外资进入对边疆地区企业全要素生产率的影响  

The Impact of Foreign Investment on the Total Factor Productivity of Enterprises in Border Regions

作　　者：章海源 程子怡 

机构地区：[1]广西大学中国-东盟经济学院

出　　处：《广西经济》2024年第6期17-28,共12页GUANGXI ECONOMY

基　　金：国家自然科学基金资助项目“中国—东盟经贸合作高质量发展的影响因素与路径”(72441006);广西哲学社会科学研究“区域国别研究专题”课题“广西面向东盟国家扩大制度型开放的理论逻辑和实现路径研究”(24QYGB04)。

摘　　要：随着“一带一路”倡议的深入推进,我国边疆地区在对外开放中的战略地位愈发突出,探讨外资进入能否有效提升边疆地区企业的全要素生产率具有重要的现实意义。文章基于2003—2021年边疆地区上市公司样本数据,研究了外资进入对边疆地区企业全要素生产率的影响。研究结果表明,外资进入显著提升了边疆地区企业的全要素生产率,这一正向影响在不同模型的稳健性检验中得到了验证,表明研究结论具有可靠性和一致性。中介效应分析发现,外资进入通过缓解企业的融资约束发挥了关键作用,为边疆地区企业提供了更多的资本和资源支持,降低了融资壁垒。进一步分析发现,外资的促进作用在不同行业之间存在异质性,并且政府干预也对外资效应产生了影响,政策支持的力度和方向可能改变外资的实际作用。文章的研究为进一步优化边疆地区的开放战略提供了实证依据,并为政府制定相关政策提供了参考。With the in-depth promotion of the“Belt and Road”initiative, the strategic position of China's border areas in opening up is becoming more and more prominent, and it is of great practical significance to explore whether foreign capital entry can effectively improve the total factor productivity of enterprises in border areas.Based on the data of samples of listed companies in the frontier region from 2003 to 2021, this paper explores the impact of foreign capital entry on the total factor productivity of enterprises in the border areas. The findings show that foreign capital entry significantly enhances the total factor productivity of enterprises in the border areas, and this positive effect is verified in the robustness tests of different models, indicating the reliability and consistency of the research conclusions. Intermediation effect analysis finds that foreign capital entry plays a key role by alleviating the financing constraints of enterprises, providing more capital and resource support and lowering financing barriers for enterprises in border regions. Further analysis finds that the facilitating effect of foreign investment is heterogeneous across industries, government intervention also has an impact on the foreign investment effect, and the intensity and direction of policy support may change the actual role of foreign investment. The research in this paper provides empirical evidence to further optimize the opening-up strategy of the frontier region and provides reference for the government to formulate relevant policies.

关 键 词：外资进入 企业全要素生产率 边疆地区 融资约束 政府干预 

分 类 号：F424[经济管理—产业经济]