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共享经济能否以及如何助力企业异地投资，是一个重要的研究课题。基于2013～2019年A股上市公司地理区位数据，本文以共享单车平台入驻城市为准自然实验，构建多时点双重差分模型，系统考察共享经济对企业异地子公司布局的影响。实证结果表明：第一，共享经济通过降低企业内部交易成本和外部交易成本，显著提升地区对企业异地投资的吸引力，该效应在城市群中呈现规模经济强化特征；第二，异质性检验显示，劳动密集型、资本密集型行业及制造业因交易成本变动敏感性较高，其区位决策受共享经济的影响更为显著。本文从交易成本理论视角拓展了企业跨区域投资的研究框架，揭示了共享经济优化营商环境的制度性作用，为深化要素市场化改革与推动区域协同发展提供了政策依据。
Abstract：Whether and how the sharing economy can facilitate cross-regional investment by enterprises constitutes an important research topic. Based on listed company data from 2013 to 2019 and utilizing the entry of bike-sharing services as a quasi-natural experiment, this study employs a multiperiod difference-in-differences(DID) model to investigate the economic impacts of sharing economy development. The findings reveal two key insights: First, the expansion of the sharing economy significantly increased the probability of listed companies establishing non-local subsidiaries in target cities, with this effect being particularly pronounced in urban agglomerations due to enhanced economies of scale. Second, mechanism analysis demonstrates that the sharing economy operates through dual channels of reducing both internal transaction costs(within enterprises) and external transaction costs(market interactions), exhibiting stronger impacts on transaction cost-sensitive industries/such as manufacturing and laborcapital-intensive sectors.
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(1)《中国外商投资环境更清新》，中国政府网，2018年5月23日，https：//www. gov. cn/xinwen/2018-05/23/content_5292879. htm。
(1)例如，“A上市公司—武汉—2013年”与“A上市公司—上海—2013年”代表了不同观测值。
(1)限于文章篇幅，共享单车平台入驻各城市时间表留存备索。
(1)限于文章篇幅，未汇报图表，留存备索。
基本信息:
DOI：
中图分类号:F275;F832.51;F724.6
引用信息:
[1]左月华,余梦颖,黄鑫等.共享经济、交易成本与企业异地投资[J].金融学季刊,2025,19(01):1-22.
基金信息:
国家社会科学基金一般项目“基于大数据的金融科技信息对资本市场效率影响、机制研究及市场建设的启示”（21BJY079）的资助;