竞争政策能否促进资本跨区域流动？——基于公平竞争审查制度的准自然实验

张容嘉¹　张伟广²　阴丽君²

（1.中国社会科学院；2.东北财经大学）

内容提要：破除妨碍要素跨区域流动的行政垄断、降低区域市场分割、营造公平有序的市场竞争环境是畅通国内循环、建设全国统一大市场的重要内容。本文基于2013—2020年中国A股上市公司数据和城市层面的异地投资数据，采用广义双重差分模型考察了公平竞争审查制度对资本跨区域流动的影响效应与作用机制。研究发现，公平竞争审查制度的实施能够促进资本跨区域流动，在安慰剂检验、替换变量测度以及排除同时期其他政策影响后估计结果依然稳健；公平竞争审查制度通过提高区域市场化水平、缓解企业融资约束、提升企业治理水平促进资本跨区域流动。异质性分析发现，公平竞争审查制度对资本跨区域流动的促进作用在营商环境好、财政透明度高的地区和资产密集型企业中更为明显。本文拓展了公平竞争审查制度促进资本要素流动的经验证据，对强化竞争政策、构建高效竞争市场体系和新发展格局具有政策意义。

关键词：公平竞争审查制度；竞争政策；资本跨区域流动；企业异地投资；营商环境

作者简介：张容嘉，中国社会科学院数量经济与技术经济研究所助理研究员，北京，100732；张伟广，东北财经大学经济学院副教授，通信作者，大连，116025；阴丽君，东北财经大学经济学院硕士研究生。

基金项目：中国社会科学院“青启计划”“平台扼杀式并购对创新影响及规制政策研究”（2024QQJH129）； 辽宁省社会科学界联合会辽宁省经济社会发展研究课题“东北地区资本跨区域流动的量化特征与影响因素研究”（2025lslybwzzkt-065）

引用格式：张容嘉,张伟广,阴丽君.竞争政策能否促进资本跨区域流动?——基于公平竞争审查制度的准自然实验[J].经济与管理研究,2025,46(6):44-61.

Can Competition Policy Promote Cross-regional Capital Flows?

—Quasi-natural Experiment Based on the Fair Competition Review System

ZHANG Rongjia¹, ZHANG Weiguang², YIN Lijun²

(1. Chinese Academy of Social Sciences, Beijing 100732;

2. Dongbei University of Finance & Economics, Dalian 116025)

Abstract: The implementation of the Fair Competition Review System (FCRS) in 2016 represented the first systematic institutional framework designed to curb administrative monopolies and break down market barriers in China. The FCRS requires governments at all levels to take a self-review approach as the core principle, aiming to dismantle the institutional framework of local protectionism from the source and ensure unimpeded capital flows within a unified national market. Since the implementation of the FCRS, China has gradually built a multi-level institutional framework, the institutional system has undergone qualitative changes from policy guidelines to administrative regulations, and the scope of review has been expanded to new barriers, forming a two-way market protection mechanism.

Based on data from Chinese A-share listed companies from 2013 to 2020 and data from non-local investment at the city level, this paper uses a generalized difference-in-differences model to investigate the impact of the FCRS on cross-regional capital flows and its mechanisms. The findings show that the implementation of the FCRS is conducive to promoting cross-regional capital flows. This conclusion remains valid after a series of robustness tests, including the placebo test, the replacement of variable measures, and the exclusion of other policies in the same period. The mechanism test reveals that the FCRS promotes cross-regional capital flows mainly by improving regional marketization, alleviating the financing constraints of enterprises, and enhancing corporate governance. The heterogeneity test indicates that this promoting effect is more significant in regions with a better business environment and higher fiscal transparency, as well as in asset-intensive enterprises.

Based on the above findings, this paper puts forward the following policy recommendations: deepen the implementation of the FCRS and promote cross-regional capital flows; optimize the business environment and improve the information sharing mechanism to facilitate the implementation of competition policy; strengthen the fundamental status of competition policy, build an efficient competitive market system, and promote Chinese modernization.

The marginal contribution lies in the following aspects. This paper enriches the relevant research on cross-city capital flows under the FCRS and provides more accurate empirical evidence for the promoting effect of the FCRS on cross-regional capital flows, offering important guiding significance for strengthening the fair competition review and fostering an efficient market competition system and a new pattern of development.

Keywords: fair competition review system; competition policy; cross-regional capital flows; cross-regional corporate investment; business environment

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