Research On Impact Of Regional Integration On Regional Resource Misallocation

As the Guangdong-Hong Kong-Macao Greater Bay Area(GBA)has turned into a national strategy,the regional integration process of Guangdong,Hong Kong and Macao has been accelerated,providing a more open platform for capital,labor and commodity markets,reducing policy constraints on the flow and allocation of various production factors in the three places.The capital,high-tech talents and technological innovation achievements in the three regions can flow freely,thereby optimizing the allocation efficiency of production factors,improving the resource mismatch caused by policy constraints,and providing an efficient resource allocation environment for the construction of regional economies with coordinated development.By means of sorting out relevant research results,this paper dissects the inner mechanism of regional integration to improve the misallocation of regional resources,and uses the GBA for empirical analysis.Initially,this paper learns the measurement method of Hsieh&Klenow(2009)to construct a resource misallocation index measurement model in the GBA,and analyzes the current situation of urban resource misallocation in the GBA.Secondly,based on the panel data of all prefecture-level cities in Guangdong Province,Hong Kong and Macau from 2008 to 2020,the starting construction of the GBA is used as the dividing point,and the non-Pearl River Delta cities in Guangdong are used as the control group.The regional influence of the integration of the GBA on the misallocation of urban resources in the GBA is studied through the double difference model,which tested by placebo test,counterfactual testing and the replacement of explained variable showing that the empirical results are robust,then the mediating effect of each control variable is analyzed.Our empirical results manifest that:(1)the matter of capital and labor misallocation generally exists in the cities of the GBA and non-GBA;(2)the integration of the GBA does make for reducing the resource misallocation degree in the cities of the GBA;(3)the GBA’s regional integration can indirectly improve the degree of misallocation of capital and labor through the advanced industrial structure and the improvement of financial development level,indirectly improve the misallocation of labor through the expansion of market demand and improve the misallocation of capital through the increase of personnel demand in the tertiary industry.Lastly,we make certain contrapuntal policy proposals,in order to further promote the construction of the GBA and optimize the allocation of resources in the GBA.