RTA资本流动条款能否促进企业国际化?——来自中国上市企业的证据

Do RTAs'Movement of Capital Provisions Promote Firm's Internationalization Level?--Evidence from China's Listed Firms

“走出去”是发展开放型经济、全面提高对外开放水平的有效途径,探索中国企业如何更快更好“走出去”具有重要的理论与现实意义。本文基于制度因素视角,选取世界银行深度贸易协定(DTA)数据库中区域贸易协定(RTAs)的文本信息、CEPII-BACI数据库与中国海关数据库,构建企业层面“资本流动条款指数”,利用面板Probit模型、Heckman两阶段模型等考察深度贸易协定中资本流动条款内容对中国上市企业国际化发展的影响。研究发现:“资本流动条款指数”显著提升了中国企业设立海外子公司的概率。基于成本和收益视角的机制分析发现:RTA资本流动条款从潜在收益视角为企业提供信心激励;从成本视角降低企业对外直接投资风险及风险感知,进而促进企业国际化。异质性分析发现:“资本流动条款指数”的企业国际化促进效应在没有女性核心高管、非国有企业和高沉没成本行业企业中更显著。进一步地,当企业没有女性核心高管时,RTA资本流动条款对企业国际化发展的推动作用可能会负向影响企业海外子公司的生存概率;当企业拥有女性核心高管时,这一负面影响不再存在,凸显了女性核心高管在企业国际化发展决策中的重要作用。本文的研究丰富了企业对外直接投资的相关理论探索,为进一步推动中国企业国际化发展提供了实证参考。

With the comprehensive implementation of the“Going Global”strategy and the Belt and Road Initiative,China's enterprises are accelerating their pace of internationalization.Increasingly,China's companies are actively participating in international market competition,achieving remarkable results in resource acquisition and technological advancement.However,during this process,China's enterprises still face high rates of investment failure and low internationalization performance.In the context of profound global adjustments and institutional openness clashes,exploring how Chinese enterprises can“Going global”more effectively and quickly holds significant theoretical and practical implications.From the perspective of institutional factors,this paper constructs a firm-level“Movement of Capital Provisions Index”based on the textual information of Regional Trade Agreements(RTAs)from the World Bank's Deep Trade Agreement database,the CEPII-BACI database,and the China Customs database.Using panel Probit models and Heckman two-stage models,the paper examines the impact of deep trade agreement topics,specifically movement of capital provisions,on the internationalization of China's listed companies.The study finds that the“Movement of Capital Provisions Index”significantly increases the probability of China's firms establishing overseas subsidiaries.Mechanism analysis from the cost and benefit perspectives reveals that RTAs'Movement of Capital Provisions offer confidence incentives for firms from a potential benefits perspective and reduce the risk and risk perception of foreign direct investment from a cost perspective,thereby promoting corporate internationalization.Heterogeneity analysis shows that the internationalization-promoting effect of the“Movement of Capital Provisions Index”is concentrated in firms without female core executives,non-state-owned enterprises,and industries with high sunk costs.Additionally,in firms without female core executives,RTAs'movement of capital provisions have a certain negative impact on the survival rate of overseas subsidiaries.However,this negative impact disappears when firms have female core executives,highlighting the importance of female core executives in corporate internationalization.This research enriches the theories related to corporate foreign direct investment and provides valuable references for further promoting the internationalization of Chinese enterprises.