中国自贸试验区建设是否促进外资流入——基于空间外溢的视角

Does the Construction of China's Pilot Free Trade Zones Promote the Inflow of Foreign Capital:From the Perspective of Spatial Spillover

文章通过构建一个包含要素流动与投资决策的两国模型理论分析框架,将设立自贸试验区政策设定为准自然实验,从理论和实证层面探讨了自贸试验区建设对外资流入的影响。研究结果表明,自贸试验区建设显著促进了外商直接投资,且该政策效应在进行多种方法检验后依然具有稳健性。异质性分析表明,在不同行政等级、地理区位以及市场潜力的城市中,自贸试验区的政策效应存在显著差异。空间溢出效应分析则表明,自贸试验区的设立对周边城市的外商直接投资产生了虹吸效应。文章的研究结论为更高效地发挥自贸试验区的政策载体功能,从而促进经济高质量发展提供了启示。

By constructing a theoretical analysis framework of the two-country model that includes factor flow and investment decision-making,this paper takes the policy of establishing pilot free trade zones as the quasi-natural experiment and explores the impact of the construction of pilot free trade zones on the inflow of foreign capital from both theoretical and empirical perspectives.The research results show that the construction of pilot free trade zones significantly promotes foreign direct investment(FDI)and this policy effect remains robust after a series of tests with multiple methods.The heterogeneity analysis reveals that the policy effects of pilot free trade zones are significantly different among the cities with different administrative levels,geographical locations and market potential.The analysis of spatial spillover effect indicates that the establishment of pilot free trade zones has a siphon effect on FDI in the surrounding cities.The research conclusions of this paper provide enlightenment for giving play to the policy carrier function of pilot free trade zones more efficiently and promoting high-quality economic development.