识别外资进入的资源配置效应——来自中国2002年外资管制政策调整的经验证据

Identifying the Resource Allocation Effect of Foreign Investment:Evidence from China's FDI Policy Reform in 2002

关于外资进入对中国企业间资源配置效率的影响,鲜有文献对此进行考察和识别。本文以外资进入管制的政策调整为准自然实验,采用双重差分法考察了外资进入的市场竞争对企业间资源配置效率的影响。研究发现,同市场竞争与资源配置效率的理论预期相悖,外资进入带来的市场竞争未能改善中国企业间的资源配置效率,反而具有显著的负面作用。在此基础上,结合转型时期企业间的非对称竞争,从企业生产率、市场份额和上游市场垄断方面进一步研究发现,国有企业的自身优势扭曲了外资进入的传导机制,不利于发挥外资进入对资源配置的积极作用。因此,要更好地利用外商直接投资,发挥其资源配置效率在经济增长中的推动作用,关键在于营造所有企业平等的市场竞争环境。

Few literature has examined the effect of foreign entry on China's resource allocation among enterprises.Using the FDI policy reform in 2002 as a quasi-natural experiment,this paper investigates the pro-competitive effect of foreign entry on resource allocation with differencein-difference method.Contrary to the theoretical expectation of market competition and resource allocation efficiency,the results indicate that the pro-competitive effect of foreign entry exerts a significant negative implication.Combining the ownership advantages of state-owned enterprises in the transitional period,further analysis suggests that state-owned enterprises result in an asymmetric competition market with its ownership advantages,which hinder the resource allocation.Therefore,in order to make full use of foreign investment on economic growth and improve resource allocation efficiency,the key is to deepen the reform of state-owned enterprises with the principle of"competition neutrality"and establish a fair competition market.