经济与管理研究2023，Vol.44Issue(12)：67-84,18.DOI:10.13502/j.cnki.issn1000-7636.2023.12.004
中国自由贸易试验区设立对企业投资的影响研究
Influence of the Establishment of China's Pilot Free Trade Zone on Enterprise Investment
摘要
Abstract
As a pilot ground for reform and opening up,China's pilot free trade zones(FTZs)follow the guiding ideology of"promoting reform and development through opening up,and taking the lead in establishing a system of cross-border investment and trade rules that meets the requirements of internationalization and the rule of law".It encourages enterprises in the zone to make full use of both domestic and foreign resources and markets.Therefore,it is worthwhile to explore whether the FTZ policy can fully leverage the effective guidance of the government to economic entities,thus promoting the driving role of real investment in the economy to achieve high-quality development. Based on the 21 pilot FTZs in China,this paper discusses the internal mechanism of the FTZ policy on the real investment scale of enterprises.Taking the establishment of pilot FTZs as an exogenous event shock and Chinese A-share listed companies from 2010 to 2021 as research samples,this paper empirically tests the effect of the FTZ policy on the investment scale of enterprises with the multi-period difference-in-differences method. It is found that,first,the establishment of pilot FTZs can significantly improve the investment scale of enterprises,because it can exert the investment incentive effect and the capital accumulation effect to increase the investment level of enterprises.Second,the effect of the FTZ policy on the investment scale of enterprises has asymmetric economic consequences,and its effect is more obvious in the sample group of higher city tiers and state-owned enterprises.Third,the FTZ policy can alleviate the problem of under-investment by enterprises,and does not lead to negative effects such as over-investment.At the same time,the FTZ policy radiates to the surrounding areas through the spillover effect in the factor market.However,the impact on product markets is the siphon effect rather than the spillover effect,which may cause imbalances in the product market structure in the zone. The main research contributions of this paper are as follows.First,it deepens the research on the economic consequences of the FTZ policy and clarifies the positive impact of the FTZ policy on the investment level of enterprises from a micro perspective.Second,it elaborates on the specific channels of the FTZ policy on enterprise investment and proves the investment incentive effect and capital accumulation effect played by the FTZs.Third,it verifies the asymmetric economic consequences of the FTZ policy and their positive impact on enterprise investment efficiency and finds out the heterogeneous effects of the FTZ policy in the factor market and product market,beneficial for realizing the high-quality development of enterprises.关键词
制度创新/自由贸易试验区/投资规模/市场竞争/资源配置/投资效率/溢出效应/虹吸效应Key words
institutional innovation/pilot free trade zone/investment scale/market competition/resource allocation/investment efficiency/spillover effect/siphon effect分类
管理科学引用本文复制引用
董启琛,赵雪晴,许江波,乐洋..中国自由贸易试验区设立对企业投资的影响研究[J].经济与管理研究,2023,44(12):67-84,18.基金项目
国家社会科学基金青年项目"外部援助、国家能力与非洲国家发展和治理现代化研究"(23CJY081) （23CJY081）
首都经济贸易大学北京市属高校基本科研业务费专项资金资助"国有企业协同创新与可持续发展的耦合机制及实现路径研究"(ZD202101) （ZD202101）
