摘要
如何推进金融开放以促进实体经济增长是当前经济高质量发展阶段的关键问题。文章以外资银行在中国城市设立分支机构作为准自然实验,基于2006~2015年手工整理的各城市外资银行进入时间与沪深A股制造业上市公司的匹配数据,运用双重差分法实证分析外资银行进入对企业全要素生产率的影响。研究发现,外资银行的进入对企业全要素生产率产生了显著且稳健的促进作用,外资银行进入使得企业全要素生产率提升约6%。影响机制检验表明,外资银行进入通过缓解融资约束渠道促进企业生产效率的提升。进一步研究发现,东部地区的外资银行进入对企业全要素生产率的促进效应大于中西部地区,外资银行进入对非国有企业和大型企业全要素生产率的促进效应相对更强。
How to promote financial opening-up is a key issue to promote real economic growth during the stage of high-quality economic development in China. This article regards the establishment of Foreign Bank Branches in Chinese cities as a quasi-natural experiment. Based on the matched data between the entry time of foreign banks in various cities and manufacturing listed companies in the Shanghai and Shenzhen A-share market,we empirically analyze the impact of foreign banks’ entry on the TFP of enterprises by using the difference-in-differences method. The results show that the entry of foreign banks has played a significant and steady role in promoting the TFP of enterprises,and the improvement effect is about 6%. The test of influence mechanism shows that the entry of foreign banks increases the TFP of enterprises mainly through alleviating financing constraints. Further research finds that the eastern region has a greater promotion effect on the TFP of enterprises than the central and western areas after foreign banks entry,and there is a stronger effect on promoting the TFP of non-state-owned and large enterprises.
作者
金友森
曹世健
许和连
Jin Yousen;Cao Shijian;Xu Helian
出处
《世界经济研究》
CSSCI
北大核心
2022年第4期18-31,M0002,共15页
World Economy Studies
基金
国家社会科学基金重大项目(项目编号:16ZDA038)
湖南省研究生科研创新项目(项目编号:CX2018B158)的资助。
