制度型开放政策如何影响“稳外资”——基于市场准入负面清单制度的经验证据  

How Does Institutional Opening up Policy Affect the Stability in Foreign Investment:Empirical Evidence Based on the Negative List System for Market Access

作　　者：朱晓满 王伊攀 ZHU Xiaoman;WANG Yipan

机构地区：[1]天津财经大学金融学院 [2]山东工商学院金融学院

出　　处：《国际经贸探索》2025年第1期37-51,共15页International Economics and Trade Research

基　　金：国家社会科学基金青年项目(17CJY027);山东省高等学校青年创新团队发展计划(2022RW086)。

摘　　要：2023年中央经济工作会议强调要“巩固外贸外资基本盘”,“稳外资”是增加居民收入、增强就业保障及构建开放型经济新体制的重要抓手。作为制度型开放政策,市场准入负面清单制度能否稳住外资尚未明确。文章评估了市场准入负面清单制度对“稳外资”的影响及作用机制。研究发现,市场准入负面清单制度能够吸引外资流入并降低外资波动,发挥“稳外资”作用,而且该作用在行政等级高、经济发达、政策透明度低的地区更明显。机制上,市场准入负面清单制度通过降低要素成本和驱动创新产出吸引了外资流入。此外,加强硬性、软性基础建设对“稳外资”均有增效作用。文章为借助制度型开放引导外资流入提供了经验依据,有助于丰富和完善“稳外资”政策工具箱。The annual Central Economic Work Conference in 2023 emphasized the need to“sustain the sound fundamentals of foreign trade and foreign investment”,and to“ensure the stability in foreign investment”is crucial in increasing the income of the residents,enhancing employment security and building a new open economic system.As an institutional opening up policy,whether the negative list system for market access can stabilize foreign investment is not yet clear.This paper evaluates the impact and mechanism of the negative list system for market access on“stabilizing foreign investment”.The research reveals that the negative list system for market access can attract the inflow of foreign investment and reduce the fluctuation of foreign investment so as to play the role of stabilizing foreign investment,and this effect is more significant in the regions with high administrative level,high economic development level and low policy transparency.In terms of the mechanism,the negative list system for market access attracts the inflow of foreign investment by reducing factor costs and driving innovation output.In addition,strengthening both hard and soft infrastructure construction has an enhanced effect on“stabilizing foreign investment”.The paper provides empirical evidence for guiding the inflow of foreign investment through institutional opening up,which helps to enrich and improve the policy toolbox of“stabilizing foreign investment”.

关 键 词：市场准入负面清单制度 制度型开放 “稳外资” 外商直接投资 市场化改革 

分 类 号：F741[经济管理—国际贸易]