CAJ | 학술논문

笔者以我国制造业上市公司为研究样本，考察地方保护对企业投资行为及其竞争优势的影响。研究发现，在地方保护严重的地区，企业过度投资更多，尤其是国有企业的过度投资程度更为严重；在地方保护严重的地区，企业更少对外投资，非国有企业的这种倾向更明显；过度投资会损害企业竞争优势，因而，地方保护严重削弱了企业竞争优势；国有企业的对外投资有助于增强企业竞争优势，但非国有企业对外投资的作用则相反。这表明，从长远看，地方保护不仅不能“保护”企业，反而对于企业竞争优势的培育有害。
필자이아국제조업상시공사위연구양본，고찰지방보호대기업투자행위급기경쟁우세적영향。연구발현，재지방보호엄중적지구，기업과도투자경다，우기시국유기업적과도투자정도경위엄중；재지방보호엄중적지구，기업경소대외투자，비국유기업적저충경향경명현；과도투자회손해기업경쟁우세，인이，지방보호엄중삭약료기업경쟁우세；국유기업적대외투자유조우증강기업경쟁우세，단비국유기업대외투자적작용칙상반。저표명，종장원간，지방보호불부불능“보호”기업，반이대우기업경쟁우세적배육유해。
On the basis of listed company＇ s empirical data in China, this paper investigates the effect of local protection on corporate investment and its competitive advantage. The empirical evidence indicates that the locative companies where the province has a higher level of local protection over - invest more, especially the state - owned enterprise. We also find that in provinces with higher levels of local protection, the companies are more reluctant to investment outward, especially the private - owned enterprise. Finally, we find that the relationship between the degree of local protection and companies＇ competitive advantage is negative, which indicates that local protection is harmful to the companies＇ competitive advantage.