摘要
自由贸易试验区是我国新发展格局下的制度型开放高地。本文基于2010-2019年A股上市公司的面板数据,采用企业“投资—投资机会”敏感性模型考察了自由贸易试验区设立对企业资本配置效率的影响。研究发现:自由贸易试验区设立对企业资本配置效率有显著的提升作用,这一结论经过一系列检验后依然稳健。机制分析表明:从国际资本“引进来”视角看,自由贸易试验区主要通过促进同业竞争和缓解融资约束两种方式提升企业资本配置效率;从国内资本“走出去”视角看,自由贸易试验区主要通过推动企业对外直接投资提升企业资本配置效率。异质性分析发现:自由贸易试验区对生产率中等水平企业、非国有企业和南方地区企业的资本配置效率提升作用更加明显。这些结论为更高效地发挥自由贸易试验区的“试验田”功能,提升企业资本配置效率提供了理论依据。
Free Trade Zone is an institutional open highland in China's new development stage.Based on the data of listed firms from 2010 to 2019,this paper uses the"investment-investment opportunity"sensitivity model to investigate the impact of the establishment of Free Trade Zone on the capital allocation efficiency of enterprises.It is found that the establishment of Free Trade Zone significantly improve the efficiency of capital allocation of firms.This conclusion is still valid after using a series of robustness tests.Market competition,financial constraints and overseas investment are the intermediary channels through which the establishment of the Free Trade Zone influences the capital allocation efficiency.Heterogeneity analysis finds that non-state-owned firms,or firms with medium productivity,or firms in the southern cities benefit more from the establishment of Free Trade Zone.The conclusions above provide a theoretical basis for playing a full role of Free Trade Zone and improving the efficiency of firms’capital allocation.
作者
姜凯
张继武
JIANG Kai;ZHANG Jiwu(The Center for Economic Research,Shandong University,Jinan 250100,China)
出处
《中南财经政法大学学报》
北大核心
2023年第3期94-106,共13页
Journal of Zhongnan University of Economics and Law
关键词
自由贸易试验区
资本配置效率
同业竞争
融资约束
对外直接投资
Free Trade Zone
Capital Allocation Efficiency
Horizontal Competition
Financing Constraints
Overseas Investment
