企业的投资水平受总部位于同一地域的其他企业投资水平的影响,表现为企业的投资水平与总部位于同一地域的其他企业投资水平正相关,呈现总部位于同一地域的企业投资水平同涨共跌的现象,也即企业的投资存在地域联动性;（2）企业投资的地域联动小于行业联动,大约为行业联动的1/3;（3）经济政策不确定性与企业投资的地域联动性正相关,即经济政策不确定性增强会导致企业投资地域联动性的增强,这种增强作用在私营企业中更加显著。进一步我们探讨了企业投资地域联动性存在的影响因素,研究结论表明:（1）企业家活力是引起企业投资地域联动性的原因,这是因为地域内企业家活力越高企业之间信息交流越频繁,尤其是与同一群人交流时,越容易形成相似的判断;（2）企业贷款通过影响企业的外部融资引起企业投资的地域联动;（3）一个地区信息化程度越高,信息流通越快,企业投资的联动就越强。本文的创新之处在于首次对中国企业投资的地域联动性进行了研究,初次探讨了企业家活力、企业贷款、信息化程度等内生因素对企业投资地域联动性的影响。本文的研究扩展了地域联动的研究领域,在微观层面上,本文的研究对于企业总部选址,扩展信息来源渠道具有重要意义。在宏观层面上,投资是中央政府最具热情的宏观调控手段,也是地方政府提高国内生产总值最有效最常用的办法,本文的研究对中央和地方政府实行宏观调控具有一定的参考意义。更多还原

【Abstract】 Investment is an important aspect of stimulating economic growth.Corporate investment is the most important component of investment and plays a decisive role in promoting regional economic growth.Meanwhile,the resources and environment of the region also profoundly affect the investment of enterprises.A large number of studies have found that our business headquarters are clustered into some developed cities,and the headquarters of enterprises as the brain and heart of enterprises dominate the investment decisions of enterprises.Most of the previous studies are in the perspective of enterprises seeking the best location to consider the problem of the agglomeration of enterprise headquarters to the developed cities.With the highly developed Finance and economy,the close and complex relationship between enterprises has become a typical feature.More and more studies show that the endogenous interaction between enterprises affects the performance and behavior of enterprises,which is ignored by past investment theories.This paper selects the data of A share listed companies from January1998 to December 2015,and Learn from Dougal et al.^[1]models to empirically study the comovement of enterprises’investment level in the region.The conclusions of this paper are mainly three:（1）Corporate investment is affected by the investment of other companies headquartered in the same geographical area.It is shown that the investment level of a company is positively related to the investment level of other companies,and the phenomenon that the investment level of a company whose headquarters is located in the same geographical area rises and falls along the same level,that is,the investment of the company exists Regional linkage.（2）The regional linkage of corporate investment is less than industry linkage,which is approximately 1/3 of the industry linkage.（3）Economic policy uncertainty is positively correlated with the regional linkage of corporate investment.That is,increased uncertainty in economic policies will lead to an increase in regional linkages in corporate investment.This enhancement is even more pronounced in the private sector.This paper discusses the factors that affect the regional linkage of corporate investment,Including the following three aspects:（1）Entrepreneurial vitality is the cause of the regional linkage of corporate investment.Energetic entrepreneurship indicates frequent information exchange between entrepreneurs,especially when communicating with the same group of people,the easier it is to form similar judgments.（2）Corporate loans cause regional linkages in corporate investment,through affecting external financing of companies.（3）the higher degree of informatization in an area,the more convenient information exchange,the stronger regional linkage linkage of enterprise investment.Our study expands the research field of geographical linkage.For the first time,a study has been conducted on the regional linkage of Chinese corporate investments.For the first time,a study has been discussed the influence of endogenous factors such as entrepreneurial vitality,corporate loans,and informational degree on the regional linkage of corporate investment.On the micro level,the research in this paper is of great significance for the selection of the headquarters and expansion of the information source channel.At the macro level,the study of this paper is of great significance for the selection of headquarters and expanding information source channels.At the macro level,Investment is the central government’s most passionate macro-control method and the most effective and Most used for local governments to increase their GDP.Therefore,this study provides a reference for the central and local governments to implement macro-control.更多还原