Abstract:

Based on the data of cross–region investment of listed enterprises in the Beijing–Tianjin–Hebei region from 2008 to 2020, this paper studies the impact of the "Beijing-Tianjin-Hebei coordinated development" strategy on cross-region investment of enterprises in 2014 by using multiple difference method. It is found that the regional coordinated development policy promotes the cross-region investment of enterprises in the Beijing-Tianjin-Hebei region, and this conclusion is still valid after a series of robustness tests. Mechanism analysis shows that industrial policy, transportation integration, institutional environment will have an impact on the policy effect.Heterogeneity analysis shows that, on the one hand, the policy effect is more obvious for cities with higher government efficiency; On the other hand, after the implementation of the policy, enterprise investment is more focused on consumer manufacturing and service industry rather than equipment manufacturing. Further research shows that the policy does not produce the transfer of enterprise investment between regions, but has a certain net growth effect. Meanwhile, the amount of investment and the viability of subsidiaries of private enterprises were significantly higher than that of state-owned enterprises after the implementation of the policy, indicating that the policy stimulated the market vitality.In addition, the flow of enterprises' cross-region investment between regions is not balanced, and the industrial spillover effect of central cities is still insufficient. The findings of this paper have important policy implications for understanding the policy impact of the coordinated development of the Beijing–Tianjin–Hebei region from the micro level,and provide empirical evidence for evaluating the construction performance of relevant policies. 

Key words:

regional coordinated development, cross-region investment, business environment, investment flow