金融开放、示范效应与中国出口国内附加值率攀升——基于外资银行进入的实证研究

Financial Opening,Demonstration Effect and the Rise of China’s Export Domestic Value-added Rate——An Empirical Study on the Entry of Foreign Banks

本文测算了中国企业的出口国内附加值率(DVAR),并利用金融许可证信息识别地级市层面外资银行进入行为,采用渐进式DID方法探讨了金融开放对企业DVAR的影响。本文的研究表明,相比于没有外资银行的城市和外资银行进入之前,外资银行进入能够显著提升企业的DVAR,这一结论无论在微观企业层面还是中观的城市-行业-所有制层面均得到了经验证据支持,并在多个维度的稳健性分析下保持稳健。机制研究表明,外资银行进入并不是通过缓解融资约束来直接地促进企业DVAR攀升,而是通过提升金融中间投入效率来间接地促进企业DVAR攀升。外资银行的示范效应在生产率更高的企业、出口企业和垂直一体化水平较低的企业中更明显。本文研究意味着金融开放是中国对外贸易升级的一个重要动力,中国主动扩大金融开放也是进一步推进金融体系改革,释放改革红利的重要方向。

This paper measured China firm-level domestic value-added rate(DVAR),identified foreign banks’entry to a city basing on the financial license,and utilized the DID approach to estimate the impact of financial opening on DVAR.This paper also provided evidence that the entry of foreign banks could improve the relative firms’DVAR,compared by the firms in the cities without foreign banks or in the same cities during the years before foreign banks’entry.The results are robust with both firm-level and city-industry-ownership-level data,and it remains robust under the multi-dimensional robustness checks.Further exploration indicates that the entry of foreign banks does not lower the financial constraints to directly promote the firm’s DVAR.However,the firm’s DVAR is improved indirectly by the higher efficiency of financial intermediate investment.The firms with higher productivity are easier to get the Demonstration Effect,and so are the exporters and firms with low VSS.