企业家精神与资本市场一体化

——基于投资意愿和投资能力的视角

打开文本图片集

中图分类号：F272.91；F273.1 文献标识码：Adoi：10.3969/j.issn.1672-2272.202512018

Abstract：Under the background of accelerating the construction of a unified national market，there is currently a lack of theoretical explanations and empirical evidence regarding whether and how entrepreneurship affects the cross-regional flow of resource factors. Using Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2Ol1 to 2024 as samples，this paper constructs an entrepreneurship measurement index based on text analysis technology and systematically examines the impact of entrepreneurship on out-of-region investment and its mechanism. The results show that entrepreneurship can significantly enhance the level of out-of-region investment of enterprises，and this conclusion remains valid after robustness and endogeneity treatments.Mechanism tests indicate that entrepreneurship mainly enhances the level of out-of-region investment of enterprises by influencing investment wilingness and investment capacity. The moderating effect analysis shows that the application of digital technology can produce a synergistic effect with entrepreneurship，amplifying the promoting effect of entrepreneurship on out-of-region investment. Meanwhile， the regional market environment exerts an impact through a reverse pressure effect，meaning that a poorer external institutional environment is more conducive to stimulating the positive role of entrepreneurship in out-of-region investment. Further research finds that out-of-region investment driven by entrepreneurship can enhance the profitability and market value of enterprises. This study not only expands the economic consequences of entrepreneurship from the perspective of cross-regional factor flow but also provides empirical references and policy implications for understanding the important value of entrepreneurship in building a unified national market.

Keywords ：entrepreneurship； capital market integration; cross-location investment； investment wiling. ness；investment capacity

0 引言

构建自由流动和竞争有序的国内统一大市场，是全面深化改革、驱动经济高质量发展的新引擎，也是激发企业活力、优化资源配置和完善社会主义市场经济体制的关键所在[。（剩余14278字）