开发区设立能减少企业非效率投资吗？

开发区设立对吸引企业投资有重要影响。从企业投资效率角度,基于2007—2021年中国沪深A股上市公司数据,实证检验了开发区设立对企业非效率投资的影响及其作用机制。研究发现,开发区设立会减少企业非效率投资,企业全要素生产率在开发区设立影响企业非效率投资中发挥了部分中介作用。异质性分析表明,在内陆地区、中西部地区和非国有企业、非能源企业以及长三角城市群中,开发区设立对企业非效率投资的抑制作用更加显著。因此,建议地方政府积极引导开发区内企业创新,规避盲目追求规模扩张的非效率投资,应结合企业类型和城市分类制定差异化和精准化的开发区政策,进一步完善开发区升级的相关制度,培育企业可持续发展的意识。

Can Development Zone Policies Reduce Inefficient Investment of Enterprises?

The establishment of development zones significantly influences the attraction of corporate investments. This study empirically examines the influence of development zone policies on inefficient investment of enterprises and its underlying mechanism from the perspective of investment efficiency, using data from A-share listed companies from 2007 to 2021. The findings indicate that the establishment of development zones reduces inefficient investment of enterprises, and enterprises'' total factor productivity partially mediates the relationship between development zone policies and inefficient investment of enterprises. Heterogeneity tests show that the establishment of development zones exerts a more significant inhibitory effect on inefficient investment of enterprises located in inland regions, central and western regions, and the urban agglomeration of the middle reaches of the Yangtze River, non-state-controlled enterprises, and non-energy enterprises. Therefore, it is recommended that local governments proactively guide innovation among enterprises within development zones, direct them towards a path of innovative development, and discourage inefficient investment driven by scale expansion. Differentiated and precise development zone policies should be formulated based on types of enterprises and urban classifications. Additionally, it is crucial to further improve the relevant systems for upgrading development zones to foster a sense of sustainable development among enterprises. 