自由贸易试验区的外资吸引效应——来自微观企业的证据

The Foreign Investment Attraction Effect of Pilot Free Trade Zones——Evidence from Micro Enterprises

本文基于A股上市公司面板数据,根据各大自由贸易试验区所覆盖的地理范围,通过企查查精准识别出位于自由贸易试验区的企业,并以设立自由贸易试验区为准自然事件,采用多期双重差分模型评估自由贸易试验区设立对外资流入的真实影响。研究发现:自由贸易试验区的设立显著地促进了企业的外资引进,且该结论在包括工具变量法在内的一系列稳健性检验中均成立;自由贸易试验区的设立主要通过降低融资成本和制度性交易成本两个渠道吸引外资进入;自由贸易试验区的外资吸引效应在更重视引进外资的自由贸易试验区、高新技术行业、非国有企业以及拥有高学历和海外留学工作经历管理者的企业更大。

Based on the A-share listed company panel data,this paper obtained firms’ locating information through Qichacha database,took the establishments of pilot free trade zones as a quasi-natural event,and used a multi-period difference-in-difference model to examine the impact of the establishment of a pilot free trade zone on the inflow of FDI. It finds that: Firstly,the establishment of a pilot free trade zone significantly promotes the FDI inflow at firm level,and this conclusion is confirmed in instrumental variable method and other robustness tests;Secondly,the mechanisms through which FDI occurs reduce financing costs and institutional transaction costs;Thirdly,the FDI driving effect of the pilot free trade zone is more pronounced in pilot free trade zones emphasizing FDI,high-tech industries,non-state-owned enterprises,and firms whose executives have longer schooling and more overseas study or work experience.