市场准入管制与企业全要素生产率:来自负面清单的证据

Market Access Control and Corporate Total Factor Productivity:Evidence from the Negative List

本文以市场准入负面清单管理制度试点政策作为市场准入管制放松的准自然实验,构建交叠双重差分模型,考察市场准入管制如何影响企业全要素生产率。研究发现:负面清单管理制度的实施有助于促进企业全要素生产率提升,在排除同期重大政策干扰、缓解自变量识别以及考虑不可观测因素等一系列稳健性检验后结论仍然成立。市场准入负面清单管理制度提升企业全要素生产率的核心渠道在于改善要素市场配置效率和促进产品市场竞争。在改善要素市场配置效率渠道方面,企业全要素生产率提升主要得益于市场准入负面清单管理制度对资本要素市场扭曲和金融市场抑制的矫正。异质性检验发现,市场准入负面清单管理制度对企业全要素生产率的正向影响在市场分割程度严重、地方保护水平和制度性交易成本高的企业中更为明显。本文研究表明降低市场行政准入壁垒对于推动中国经济高质量发展具有重要作用,这为加快建设全国统一大市场提供了理论依据。

This paper takes the market access negative list management system pilot policy as a quasi-natural experiment in market access deregulation and constructs a staggered difference-in-differences(DID)model to investigate how market access regulation affects corporate total factor productivity(TFP).The study finds that the implementation of the negative list management system is conducive to promoting the improvement of corporate TFP,and this conclusion remains robust after conducting a series of robustness tests,such as excluding major policy interferences in the same period,alleviating the identification of independent variables,and considering unobservable factors.The core mechanism for the market access negative list management system to improve corporate TFP is enhancing the efficiency of factor allocation to the market and promoting competition in the product market.Regarding the improvement of the factor market allocation efficiency channel,the increase in corporate TFP is mainly due to the correction of capital factor market distortion and financial market inhibition by the market access negative list management system.The heterogeneity test reveals that the positive impact of the market access negative list management system on corporate TFP is most evident in enterprises with severe market segmentation,a high local protection level and high institutional transaction costs.The research in this paper suggests that reducing administrative barriers to market access plays a significant role in promoting the high-quality development of the Chinese economy and provides a theoretical basis for accelerating the construction of a unified national market.