| 张腾,吴育辉,韩杰.市场一体化推进与企业跨地区交易——来自公平竞争审查制度的证据[J].数量经济技术经济研究,2025,(10):27-47 | | 市场一体化推进与企业跨地区交易——来自公平竞争审查制度的证据 | | Market Integration and Cross-regional Transactions: Evidence from the Fair Competition Review System | | | | DOI： | | 中文关键词: 市场一体化 跨地区交易 公平竞争审查制度 | | 英文关键词: Market Integration Cross-regional Transactions Fair Competition Review System | | 基金项目: | | | 中文摘要: | | 做强国内大循环，是推动中国经济行稳致远的战略之举。然而，地方保护主义的存在，导致市场分割、不公平竞争等妨碍资源要素自由流动的行为严重阻碍了全国统一大市场建设。公平竞争审查制度作为维护市场竞争的重要政策工具，从源头上清理和废除妨碍全国统一市场和公平竞争的规定和做法，对形成供需互促、畅通高效的国内大循环具有重要意义。本文借助这一场景，考察了市场一体化推进对上市公司跨地区交易的影响。研究发现，公平竞争审查制度实施后，上市公司在市场一体化提升程度较大地区的交易活动显著增加，原因在于该制度能够显著降低目标地区的交易成本、破除目标地区的交易壁垒。这一积极影响对于产能利用不足、供应链话语权较强、可贸易品行业的上市公司及社会信任度较强的目标地区更为显著。进一步分析发现，公平竞争审查制度在促进企业开展跨地区交易活动的同时，减少了企业在目标地区的异地投资行为，呈现明显的交易替代效应。同时，跨地区交易活动的增加能够帮助企业减少期间费用支出，提升净资产收益率，从而实现“降本增效”。本文在一定程度上揭示了竞争政策促进经济发展的微观作用渠道，对于做强国内大循环、强化竞争政策基础地位、激发市场主体活力具有重要的政策参考价值。 | | 英文摘要: | | In June 2016, the State Council issued the “Opinions on Establishing a Fair Competition Review System in the Construction of the Market System.” The opinions emphasized the need to gradually clean up and abolish regulations and practices that hinder the national unified market and fair competition. It clarified the overall requirements, basic principles, review objects, and review methods of the fair competition review (FCR) system and proposed 18 review standards from four aspects—market entry and exit, free flow of goods and factors, impact on production and operation costs, and impact on production and operation behaviors. In 2022, “establishing and improving a FCR system” was officially written into the Anti-monopoly Law. On August 1, 2024, the Regulation on FCR was officially implemented, filling the legislative gap in the FCR system. On March 18, 2025, the State Administration for Market Regulation promulgated the Implementation Measures for the Regulation on FCR, further refining and improving the review standards, mechanisms, procedures, and supervision and safeguard measures. As of August 2024, 1.618 million policies and measures had been reviewed nationwide; 4.47 million existing documents had been cleared; and 93,000 policies that excluded or restricted competition had been abolished or revised. By preventing excessive and inappropriate government intervention in the market, the FCR system helps to eliminate local protections, enhance market integration, reduce institutional transaction costs, realize the vitality of entities, and ensure that resource allocation is based on market rules to maximize benefits and optimize efficiency.Using the introduction of the FCR system as a shock, we investigate the impact of market integration on cross-regional transactions of listed companies. We find that after the implementation of the FCR system, the trading activities of listed companies in regions with a greater degree of market integration have increased significantly. Mechanism analysis reveals that this positive impact mainly stems from the FCR system reducing transaction costs and breaking down transaction barriers in target regions. Heterogeneity analysis indicates that the main effects are pronounced for listed companies with insufficient capacity utilization and strong supply chain bargaining power, tradable goods industries, and target regions with strong social trust. Further analysis reveals that while the review system encourages companies to carry out cross-regional trading activities, it also reduces subsidiaries’ investment in target regions, having a significant transaction substitution effect. Finally, we find that the increase in transaction activities in integrated regions can help companies reduce period expenses and improve return on net assets, thereby achieving cost reduction and efficiency improvement.The contributions of our study are as follows: First, this study expands the literature on factors influencing the cross-regional development of enterprises from the perspective of breaking administrative monopoly. Existing studies have focused on how market integration measures such as infrastructure construction, judicial and fiscal reform, government affairs optimization, and e-commerce development affect the cross-regional development of enterprises, and most of the research focuses on the cross-regional flow of capital. However, our study delves into the inherent essence of local protectionism and market segmentation and starts from the perspective of breaking administrative monopoly and reducing improper government intervention in the market. Based on the transaction cost theory and enterprise supplier customer network data, we focus on how the FCR system affects the cross-regional trading activities of enterprises. It is a useful extension of research on the cross-regional development of enterprises and helps us understand the macro trade flow and industrial chain layout from a micro perspective. Second, it enriches research on the economic impacts of market integration from the perspective of target region characteristics. As far as micro entities are concerned, existing literature mainly explores how market segmentation affects the business behavior of local enterprises. However, firms’ cross-regional transactions are not only affected by the local market but also closely related to the target market. Based on the FCR system, this study focuses on the economic effects of market integration in the target areas and provides new ideas for a deeper understanding of the interactive relationship and logic of economic behavior between the national unified market and regional market entities. Third, this study enriches the literature on the economic impacts of competition policy. Existing studies have selected various competition policies, including the leniency laws, the antitrust law, and the FCR system, to investigate the impact on information disclosure, financing activities, investment efficiency, and so on. We explore the impact of the FCR system from the perspective of cross-regional transactions of enterprises, further enriching research on the spatial economic impacts of competition policy. Finally, our study has important practical implications. Although market segmentation can promote regional economic growth, it will cause a loss of macro efficiency. Therefore, breaking the market segmentation and building a unified national market will help achieve high-quality economic development. Our findings confirm the key role of the FCR system in reducing institutional transaction costs and reflect the strategic importance of China in strengthening the foundation of competition policies. | | 查看全文 相关附件： 下载数据代码附录 |
| | |
