数字消费何以吸引城市外资流入?  

How does Digital Consumption Promote Cities to Attract Foreign Capital Inflows?

作　　者：张杰[1] 刘冲 张凯恒 ZHANG Jie;LIU Chong;ZHANG Kai-heng(School of Economics and Management,Shihezi University)

机构地区：[1]石河子大学经济与管理学院

出　　处：《消费经济》2024年第6期49-60,共12页Consumer Economics

基　　金：国家社会科学基金一般项目(20BJL090);新疆维吾尔自治区社科联治疆方略理论与实践重点项目(2023ZJFLZ07)。

摘　　要：数字消费是加快构建以国内大循环为主体、国内国际双循环相互促进新发展格局的重要力量。文章基于2010—2019年中国255个地级市面板数据,以国家信息消费试点政策为准自然实验,利用多期双重差分法考察数字消费对城市外资流入的影响效应。研究发现:数字消费显著促进城市吸引外资流入。机制检验表明,数字消费通过“消费-投资”引致机制、信息基础设施赋能机制、良好营商环境磁吸机制吸引外资流入。异质性分析发现,数字消费在消费水平较高城市、营商环境较好城市的引资效应更强,但中西部和东部地区的引资效应并无显著差异。拓展性分析表明,数字消费吸引更多高技术产业外资流入,且与自由贸易试验区产生联动效应促进城市引资规模进一步扩大。因此,要大力发展数字消费,为提高利用外资规模和质量、促进经济高质量发展提供新动力。Digital consumption is an important force to speed up the construction of a new development pattern with domestic circulation as the main body and domestic and international double circulations promoting each other.Based on the panel data of 255 prefecture-level cities in China from 2010 to 2019,this paper takes the national information consumption pilot policy as a quasi-natural experiment,and uses the multi-period difference-in-differences method to examine the impact of digital consumption on urban foreign capital inflows.The study finds that digital consumption significantly promotes cities to attract foreign capital inflows.The mechanism test shows that digital consumption attracts foreign investment inflows through the“consumption-investment”induction mechanism,the information infrastructure empowerment mechanism,and the good business environment magnetic attraction mechanism.Heterogeneity analysis shows that digital consumption has a stronger effect on attracting investment in cities with higher consumption levels and better business environment,but there is no significant difference in the effect of attracting investment between the central,western and eastern regions.Expanded analysis shows that digital consumption attracts more foreign investment in high-tech industries,and has a linkage effect with the free trade zone to promote the further expansion of urban investment.Therefore,it is necessary to vigorously develop digital consumption to provide new impetus for improving the scale and quality of foreign capital utilization and promoting high-quality economic development.

关 键 词：数字消费 外商直接投资 消费引致投资 信息基础设施 营商环境 

分 类 号：F49[经济管理—产业经济]