自贸区设立缓解了企业的融资约束吗?——基于上市公司的经验证据

Can the Establishment of Free Trade Zones Alleviate Corporate Financial Constraints?Evidence from Chinese Listed Companies

使用2010—2019年中国上市公司的面板数据,采用多期双重差分法探讨了自贸区设立对企业融资约束的影响。研究发现,自贸区的设立能够缓解企业融资约束,上述结论经过一系列稳健性检验后依旧成立。进一步的异质性分析发现:自贸区设立对国有企业融资约束的缓解程度强于非国有企业,自贸区设立能显著缓解非高新技术企业融资约束,但对高新技术企业融资约束影响不显著。机制分析结果表明,自贸区政策通过提高企业创新和外商直接投资的路径缓解企业的融资约束,同时金融发展水平的提高在自贸区缓解企业融资约束中发挥了显著的协同作用。研究结论为高水平对外开放的战略背景下缓解企业融资约束提供了有价值的政策依据。

This article uses panel data of Chinese listed companies from 2010 to 2019 and adopts a multi-period difference-in-differences approach to investigate the impact of the establishment of free trade zones on corporate financing constraints.The research finds that the establishment of free trade zones can alleviate corporate financing constraints,and this conclusion still holds after a series of robustness checks.Further heterogeneity analysis reveals that the alleviation of financing constraints for state-owned enterprises is stronger than that for non-state-owned enterprises,and the establishment of free trade zones can significantly alleviate financing constraints for non-high-tech enterprises,but the impact on financing constraints for high-tech enterprises is not significant.Mechanism analysis results show that free trade zone policies alleviate corporate financing constraints through the pathways of promoting corporate innovation and foreign direct investment,and the improvement of financial development plays a significant synergistic role in alleviating corporate financing constraints in the free trade zone.The conclusion provides valuable policy basis for alleviating corporate financing constraints under the strategic background of high-level opening-up.