自贸试验区建设能否抑制企业“脱实向虚”——基于中国上市公司的证据  

Can the Construction of Pilot Free Trade Zone Suppress Enterprise Financialization:Evidence Based on Chinese Listed Companies

作　　者：张晓涛[1] 李建生 易云锋 ZHANG Xiao-tao;LI Jian-sheng;YI Yun-feng

机构地区：[1]中央财经大学国际经济与贸易学院,北京102206 [2]中共广东省委党校,广州510053

出　　处：《吉林大学社会科学学报》2023年第5期128-145,238,共19页Jilin University Journal Social Sciences Edition

基　　金：广东省委党校社会科学基金项目(XYYB202110);广西社会科学规划课题(21FYJ033)。

摘　　要：党的二十大报告强调指出,坚持把发展经济的着力点放在实体经济上。基于此,以手工搜集的自贸试验区层面微观企业数据,使用双重差分模型考察自贸试验区建设对企业“脱实向虚”的影响及作用机制。研究发现:自贸试验区设立显著抑制了企业脱实向虚。渠道机制检验发现,自贸试验区主要通过投资替代机制和委托代理机制抑制企业脱实向虚。调节机制检验发现,自贸试验区对企业脱实向虚的抑制作用受自贸试验区管委会行政级别及其与行政区政府间关系的影响。异质性检验发现,自贸试验区对国有企业、劳动密集型行业及东部地区企业脱实向虚的抑制作用更加显著。研究结论为推动自贸试验区制度创新,实现以生产激发循环动力,促进实体经济高质量发展,防范和化解系统性金融风险提供有益的政策启示。The Second Tenth Report emphasizes that the focus of economic development should be insisted on the real economy.We adopt a heterogeneous timing DID model with hand-collected micro-enterprise data and explore the impact and mechanism of the establishment of the pilot free trade zone(PFTZ)on firm financialization.The study finds that the establishment of the PFTZ significantly inhibits the firm financialization.The difference-in-difference-indifferences test found that the inhibitory effect of the PFTZ on firm financialization was influenced by the administrative level of the PFTZ management committee and its inter-governmental relationship with the administrative district.The heterogeneity test finds that the suppression effect of the establishment of the PFTZ on the firm financialization in stateowned enterprises,labor-intensive industries and the eastern region is more significant.The channel mechanism test finds that the reform of the PFTZ inhibits firm financialization mainly through the paths of investment substitution mechanism and principal-agent mechanism.The findings of the study provide useful policy insights for promoting institutional innovation in the PFTZ,achieving production to stimulate circular dynamics,promoting high-quality development of the real economy,and preventing and mitigating systemic financial risks.

关 键 词：自贸试验区 脱实向虚 投资替代机制 委托代理机制 

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