摘要
基于金融服务是制造业的重要中间品投入,本文研究我国金融服务业外资政策动态变化对下游企业出口行为的影响。理论上,金融服务业外资准入放松有助于提升金融服务中间品的技术和管理水平,直接效果是有助于提升出口企业使用金融服务的多样化和便捷化,促进企业出口。本文采用国家发改委公布的《外商投资产业指导目录》,首次度量了我国金融服务业外资准入政策的动态变化,并使用投入产出表将其与我国制造业企业数据进行上下游关联,有效检验了金融服务业外资政策调整对下游制造业企业出口的作用。结果表明:金融服务业外资政策调整放开有助于提高下游制造业企业出口倾向和收益,存在出口促进作用;管理效率高、出口非技术密集型及资本密集型产品的企业出口对金融服务业外资政策调整的反应更为灵敏;金融服务业外资政策调整放开通过缓解企业融资约束促进企业出口。本文研究显示我国金融服务业外资政策调整放开是推动我国贸易提升的一个重要支撑点。
Service intermediaries are increasingly influencing manufacturing firms. As an important part of the service industry, financial services provide financing channels, insurance systems, securitization channels, and import or export financial services to manufacturers. However, the internationalization of China’s financial market is slow to develop. Since the formal announcement of the Protocol on the Accession of the People’s Republic of China in 2001, China’s foreign investment regulation of banking, insurance, securities, and other financial services have gradually liberalized. This study focuses mainly on the dynamic adjustment of foreign investment policy in the financial services industry. It theoretically and empirically examines the impact of the dynamic change in foreign investment policy in the financial services industry on the export behavior of downstream firms, and conducts a heterogeneous analysis from the perspective of policy sensitivity. It also analyzes the related mechanisms.Theoretically, at first, foreign investment deregulation of the financial services industry causes new financial service providers to enter the market. Downstream firms can use a wider range of financial services to improve the efficiency of export production and operation(Anrold et al., 2016). Second, the market competition effect brought about by the opening of financial services forces financial services providers to improve their service efficiency and quality, which can help reduce firm export risk, accelerate the export business cycle, and reduce the fixed and variable export costs(Hummels, 2013). In addition, the improvement in the efficiency and quality of financial services can improve firm output efficiency and thus increase export revenue. Finally, the decreasing service prices caused by deregulation(Fernande and Paunov, 2012) may reduce the variable export costs and thus increase export revenue. The initial adjustment in foreign investment policy in the financial services sector therefore promotes downstrea
作者
侯欣裕
陈璐瑶
孙浦阳
HOU Xinyu;CHEN Luyao;SUN Puyang(School of Economics,Nankai University;Center for Transnational Studies of Nankai University)
出处
《金融研究》
CSSCI
北大核心
2019年第11期94-111,共18页
Journal of Financial Research
基金
教育部重点研究基地重大项目“外资政策自由化、产业动态演化及其竞争力研究”(编号:16JJD790026)
霍英东教育基金会研究课题“外资政策调整,产业升级与出口竞争力”(项目编号:161080)的支持
关键词
外资政策调整
金融服务中间品
企业出口
Foreign Entry Policy Adjustment
Financial Services Intermediate Input
Firm Exports
