外商引资政策、精准导向与中国制造业升级

FDI Policy,Targeted Measures and Upgrading of China’s Manufacturing Industry

本文利用中国大量微观企业数据和外商引资政策中的《外商投资产业指导目录》,从引资政策精准导向的视角,采用双重差分法评估了其对制造业产业升级的政策效应,有效控制了计量模型中可能存在的内生性问题。研究结果表明:外商引资政策通过《产业指导目录》的精准导向,对中国制造业产业升级具有积极的促进作用,且在考虑了识别假设条件和其他稳健性检验之后仍然成立;外商引资政策对制造业产业升级的促进作用,主要通过企业间的资源再配置和要素配置效率的提升来实现,而研发创新驱动的产业升级渠道并未起作用,且这一政策效应主要体现在资本密集度、国有企业占比和市场化程度均较低的城市以及中西部地区。

Utilization of foreign direct investment(FDI)is an important part of constructing an open economy for China.In the current transition period of economic growth,it is an important task for China to actively and effectively use FDI to achieve high-quality economic growth.Base on micro-level enterprises database and Catalogue for the Guidance of Foreign Investment Industries,this paper examined the effects of FDI policy’s targeted measures on upgrading of China’s manufacturing industry using difference-in-difference method to reduce endogeneity bias and get systematic and rigorous empirical evidence.We find that the targeted measures of FDI policy significantly promote the upgrading of manufacturing industry through channels of resource re-allocation and factor allocation efficiency instead of R&D.The effects are significantly positive in cities with low capital intensity,SOE proportion and marketization degree in the central and western regions.Therefore,under the management system of the Negative List,utilization of Catalogue of Encouraged Industries for Foreign Investment and continuously optimizing targeted measures of FDI policy still have positive effects on industrial upgrading.