自贸试验区对企业绩效的影响——基于逐年倾向得分匹配和多期双重差分模型  

The Impact of Pilot Free Trade Zone on Enterprise Performance——Based on Propensity Score Matching and Multi Period Double Difference Model

作　　者：刘军 史学睿[1] LIU Jun;SHI Xue-rui(Management Engineering Academy,Nanjing University of Information Science and Technology,Nanjing 210044;Department of International Economic&Trade,Nanjing University of Information Science and Technology,Nanjing 210044)

机构地区：[1]南京信息工程大学管理工程学院,南京210044 [2]南京信息工程大学自贸区研究院,南京210044

出　　处：《软科学》2022年第12期89-96,共8页Soft Science

基　　金：国家自然科学基金项目(71973068);教育部人文社会科学研究规划基金项目(19YJA790055);江苏省社会科学基金重大项目(18ZD003)

摘　　要：基于2011—2020年国内上市企业面板数据,运用逐年倾向得分匹配-多期双重差分模型(PSM-DID),实证分析了自由贸易试验区建设对企业绩效的影响。结果表明:自贸试验区建设显著提高了区内上市企业绩效,且经过反事实分析、剔除其他政策叠加效应等稳健性检验后该结论仍成立。传导机制分析表明:自贸试验区内企业通过降低交易成本与缓解融资约束提高了企业绩效,而降低税率水平的中介效应不显著。异质性分析表明:自贸试验区显著提升了软件信息行业与跨境电子商务行业等自贸试验区政策支持行业的企业绩效、非国有企业绩效与东部地区企业绩效。This paper used annual panel data of domestic listed enterprises between 2011 and 2020,and made an empirical analysis on the impact of the construction of the Pilot Free Trade Zone(PFTZ)and enterprise performance by using the PSM-DID model.Results show that the construction of the PFTZ significantly improved the performance of listed enterprises in the PFTZ,and this conclusion was still valid after some robustness tests such as counter-factual analysis and excluding the superposition effects of other policies.Through the analysis of the transmission mechanism,it was found that enterprises in the PFTZ can improve their performance by reducing transaction costs and easing financing constraints,but the mediation effect of taxation was not significant.Through the heterogeneity analysis,it was found that the PFTZ has significantly improved the enterprise performance of policy supported industries in the PFTZ(such as software information industry and cross-border e-commerce industry),the performance of non-state-owned enterprises and the performance of enterprises in the eastern region.

关 键 词：自由贸易试验区 企业绩效 中介效应检验 PSM-DID 

分 类 号：F752[经济管理—国际贸易] F272.5[经济管理—产业经济]