摘要
本文以产业转型升级示范区设立作为准自然实验,利用2010-2019年中国A股上市公司数据,采用交错双重差分模型考察了示范区政策对企业融资约束的影响及作用路径,并充分探讨了交错双重差分模型的处理效应异质性。研究发现,示范区设立以后,能够显著缓解辖区内企业的融资约束,并且政策效果具有持续性,上述结论在考虑交错双重差分模型的处理效应异质性以及一系列识别假定检验和稳健性检验后依然成立。机制分析表明,扩大企业融资来源和降低企业经营成本是示范区政策缓解企业融资约束的重要途径。宏观层面加强政府调节,坚持市场导向,进一步扩大开放,能够有效吸引金融机构和投资者参与示范区建设,助力示范区企业资金融通,对缓解示范区企业的融资约束具有积极作用。此外,示范区政策的实施,为企业发展创造了良好的营商环境,吸引大量新企业入驻,激发了企业创新转型发展的内生动力,提升了企业的全要素生产率水平,具有显著的经济效益。本文的结论有助于拓展宏观产业政策与企业行为的研究框架,对进一步完善示范区政策具有重要启示。
Taking the establishment of industrial transformation and upgrading demonstration zones as A quasi-natural experiment,this paper uses the data of China's A-share listed companies from 2010 to 2019 to investigate the impact and action path of demonstration zone policies on corporate financing constraints by using the staggered differential model,and fully discusses the heterogeneity of processing effects of the staggered differential model.It is found that after the establishment of the demonstration zone,the level of financing constraints of enterprises in the jurisdiction can be significantly alleviated,and the policy effect is sustainable.The above conclusions are still valid after considering the heterogeneity of processing effects of the staggered differential model and a series of identification hypothesis tests and robustness tests.Mechanism analysis shows that expanding enterprise financing sources and reducing enterprise operating costs are important ways to alleviate enterprise financing constraints.Strengthening government regulation at the macro level,adhering to market orientation,and further expanding opening-up can effectively attract financial institutions and investors to participate in the construction of the demonstration zone,help the financing of enterprises in the demonstration zone,and play a positive role in easing the financing constraints of enterprises in the demonstration zone.In addition,the implementation of the demonstration zone policy has created a high-quality business environment for the development of enterprises,attracted a large number of new enterprises to enter,stimulated the internal power of enterprise innovation and transformation development,improved the total factor productivity level of enterprises,and has significant economic benefits.The conclusion of this paper is helpful to expand the research framework of macro industrial policy and enterprise behavior,and has important implications for further improving the policy of demonstration zones.
作者
李慧
佟孟华
张国建
HUI LI;MENGHUA TONG;GUOJIAN ZHANG(Dongbei University of Finance and Economics;Nanjing Audit University)
出处
《产业经济评论》
2024年第3期5-22,共18页
Review of Industrial Economics
基金
国家自然科学基金青年项目“中国区域产业政策推动制造业高质量发展的机制与路径研究”(批准号:72203100)的阶段性成果。
关键词
产业转型升级示范区
融资约束
处理效应异质性
交错双重差分法
industry transformation and upgrading demonstration area
financing constraints
treatment effect heterogeneity
staggered difference-in-difference method
