企业产出增长的新动力:服务业开放政策视角

The New Power of Enterprise Output Growth:From the Perspective of the Opening Policy of Service Industry

利用2005-2017年中国上市企业数据,考察上游服务业外资管制放松和下游企业产出的关系。研究发现,服务业外资开放政策的实施显著促进了下游企业产出的增长。这种积极作用主要体现在处于成长期、雇佣技术人才数量较多、竞争程度较高行业的企业中。细分上游服务行业后发现,流通服务业外资管制放松的产出效应最大。从影响机制看,一方面,服务业开放缓解了下游企业与海外消费者之间的信息摩擦,拓展了企业的海外市场,从需求端激励企业生产;另一方面,服务业开放还为下游企业带来了先进的管理知识,提升了企业管理能力,从供给端助力企业高效生产。研究结论为中国下一步通过市场化改革来盘活闲置资源、调动经济增长潜能提供了新思路。

Using the data of listed companies in China from 2005 to 2017,this paper examines the relationship between the deregulation of foreign investment in the upstream service industry and the output of downstream enterprises.The research finds that the implementation of the policy of opening up to foreign investment in the service industry has significantly promoted the growth of the output of downstream enterprises.This positive effect is mainly reflected in enterprises that are in the growth stage,employ a large number of technical talents,and have high levels of industrial competition.After subdividing the upstream service industry,it is found that the output effect of the relaxation of foreign investment control in the circulation service industry is the largest.From the perspective of the impact mechanism,on the one hand,the opening of the service industry has eased the information friction between downstream enterprises and overseas consumers,expanded the overseas market of enterprises,and stimulated production from the demand side.On the other hand,it brings advanced management knowledge for downstream enterprises,improves enterprise management capabilities,and helps enterprises to produce efficiently from the supply side.The research conclusions provide a new idea for China to revitalize idle resources and mobilize economic growth potential through market-oriented reforms in the next step.