行政垄断规制能否缓解企业投融资错配?OACHSSCD

Based on the data of A-share listed companies in China from 2011 to 2023,this pa-per uses the implementation of the fair competition review system as a quasi-natural experiment to systematically examine the alleviating effect and mechanism of the fair competition review system on the mismatch of enterprise investment and financing terms.The study finds that the fair com-petition review system significantly reduces the degree of mismatch in investment and financing of enterprises in administrative monopoly industries.The mechanism test indicates that the fair competition review system mainly achieves this effect by reconfiguring the fiscal and tax support mechanism,promoting the neutrality of bank credit allocation,strengthening the competitive market environment,and forcing enterprises to optimize the structure of investment and financing terms.Heterogeneity analysis further reveals that the corrective effect of the fair competition re-view system is more significant in regions with lower marketization,enterprises with higher fi-nancing constraints,and the sample of state-owned property rights.Stronger policy enforcement,enterprises with lower governance quality and smaller sizes.In view of this,this paper suggests strengthening the rigidity of system implementation in low-marketization regions,implementing differentiated policies for high financing constraints and state-owned enterprises to optimize the financing environment,and establishing a multi-party coordinated policy system.