外资管制放松对民营企业生产率分化的影响研究

A Study on FDI Liberation on Productivity Polarization of Private Enterprises

当前中国民营企业全要素生产率(Total Factor Productivity,TFP)逐渐呈现出"强者愈强,弱者愈弱"的两极分化特征。本文使用微观企业数据和准自然实验,考察了外资管制放松对中国民营企业生产率分化的影响及作用机制。结果表明:从整体看,外资管制放松会提升民营企业的生产率水平;外资管制放松会造成民营企业TFP两极分化,提升高生产率企业的TFP,对低生产率企业的TFP影响不显著甚至存在负向影响;缓解融资约束和促进企业参与全球价值链是外资管制放松造成民营企业生产率两极化的重要机制。进一步考察发现,外资管制放松不仅造成了在位企业生产率分化,同时影响了企业进入退出的生产率门槛,加速了民营企业TFP的两极分化。

The total factor productivity(TFP)of China’s private enterprises has characteristics of polarization.Using quasi-natural experiment method and micro-enterprise data,this paper investigated the impact of FDI deregulation on the productivity differentiation of Chinese private enterprises and its mechanism.The results show that the relaxation of FDI control has,on the whole,improved the productivity level of private enterprises,and caused the TFP polarization of private enterprises by promoting the TFP of high productivity enterprises.It shows no significant or even negative impact on the TFP of low productivity enterprises,and has a role-play in alleviating financial constraints and promoting enterprises to participate in global value chains.Under the effect of entry and exit,it has affected the entry and exit threshold,reinforced productivity differences of incumbent enterprises,and accelerated the productivity differentiation of private enterprises.