自由贸易试验区的外资吸引效应——来自微观企业的证据  

The Foreign Investment Attraction Effect of Pilot Free Trade Zones——Evidence from Micro Enterprises

作　　者：曹翔[1] 马莉[1] 余升国[1] CAO Xiang;MA Li;YU Shengguo(School of Economics,Hainan University,Haikou,Hainan,570228)

机构地区：[1]海南大学经济学院,海南海口570228

出　　处：《国际商务（对外经济贸易大学学报）》2021年第5期31-45,共15页INTERNATIONAL BUSINESS

基　　金：国家自然科学基金项目“能源空间错配的经济效应与碳排放效应及其纠正机制”(71963009);海南省哲学社会科学基金项目“高质量建设自由贸易港的外资吸引策略研究”[HNSK(QN)19-24];海南省社会科学基金重大项目“中国特色自由贸易港探索进程中的服务贸易开放模式及路径”[HNSK(ZD)19-106];海南大学科研启动项目“供给侧要素错配与区域发展不平衡:理论、机制与实证分析”[kyqd(sk)1904]。

摘　　要：本文基于A股上市公司面板数据,根据各大自由贸易试验区所覆盖的地理范围,通过企查查精准识别出位于自由贸易试验区的企业,并以设立自由贸易试验区为准自然事件,采用多期双重差分模型评估自由贸易试验区设立对外资流入的真实影响。研究发现:自由贸易试验区的设立显著地促进了企业的外资引进,且该结论在包括工具变量法在内的一系列稳健性检验中均成立;自由贸易试验区的设立主要通过降低融资成本和制度性交易成本两个渠道吸引外资进入;自由贸易试验区的外资吸引效应在更重视引进外资的自由贸易试验区、高新技术行业、非国有企业以及拥有高学历和海外留学工作经历管理者的企业更大。Based on the A-share listed company panel data,this paper obtained firms’ locating information through Qichacha database,took the establishments of pilot free trade zones as a quasi-natural event,and used a multi-period difference-in-difference model to examine the impact of the establishment of a pilot free trade zone on the inflow of FDI. It finds that: Firstly,the establishment of a pilot free trade zone significantly promotes the FDI inflow at firm level,and this conclusion is confirmed in instrumental variable method and other robustness tests;Secondly,the mechanisms through which FDI occurs reduce financing costs and institutional transaction costs;Thirdly,the FDI driving effect of the pilot free trade zone is more pronounced in pilot free trade zones emphasizing FDI,high-tech industries,non-state-owned enterprises,and firms whose executives have longer schooling and more overseas study or work experience.

关 键 词：自由贸易试验区 外资引进 双重差分模型 

分 类 号：F831.0[经济管理—金融学]