中国自由贸易试验区影响外资进入模式的机制与效果研究  

Study on the Mechanism and Effect of China's Pilot Free Trade Zones on Foreign Investment Entry Mode

作　　者：李竹兵 陆建明[1] 甄诚 郭晓翔 Li Zhubing;Lu Jianming;Zhen Cheng;Guo Xiaoxiang(School of Economics,Tianjin University of Finance and Economics,Tianjin 300222,China;CPC Tianjin Beichen District Committee Party School,Tianjin 300499,China;School of Economics,Hebei University of Business and Economics,Shijiazhuang 050061,China)

机构地区：[1]天津财经大学经济学院,300222 [2]中共天津市北辰区委党校,300499 [3]河北经贸大学经济学院,050061

出　　处：《南开经济研究》2024年第12期125-147,共23页Nankai Economic Studies

基　　金：国家社会科学基金重大项目“服务实体经济和防范系统性风险并重的金融体制改革路径与机制研究”(23ZDA038)的资助。

摘　　要：近年来,中国外资进入方式出现了显著的变化,相对于绿地投资,以并购方式进入中国的外资数量增长迅猛,特别是自由贸易试验区(以下简称“自贸试验区”)设立以来。本文探讨了自贸试验区通过其制度效应影响外资进入模式选择的理论机制,并运用PSM-DID方法,基于地级市层面数据对理论机制进行了检验。研究表明,自贸试验区政策实施后,外商直接投资模式逐渐发生变化,自贸试验区的设立对外资并购具有显著的正向影响,而对外资绿地投资具有显著的负向影响;自贸试验区对外资并购的正向影响在沿海地区尤为显著,并且随着自贸试验区设立批次的增加使其影响有所减弱,自贸试验区对外资绿地投资的负向影响在沿海地区尤为显著,并且随着自贸试验区设立批次的增加使其影响有所增强;自贸试验区对于不同外资进入模式影响的空间溢出效应不显著,对周边城市外资的进入存在负外部作用;从行业层面来看,外资并购与外资绿地投资均集中在制造业和服务业,自贸试验区对服务业引资的影响更为显著。In recent years,the mode of foreign investment entering China has changed significantly.Compared with greenfield investment,the number of foreign investment entering China through mergers and acquisitions has increased rapidly,especially since the establishment of pilot Free Trade Zones(hereinafter referred to as"pilot free trade zones").This paper discusses the theoretical mechanism of how the FTZ affects the choice of foreign investment entry mode through its institutional effects,and uses PSM-DID method to test the theoretical mechanism based on the data of prefecture-level cities.The results show that the foreign direct investment pattern changes gradually after the implementation of the FTZ policy.The establishment of FTZ has a significant positive impact on foreign M&A,while it has a significant negative impact on foreign greenfield investment.The positive impact of FTZ on foreign M&A is particularly significant in the coastal areas,and the negative impact of FTZ on foreign greenbelt investment is also particularly significant in the coastal areas,and it is enhanced with the increase of the number of FTZ.The pilot free trade zone has no significant spillover effect on different foreign capital entry modes,and has a negative external effect on foreign capital entry in surrounding cities.From the industry level,foreign M&A and foreign greenfield investment are concentrated in the manufacturing and service industries,and the pilot free trade zone has a more significant impact on the investment introduction of the service industry.

关 键 词：自贸试验区 外商直接投资 并购 绿地投资 

分 类 号：F83[经济管理—金融学]