Firm Heterogeneity and Multi-level Market Investment Choice in the Unified National Market

HUANG Han-min; LU Yan-qiu; WANG Rui-tian

Volume 37 Issue 3

May 2022

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HUANG Han-min, LU Yan-qiu, WANG Rui-tian. Firm Heterogeneity and Multi-level Market Investment Choice in the Unified National Market[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(3): 66-81.

Citation:

HUANG Han-min, LU Yan-qiu, WANG Rui-tian. Firm Heterogeneity and Multi-level Market Investment Choice in the Unified National Market[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(3): 66-81.

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Firm Heterogeneity and Multi-level Market Investment Choice in the Unified National Market

School of Business Administration, Zhongnan University of Economics and Law, Wuhan 430070, China

Received Date: 2021-11-29
Publish Date: 2022-05-28

Abstract

Abstract

This paper puts forward a new explanation of the market advantages from the perspective of scale and level, and divides the Chinese market into six levels in 337 prefecture-level administrative regions in China. Using the data of 3, 688 A-share listed companies in China from 1999 to 2018, this paper examined the investment choice of domestic cross market level performed by heterogeneous enterprises. The findings show that the higher the total factor productivity, the greater the probability of investing in multiple markets, and the smaller the probability of investing in the few markets; the productivity of enterprises that only invest in the high-level market is higher, while the productivity of enterprises that only invest in the low-level market is lower; the productivity of enterprises that invest in both the high-level market and the low-level market is the highest, but this effect of private enterprises is not significant; the larger the enterprise scale, the greater the probability of investing in multiple markets. Under the complex political and economic situation at home and abroad, this study not only expands the research on the market entry of Chinese enterprises, but also provides policy suggestions for forming a strong domestic market.
- unified national market,
- market advantage of great power,
- firm heterogeneity,
- multi-level market,
- investment choice,
- total factor productivity,
- firm productivity

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References(34)

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