自由贸易试验区建设与企业研发投资——基于契约执行环境改善的视角  

Establishment of Pilot Free Trade Zones and Enterprises’ R&D Investment—Based on the Perspective of Contract Environmental Improvement

作　　者：李鑫 叶永卫 LI Xin;YE Yongwei

机构地区：[1]上海财经大学商学院 [2]上海财经大学公共经济与管理学院

出　　处：《国际贸易问题》2023年第1期142-157,共16页Journal of International Trade

基　　金：国家社会科学基金重点项目“新发展格局构建中的金融资源有效配置机制研究”(21AJY011)。

摘　　要：实体企业是推动国家经济高质量发展的关键,厘清其研发创新行为背后的制度影响因素是实现创新驱动发展战略的重要保障。本文基于契约执行环境改善视角,系统考察了自由贸易试验区建设对企业研发投资的影响。双重差分估计结果显示,企业所在地设立自由贸易试验区之后,其研发投资显著增加,即契约执行环境改善可以促进企业研发投资。作用机制检验证实,缓解融资约束和提升人力资本是自由贸易试验区设立促进企业研发投资的核心机制,具体表现为企业债务融资显著增加和高技能员工占比显著提升。异质性分析表明,自由贸易试验区设立对研发投资的正向激励效应在小规模企业和非国有企业,以及资本密集型行业和竞争性行业中更为突显。本文结论不仅为国家设立自由贸易试验区的积极效果提供了直接证据,而且为如何有效落实创新驱动发展战略提供了理论参考和实践依据。Entity enterprises provide essential power for high-quality economic development. Identifying institutional factors which enhance enterprises’ R&D investment is important for the strategy of innovation-driven development. Based on the perspective of contract environmental improvement, this paper examines how the establishment of pilot free trade zones(FTZs) affect on enterprises’ R&D investment. Results show that the R&D investment significantly increases after the establishment of FTZs according to difference-in-differences model. In addition, relieving financial constraints(shown as debt increases) and enhancing human capital(shown as high skilled employees ratio increases) are mechanisms inside. Besides, the effect is more pronounced in smaller or non-state-owned enterprises and capital-intensive or competitive industries. The findings above verify the positive effects of FTZs, and bring implications to innovation-driven development.

关 键 词：自由贸易试验区 契约执行环境 研发投资 融资约束 人力资本 

分 类 号：F74[经济管理—国际贸易]