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区域振兴规划是中央支持地方经济发展的重要政策,地方政府在规划获批后拥有更大的经济发展自主权,地区经济发展也获得了更多的信贷资源。这一外生政策变化为研究宏观经济政策如何影响微观企业行为提供了良好的机会,因为区域振兴规划实施之后,企业面临的经营环境发生了显著的变化,企业行为可能会因此改变。此外,相比民营企业,国有企业不仅受到更多的政府干预,还存在更加严重的委托代理问题,因此两类企业行为的变化程度存在差异,这为进一步验证区域规划影响企业行为的机制提供了机会。文章发现:(1)区域规划获得批准后,上市公司显著减少了现金资产的持有水平,这一效应仅存在于民营企业样本中,在国有企业样本中不显著;(2)区域规划获批后,上市公司过度投资的倾向显著提高了,这一效应仅限于国有企业的样本中,而在民营企业的样本中不显著。本研究发现说明区域振兴规划显著影响了微观企业的行为,企业对于区域规划政策的反应程度取决于其股权性质。文章提供了宏观经济政策影响微观企业行为的经验证据,为政府未来制定区域政策提供了参考。
The plan of rejuvenating the region is an important policy of the central government in supporting local economic development. Local governments have greater autonomy in economic development after the plan is approved, and more credit resources have been obtained for regional economic development. This change in exogenous policies provides a good opportunity to study how macroeconomic policies affect micro-enterprise behavior. Since the implementation of the regional rejuvenation plan, the business environment faced by enterprises has undergone significant changes and the behavior of enterprises may change accordingly. In addition, compared with private enterprises, state-owned enterprises are not only subject to more government intervention, but also have more serious problems of principal-agent problems. Therefore, there are differences in the degree of changes in the behavior of the two types of enterprises, which provides a mechanism for further verifying the regional planning of business behavior opportunity. The article finds that: (1) After the approval of regional planning, listed companies significantly reduce the holding of cash assets. This effect exists only in the samples of private enterprises, but not in the sample of state-owned enterprises. (2) The approval of the regional planning Afterwards, the tendency of listed companies overinvesting increased significantly. This effect is only limited to the sample of state-owned enterprises, but not significant in the sample of private-owned enterprises. This study found that regional rejuvenation planning significantly affects the behavior of micro-enterprises. The extent to which enterprises respond to regional planning policies depends on the nature of their ownership. The article provides empirical evidence that macroeconomic policies affect the behavior of micro-enterprises and provides a reference for the government to formulate regional policies in the future.