中国自由贸易试验区设立对企业投资的影响研究

董启琛¹　赵雪晴²　许江波²　乐洋²

（1. 北京物资学院会计学院；2. 首都经济贸易大学会计学院）

内容提要：投资是拉动经济的三驾马车之一，自由贸易试验区（以下简称“自贸区”）作为改革“试验田”，鼓励区内企业充分利用国内国外两种资源、两个市场，激励企业投资。本文采用多期双重差分法评估自贸区设立对企业投资规模的政策效果。研究结果显示，自贸区政策能够扩大企业的投资规模，主要因其能够发挥投资激励效应和资本聚集效应，进而提高企业的实体投资水平。异质性检验结果显示：城市层级更高，自贸区政策对企业投资规模的促进效果更强；相比非国有企业，实施自贸区政策更能促进国有企业投资规模的提升。另外，自贸区的制度创新能够提高资本配置效率，缓解企业投资不足，且并未引发过度投资；自贸区的建设对要素流入与流出的促进作用能够通过溢出效应辐射至周边地区，但对产品的影响是虹吸而非溢出，在周边区域发挥了贸易转移效应而不是贸易创造效应。本文为全面评价中国自贸区建设的经济后果提供了新的研究视角，并从企业投资行为角度为实体投资的影响因素及其内在逻辑提供了新的经验证据。

　　关键词：制度创新；自由贸易试验区；投资规模；市场竞争；资源配置；投资效率；溢出效应；虹吸效应

　　作者简介：董启琛，北京物资学院会计学院讲师，北京，101149；赵雪晴，首都经济贸易大学会计学院博士研究生，通信作者，北京，100070；许江波，首都经济贸易大学会计学院教授、博士生导师；乐洋，首都经济贸易大学经济学院博士研究生。

　　基金项目：国家社会科学基金青年项目“外部援助、国家能力与非洲国家发展和治理现代化研究”（23CJY081）；首都经济贸易大学北京市属高校基本科研业务费专项资金资助“国有企业协同创新与可持续发展的耦合机制及实现路径研究”（ZD202101）

　　引用格式：董启琛,赵雪晴,许江波,等.中国自由贸易试验区设立对企业投资的影响研究[J].经济与管理研究,2023,44(12):67-84.DOI:10.13502/j.cnki.issn1000-7636.2023.12.004.

Influence of the Establishment of China’s Pilot Free Trade Zone on Enterprise Investment

DONG Qichen¹, ZHAO Xueqing², XU Jiangbo², LE Yang²

(1. Beijing Wuzi University, Beijing 101149;

2. Capital University of Economics and Business, Beijing 100070)

　　Abstract: As a pilot ground for reform and opening up, China’s pilot free trade zones (FTZs) follow the guiding ideology of “promoting reform and development through opening up, and taking the lead in establishing a system of cross-border investment and trade rules that meets the requirements of internationalization and the rule of law”. It encourages enterprises in the zone to make full use of both domestic and foreign resources and markets. Therefore, it is worthwhile to explore whether the FTZ policy can fully leverage the effective guidance of the government to economic entities, thus promoting the driving role of real investment in the economy to achieve high-quality development.

　　Based on the 21 pilot FTZs in China, this paper discusses the internal mechanism of the FTZ policy on the real investment scale of enterprises. Taking the establishment of pilot FTZs as an exogenous event shock and Chinese A-share listed companies from 2010 to 2021 as research samples, this paper empirically tests the effect of the FTZ policy on the investment scale of enterprises with the multi-period difference-in-differences method.

It is found that, first, the establishment of pilot FTZs can significantly improve the investment scale of enterprises, because it can exert the investment incentive effect and the capital accumulation effect to increase the investment level of enterprises. Second, the effect of the FTZ policy on the investment scale of enterprises has asymmetric economic consequences, and its effect is more obvious in the sample group of higher city tiers and state-owned enterprises. Third, the FTZ policy can alleviate the problem of under-investment by enterprises, and does not lead to negative effects such as over-investment. At the same time, the FTZ policy radiates to the surrounding areas through the spillover effect in the factor market. However, the impact on product markets is the siphon effect rather than the spillover effect, which may cause imbalances in the product market structure in the zone.

　　The main research contributions of this paper are as follows. First, it deepens the research on the economic consequences of the FTZ policy and clarifies the positive impact of the FTZ policy on the investment level of enterprises from a micro perspective. Second, it elaborates on the specific channels of the FTZ policy on enterprise investment and proves the investment incentive effect and capital accumulation effect played by the FTZs. Third, it verifies the asymmetric economic consequences of the FTZ policy and their positive impact on enterprise investment efficiency and finds out the heterogeneous effects of the FTZ policy in the factor market and product market, beneficial for realizing the high-quality development of enterprises.

　　Keywords: institutional innovation; pilot free trade zone; investment scale; market competition; resource allocation; investment efficiency; spillover effect; siphon effect