自由贸易试验区建设与企业对外直接投资--基于上市公司海外并购的双重差分研究

The Construction of Pilot Free Trade Zone and Outward Foreign Direct Investment of Enterprises:Double Differences Research Based on Overseas Mergers and Acquisitions of Listed Companies

将2009—2020年A股上市公司数据与Zephyr数据库相匹配,基于母国制度视角,利用渐进双重差分方法探究自由贸易试验区设立对企业对外直接投资的影响及其内在机制。实证结果显示:自由贸易试验区的设立推动企业进行对外直接投资;自由贸易试验区可以通过缓解企业融资约束和提高企业生产技术水平两个渠道促进企业对外直接投资;异质性分析结果表明,自由贸易试验区的设立对民营企业、第二产业和东部地区促进作用更加显著;三重差分模型检验结果显示自由贸易试验区与“一带一路”倡议具有战略联动效应,自贸区的设立能够提升企业对“一带一路”沿线国家和地区的投资。以上研究结论为构建全面对外开放新格局和制度型开放提供了实证经验与理论依据。

By matching the data of A-share listed companies from 2009 to 2020 with Zephyr database and using the progressive double differences method,the paper explores the impact of the establishment of pilot free trade zone on the outward foreign direct investment(OFDI)of enterprises and its internal mechanism from the perspective of home country system.Empirical results show that the establishment of free trade zone promotes enterprises to carry out OFDI.Pilot free trade zone is capable of promoting the OFDI of enterprises by alleviating the financing constraints of enterprises and improving the production technology level of enterprises.Heterogeneity results show that the establishment of pilot free trade zone has better promotion effects on private enterprises,the secondary industry and the eastern region.According to the test results of triple differences model,there is a strategic linkage effect between free trade zone and“the Belt and Road”,and the establishment of free trade zone can greatly promote enterprise investment in countries and regions along the“the Belt and Road”.The above research conclusions provide empirical experience and theoretical basis for building the new pattern of all-round opening to the outside world and institutional opening.