关键词:

市场整合, 企业风险承担, 全国统一大市场

Abstract:

Whether market integration can stimulate enterprises to face challenges and enhance their willingness to take risks is a key issue for the orderly progress of the construction of a unified national large market at the local execution level. Based on data from 2017--2022 A-share listed companies in Shanghai and Shenzhen, this paper systematically examines the impact of market integration on corporate risk–taking. The results show that market integration can significantly improve the level of corporate risk–taking, and the robustness test verifies the reliability of this conclusion. The mechanism test results show that improving information disclosure, optimizing inventory management and promoting technological innovation are effective channels through which market integration to improve the level of corporate risk–taking. Further, heterogeneity results show that the effect of market integration on corporate risk-taking is more significant in non-state-owned enterprises, enterprises with high degree of industry competition and small and medium-sized enterprises. Overall, this paper verifies the corporate risk–taking effect of market integration under the construction of national unified large market, and provides scientific reference for further giving full play to the institutional advantages of national unified large market and promoting the sustainable and healthy development of enterprises.

Key words:

market integration, corporate risk–taking, national unified large-market

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