关键词: 低空经济, 跨区域投资, 制度性交易成本, 供应链效率, 全国统一大市场

Abstract: Based on the micro data of China's Shanghai and Shenzhen A-share listed companies from 2014 to 2023, this paper constructs a three-dimensional panel dataset including enterprises, time and investment destinations, and systematically evaluates the influence of destination low-altitude economy's pilot policies on enterprises' cross-regional investment by using a difference-in-differences model. The study finds that the pilot policy significantly stimulates enterprises to carry out cross-regional investment, and this conclusion still holds true after a series of robustness tests. The mechanism test shows that the policy mainly drives the cross-regional allocation of capital through two channels, namely reducing institutional transaction costs and improving supply chain efficiency. The heterogeneity analysis shows that the promoting effect of the policy on cross-regional investment is more obvious in enterprises in the eastern region, high-tech industries, non-resource-based cities, in destinations with relatively complete infrastructure and industries related to the low-altitude economy. Further analysis finds that the policy produces a significant synergistic enhancement effect when coordinated with policies concerning the smooth flow of data elements and the optimization of innovation ecology, and that cross-regional investment effectively improves enterprises' sustainable development capability. This study not only expands the literature on the economic consequences of the low-altitude economy, but also provides empirical evidence and decision-making references for local governments to optimize the business environment and attract external investment by making use of the opportunities brought by the low-altitude economy.

Key words: Low-altitude Economy, Cross-regional Investment, Institutional Transaction Costs, Supply Chain Efficiency, National Unified Market