CAJ | 학술논문

企业的边界或一体化问题是企业理论的核心问题。利用1999-2007年中国工业企业数据库和投入一产出表，本文第一次构造了中国制造业企业的一体化程度指数，并考察了市场范围、地区制度质量以及金融发展对企业一体化的影响。实证分析表明，企业面临的市场范围越大，或者地区制度质量越高，它就越倾向于非一体化；地区金融发展程度越高，企业就越倾向于一体化。特别是，那些对外部金融依赖度更高的行业的非公有制企业，会伴随地区金融发展水平的提高而更加倾向于一体化。本文的结论对于我们理解企业的边界以及政府和企业的关系具有重要的政策含义。
기업적변계혹일체화문제시기업이론적핵심문제。이용1999-2007년중국공업기업수거고화투입일산출표，본문제일차구조료중국제조업기업적일체화정도지수，병고찰료시장범위、지구제도질량이급금융발전대기업일체화적영향。실증분석표명，기업면림적시장범위월대，혹자지구제도질량월고，타취월경향우비일체화；지구금융발전정도월고，기업취월경향우일체화。특별시，나사대외부금융의뢰도경고적행업적비공유제기업，회반수지구금융발전수평적제고이경가경향우일체화。본문적결론대우아문리해기업적변계이급정부화기업적관계구유중요적정책함의。
The firm＇s boundary or integration is a key problem of theory of the firm. Using the data from ＂China Annual Survey of Industrial Firms （1999-2007）＂ and Input-Output tables, this paper constructs the index of integration for Chinese manufacturing firms in the first time, and examines how the extent of the market, the quality of regional institution and the development of finance impact the integration of enterprises. Empirical analysis shows that the firms are inclined to non-integration when facing greater extent of market or higher quality of regional institution, and they are inclined to integration while the level of regional financial development is higher. In particular, non-public firms which are more dependent upon external finance will be more inclined to integration accompanied by higher regional financial development. The conclusion of this paper will have important policy implications of improving our understanding of firm＇s boundary and the relations between government and firms.