自由贸易试验区建设与企业商业伙伴关系的改善  

The Construction of Pilot Free Trade Zone and the Improvement of Business Partnership of Enterprises

作　　者：张晓涛[1] 李建生 徐微茵 钟腾龙 Zhang Xiaotao;Li Jiansheng;Xu Weiyin;Zhong Tenglong

机构地区：[1]中央财经大学国际经济与贸易学院

出　　处：《宏观经济研究》2022年第12期152-167,共16页Macroeconomics

基　　金：国家自然科学基金青年项目“进口竞争、成本加成与贸易利得:基于多产品企业的理论、机制与经验研究”(71903003)的阶段性研究成果。

摘　　要：供应链稳定逐步成为企业提升抗风险能力和竞争能力的关键。本文基于2010—2019年沪深A股上市企业数据,采用多期双重差分模型检验自贸试验区建设对企业商业伙伴关系的影响及作用机制。结果表明:相对于未处于自贸试验区内的上市企业,处于自贸试验区的上市企业在自贸试验区设立后其商业伙伴关系明显改善,表明自贸试验区的设立提升了上市企业供应链稳定水平。渠道检验发现,自贸试验区一方面通过集聚效应而对上下游企业产生了生产率和需求溢出效应,进而提升企业商业伙伴关系。另一方面,自贸试验区通过竞争效应降低企业资本市场信息披露质量,增加上下游私有信息传递,进而提升企业商业伙伴关系。异质性结果表明,自贸试验区建设对非国有企业商业伙伴关系影响显著,对国有企业影响不显著;自贸试验区建设对非高科技企业商业伙伴关系影响显著,对高科技企业影响不显著;自贸试验区建设对劳动密集型企业商业伙伴关系影响显著,对技术和资本密集型企业商业伙伴关系影响不显著。本文研究对推动构建安定有序、安全发展的双循环新发展格局具有重要意义。Supply chain stability gradually becomes the key for enterprises to enhance their risk resistance and competitiveness. Based on the data of listed A-share enterprises in Shanghai and Shenzhen from 2010—2019,we adopt a heterogeneous timing difference-in-differences method to examine the impact of the construction of Pilot Free Trade Zone(PFTZ) on the business partnership of enterprises and its mechanism of action. The results show that, relative to listed firms not in the PFTZ, listed firms in the PFTZ have significantly improved their business partnerships after the establishment of the PFTZ, indicating that the establishment of the PFTZ has improved the supply chain stability of listed firms. The channel test finds that the PFTZs have productivity and demand spillover effects on upstream and downstream enterprises through the agglomeration effect on the one hand, which in turn enhance the business partnership of enterprises. On the other hand, the PFTZ reduces the quality of enterprises’ capital market information disclosure through the competition effect and increases upstream and downstream private information transmission, which in turn enhances enterprises’ business partnerships. The heterogeneity results show that the impact of PFTZ development on business partnerships of non-state enterprises is significant and not significant for state-owned enterprises;the impact of PFTZ development on business partnerships of non-high-tech enterprises is significant and not significant for high-tech enterprises;the impact of PFTZ development on business partnerships of labor-intensive enterprises is significant and not significant for business partnerships of technology-and capital-intensive enterprises. The research of this paper is important to promote the construction of a new development pattern of stable, orderly, and safe double cycle.

关 键 词：自由贸易试验区 商业伙伴关系 溢出效应 竞争效应 

分 类 号：F752[经济管理—国际贸易] F832.51[经济管理—产业经济] F274