基于合成控制法的自由贸易试验区政策对金融开放的影响研究--以上海自贸区为例

Research on the Influence of Pilot Free Trade Pilot Zone Policy on Financial Openness Based on the Synthetic Con-trol Method:Taking Shanghai Pilot Free Trade Zone as an Example

随着自由贸易试验区(简称“自贸区”)建设的深入,自贸区政策对金融开放的影响成为重要研究话题。在梳理自贸区政策对金融开放作用机制的基础上,以上海自贸区为例,利用2003—2019年省级面板数据和合成控制法实证检验自贸区政策对金融开放的影响。研究发现:上海自贸区政策促进了金融开放,并主要通过金融制度创新和投融资渠道拓宽机制实现,跨境贸易便利机制的作用效果不明显。多种稳健性检验表明以上结论仍然成立。为进一步发挥自贸区政策对金融开放的作用,应持续深化制度创新,充分利用境外投融资市场,推进跨境贸易转型升级。

With the deepening of the construction of the Pilot Free Trade Zone(FTZ),the impact of FTZ policy on financial openness has become an important research topic.On the basis of sorting out the mechanism of FTZ policy on financial openness,this article takes the Shanghai FTZ as an example,and uses the provincial panel data from 2003 to 2019 and the synthetic control method to demonstrate the effect of FTZ policy on financial openness.The results show that Shanghai FTZ policy has promoted financial openness,and it is mainly realized through financial institution innovation mechanism and investment and financing channel expansion mechanism,while the effect of cross-border trade facilitation mechanism is not significant.The conclusion is still valid after a series of robustness tests.In order to further exert the effect of FTZ on financial openness,it is necessary to deepen institutional innovation in policy design,make full use of overseas investment and financing markets,and promote trade transformation and upgrading.