Research On The Impact Of Regional Integration On The Investment Efficiency Of Real Enterprise

China’s economy has entered a stage of high-quality growth.Integrated areas such as the Yangtze River Delta,the Beijing-Tianjin-Hebei region and the Guangdong-Hong Kong-Macao Greater Bay Area are gradually developing into national strategies,and regional integration is becoming an important engine driving the growth of the real economy.The investment of real enterprises is the primary driving force to stimulate the growth of regional real economy,and its investment efficiency is more related to its own development and future market value.With the continuous progress of regional integration process,the support role of the vertical deepening utilization and integration of the market space of big countries brought by this policy for the investment of real enterprises is increasingly prominent,and how real enterprises improve their own investment efficiency by relying on a more smooth integrated market has become an important issue that needs to be studied.Based on the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2019,this paper empirically tests the policy effect of regional integration on investment efficiency of real enterprises by using propensity score matching combined with difference difference model(PSM-DID).The results show that:(1)Regional integration policy can effectively stimulate the investment potential of real enterprises,improve the investment efficiency of real enterprises,and alleviate the underinvestment of real enterprises.Empirical results After a series of robustness tests including balance trend,placebo,replacement of matching method,addition of matching variables,expansion retest in 2013 and replacement of explained variables,the conclusion remains valid.(2)A detailed study of the mechanism shows that the macro-outer layer of regional integration can improve the investment efficiency by alleviating resource mismatch,while the micro-inner layer can reduce the financing constraints of real enterprises and obtain government subsidies to improve the investment efficiency.(3)Regional integration policies have significant heterogeneity on the improvement of investment efficiency of entities.Specifically,the mitigation effect of overinvestment by private enterprises is not significant,while that of under-investment by state-owned entities is not significant.Compared with large-scale enterprises,regional integration has no significant effect on improving investment efficiency of small-scale enterprises and alleviating underinvestment and overinvestment.The mitigation effect of overinvestment in the original city is not significant,and the mitigation effect of under-investment in the new city is not significant.In this paper,the relevant literature about the influence of macro-regional integration policies on micro-enterprises is added,and the research scope of macro-regional integration policies is expanded.Based on the empirical results,this paper puts forward some policy suggestions on promoting regional integrated development,data sharing,enterprise investment and industrial agglomeration.Specifically,it includes: vigorously promoting the development of regional integration,promoting the integration of regional institutions,further breaking administrative barriers,and improving the allocation efficiency of resource factors;We will continue to pay attention to corporate investment,reduce under-investment and over-investment in enterprises,pay attention to under-investment in private enterprises,and increase investment channels for private enterprises.Promote industrial agglomeration and upgrade industrial structure.