自由贸易试验区的出口溢出效应:基于共同机构持股视角  

The Export Spillover Effect of the PFTZs:From the Perspective of Common Institutional Ownership

作　　者：王永进[1] 燕晓娟 WANG Yongjin;YAN Xiaojuan(Nankai University School of Economics,300110)

机构地区：[1]南开大学经济学院,300110

出　　处：《财贸经济》2024年第4期157-172,共16页Finance & Trade Economics

基　　金：国家社会科学基金重大项目“数字经济赋能全球价值链韧性提升的理论与实践研究”(22&ZD074);国家社会科学基金一般项目“空间关联视角下国际贸易驱动劳动力市场效率与安全协同提升的研究”(23BJL058);国家自然科学基金面上项目“竞争中性原则与中国对外贸易利益:理论机制、实证检验与量化分析”(72073073)。

摘　　要：本文使用2007—2016年沪深A股上市公司数据和海关数据研究共同机构持股如何影响自由贸易试验区的出口溢出。研究发现,共同机构持股能够发挥促进信息溢出的作用,从而促进自由贸易试验区企业的出口溢出,提升非自由贸易试验区企业的出口水平,且溢出效应对规模更大、生产力更高或者国有性质的非自由贸易试验区出口企业更加显著。异质性检验表明,非自由贸易试验区出口企业的吸收能力和地理位置、自由贸易试验区出口企业的其他国家经验、信息网络的完备性都是影响溢出效应的关键。此外,共同机构持股对新产品市场的出口溢出的促进效应更大。共同机构持股对非自由贸易试验区出口企业的出口集约边际和扩展边际均有积极作用,并且促进加工贸易向一般贸易转型。The development of Pilot Free Trade Zones(PFTZs)not only promotes the economic growth of central cities,but also drives the opening-up and innovation of peripheral cities.It is an important measure for China to comprehensively deepen reform and opening up.Existing literature still focuses on spatial spillovers in the exploration of export spillover effects in PFTZs,while neglecting the perspective of equity structure,especially common institutional ownership.Common institutional ownership,which is common in the capital market,is an important indicator of the interest relationship between enterprises and deeply affects individual enterprises’behavior and decision.Therefore,it is necessary to explore how common institutional ownership affects the export spillover from PFTZs to non-PFTZs.This paper uses the data of A-share listed companies in Shanghai and Shenzhen and customs data from 2007 to 2016 to study how common institutional ownership affects the export spillover of the PFTZs.It finds that common institutional ownership can promote information spillover,thereby the export spillover of enterprises in the PFTZs and improving the export level of non-PFTZ enterprises,and that the spillover effect is more significant for non-PFTZ enterprises that are larger in scale,more productive or state-owned.The heterogeneity test shows that the absorptive capacity and geographical location of the non-PFTZ enterprises,other countries’experience with the PFTZ enterprises,and the completeness of the information network are the keys to the spillover effect.In addition,common institutional ownership has a greater effect on promoting export spillovers in new product markets.Further analysis shows that common institutional ownership has a positive effect on the export intensive margin and expansion margin of export enterprises in non-PFTZs,and promotes them to shift their processing trade to general trade.This paper contributes to the literature in several aspects.First,it enriches the relevant research on export spillovers,exp

关 键 词：自由贸易试验区 共同机构持股 出口溢出 机构投资者 

分 类 号：F124.1[经济管理—世界经济] F746.1