长三角区域规划与先进制造业企业全要素生产率——基于PSM-DID模型的经验研究

Yangtze River Delta regional planning and total factor productivity of advanced manufacturing enterprises:an empirical study based on the PSM-DID model

使用2006—2013年的中国工业企业数据,将2010年出台的《长江三角洲地区区域规划》作为准自然试验,采用PSM-DID方法研究《规划》实施对长三角区域先进制造业企业全要素生产率(TFP)的影响。实证结果表明:(1)《规划》实施提升了区域内先进制造业企业TFP。(2)动态地看,《规划》在实施之后持续促进了区域内先进制造业企业TFP的提升。(3)异质性分析表明:《规划》实施未能显著促进区域内国有先进制造业企业TFP的提升,而显著促进了非国有企业TFP的提升;《规划》实施对先进制造业出口企业和非出口企业TFP的提升均具有显著促进作用,且对出口企业的促进作用较大。(4)《规划》实施通过产业集聚效应,缓解了先进制造业企业的融资约束压力,促进企业投资并提高资本深化程度,进而对企业TFP产生影响。(5)《规划》的实施存在区域溢出效应。研究结论强调了《规划》作为一项"跨区域综合性重大举措"对于区域一体化的必要性,并指出,利用区域规划破解地方政府各自为政的藩篱以促进区域内微观主体的共同发展,是一条可行之路。

Using the data of China’s industrial enterprises from 2006 to 2013,and taking the"Regional Plan for the Yangtze River Delta Region"issued in 2010 as a quasi-natural experiment,this paper adopts the PSM-DID method to study the impact of the implementation of the"Plan"on the total factor productivity(TFP)of advanced manufacturing enterprises in the Yangtze River Delta region.The empirical results show that:(1)The implementation of the"Plan"has improved the TFP of advanced manufacturing enterprises in the region.(2)Dynamically,the"Plan"has continuously promoted the TFP growth of advanced manufacturing enterprises in the area after its implementation.(3)Heterogeneity analysis shows that the implementation of the"Plan"fails to significantly promote the TFP increase of state-owned enterprises in advanced manufacturing industry in the region,but it significantly improves the TFP increase of non-state-owned enterprises.The implementation of the"Plan"significantly promotes the TFP increase of both export and non-export enterprises in advanced manufacturing industry,and has a more significant promotion effect on export enterprises.(4)The implementation of the"Plan"has an impact on enterprise TFP by relieving the pressure of financing constraints on advanced manufacturing enterprises through industrial agglomeration,increasing enterprise investment,and raising the degree of capital deepening.(5)The implementation of the"Plan"has regional spillover effects.The findings of the study emphasize the necessity of the"Plan"for regional integration as a"major cross-regional comprehensive measure",and indicate that it is a feasible way to use regional planning to break down the barriers of local government’s separate governance and promote the common development of micro-subjects in the region.