外资管制放松对中国企业储蓄行为的影响研究  

A Study on the Impact of Foreign Investment Deregulation on Chinese Firms'Saving Behavior

作　　者：汤渌洋 张腾元 陶龙煜 Tang Luyang;Zhang Tengyuan;Tao Longyu

机构地区：[1]中南财经政法大学工商管理学院、国际商务研究所

出　　处：《宏观经济研究》2023年第8期31-44,共14页Macroeconomics

基　　金：国家自然科学基金面上项目“‘一带一路’建设的福利效应估算”(项目编号:71773141);国家自然科学基金青年项目“国内贸易和国际贸易的本地乘数效应研究:基于结构模型的估计”(项目编号:72103092)的资助;国家社会科学基金一般项目“进口政策调整对中国制造业企业创新影响研究”(项目编号:19BJL073)。

摘　　要：随着中国推进高水平、制度型对外开放步伐加快,外商直接投资在中国新发展阶段中大放异彩。与此同时,中国企业储蓄率正在节节攀升并保持高位,这值得我们特别关注。如何有效利用外资稳步推进建设以扩大内需为导向的高水平开放型经济体是中国经济转型期的重要问题。本文以2002年中国修订《外商投资产业指导目录》调整外资管制力度这一事件构造准自然实验,采用双重差分法考察外资管制放松对企业储蓄行为的影响,研究发现:(1)外资管制放松对企业储蓄率提升具有正向影响,在经过一系列稳健性和有效性检验后结论依然有效。(2)外资管制放松对企业储蓄行为产生的影响因企业所处城市规模和企业所处行业差异而不同。本文从外资管制放松这一新视角去探讨企业储蓄的变动,为中国建设高水平对外开放经济体提供微观实证依据。As China's high-level and institutionalized opening-up accelerates,foreign direct investment is making a splash in China's new development phase.At the same time,China's firm savings rate is climbing and staying high,which deserves our special attention.How to effectively use foreign investment to steadily promote the construction of a high-level open economy oriented to expanding domestic demand is an important issue in China's economic transition.This article constructs a quasi-natural experiment using the event that China revised the Guidance Catalogue of Foreign Investment Industries in 2002 to adjust the strength of foreign investment controls,and uses a difference-in-differences method to examine the impact of foreign investment deregulation on firms'saving behavior.The study finds that:(1)Foreign investment deregulation has a positive impact on the increase of firms'saving rate,and the findings remain valid after a series of robustness and validity tests.(2)The impact of foreign investment deregulation on firms'saving behavior varies depending on the size of the city in which the firm is located and the industry in which the firm is located.This article explores the changes in corporate saving from the new perspective of foreign investment deregulation,providing a micro-empirical basis for building a high-level open economy in China.

关 键 词：外资管制放松 企业储蓄 异质性 

分 类 号：F832.6[经济管理—金融学] F279.2F275