中欧班列开通对中国民营企业投资效率的影响研究  

Research on the Influence of CR-Express Launching on the Investment Efficiency of Private Enterprises

作　　者：李佳[1] 闵悦 LI Jia;MIN Yue

机构地区：[1]山东师范大学经济学院

出　　处：《国际贸易问题》2022年第2期125-139,共15页Journal of International Trade

基　　金：山东省社会科学规划研究项目“金融支持山东深度融入‘一带一路’建设的优化路径研究”(21CJJJ31)。

摘　　要：本文以中欧班列开通为准自然实验,利用多期DID模型考察了其对中国民营企业投资效率的影响。研究表明:中欧班列开通显著提升了民营企业投资效率,该结论在一系列稳健性检验后仍然成立;机制检验发现,中欧班列开通分别通过微观层面的"外源融资效应"和"内源融资效应",及宏观层面的"稳定效应"共同改善了民营企业投资效率;异质性分析显示,中欧班列开通对民营企业投资效率的正向效应在南方及政策力度较强区域更为显著;纳入现实困境进行考察,发现可持续发展政策、地方政府的合作趋势和成本管控能力提升强化了中欧班列开通对民营企业投资效率的正向影响,由此证明班列发展初期的困境得到了有效缓解,中欧班列正在向高质量发展的新阶段迈进。本文对进一步挖掘中欧班列的经济潜能以及破除制约民营企业的发展壁垒具有一定参考价值。Taking the launching of CR-Express as a quasi-natural experiment,this paper uses the multi-period DID model to investigate the impact of the launch on the investment efficiency of private enterprises.The research shows that the launch of CR-Express significantly improved the investment efficiency of private enterprises and that this conclusion is still valid after a series of robustness tests.The mechanism test finds that the launch of CR-Express improved the investment efficiency of private enterprises in three dimensions:the"external financing effect",the"endogenous financing effect"at the micro level and the"stabilization effect"at the macro level.Heterogeneity analysis shows that in the southern regions,regions with strong policies,the launch of CR-Express had a more significant effect on the improvement of investment efficiency of private enterprises.This analysis of the real world dilemma shows that the implementation of sustainable development policies,the cooperation trend of local governments and the improvement of cost control ability effectively strengthened the improvement effect of the launch of CR-Express on the investment efficiency of private enterprises.This proves that the practical difficulties of CR-Express at the beginning have been effectively managed,and that CR-Express is entering a new stage of high-quality development.This paper provides a reference for further tapping the economic potential of CR-Express and has a certain reference value for the relevant functional departments to"break the barriers restricting the development of private enterprises".

关 键 词：中欧班列开通 民营企业 投资效率 

分 类 号：F531.4[经济管理—产业经济]