自由贸易试验区政策溢出、供应链传导与企业全要素生产率

刘珊¹　郭家琛²　郝夏珍³　马莉莉4

（1.河南大学；2.华北水利水电大学；3.南开大学；西北大学）

摘要：自由贸易试验区是中国高水平制度型开放的先行试验田。供应链关系为实现自由贸易试验区政策溢出效应提供了传导载体，进而对非区内企业全要素生产率产生了深远影响。本文选取2011—2024年全国工商企业注册信息数据和企业供应链数据，运用偏离份额法构造自由贸易试验区政策溢出指标，从供应链传导视角深入剖析自由贸易试验区政策溢出对企业全要素生产率的影响及其作用机制。研究结果显示，自由贸易试验区政策溢出提升了企业全要素生产率。这一溢出效应的发挥得益于对内增强专业化分工、对外提高供应链效率的供应链整合效应和创新激励效应，且该效应在民营企业、中小型企业以及城市群、大中型城市、老工业基地城市的企业中更为明显。本文的研究证实了深化国内供应链分工在实施自由贸易试验区提升战略中的重要作用。

关键词：制度型开放；自由贸易试验区政策溢出；企业全要素生产率；供应链传导；供应链整合；创新激励

作者简介：刘珊，河南大学经济学院助理教授，郑州，450046；郭家琛，华北水利水电大学管理与经济学院讲师，通信作者，郑州，450046；郝夏珍，南开大学经济学院博士研究生，天津，300071；马莉莉，西北大学经济管理学院教授、博士生导师，西安，710127。

基金项目：国家社会科学基金一般项目“知识资本多元化驱动制造业价值链迭代升级研究”（21BJY084）

引用格式：刘珊,郭家琛,郝夏珍,等.自由贸易试验区政策溢出、供应链传导与企业全要素生产率[J].经济与管理研究,2026,47(5):3-17.

Policy Spillover of Pilot Free Trade Zones, Supply Chain Transmission, and Corporate Total Factor Productivity

LIU Shan¹, GUO Jiachen², HAO Xiazhen³, MA Lili⁴

(1. Henan University, Zhengzhou 450046;

2. North China University of Water Resources and Electric Power, Zhengzhou 450046;

3. Nankai University, Tianjin 300071;

4. Northwest University, Xi’an 710127)

Abstract: With the deepening evolution of modern production systems, the international production division of labor among enterprises has become increasingly refined and interconnected, while domestic business relationships have grown more complex and diverse. This complexity not only profoundly reshapes enterprises’ commercial cooperation choices and production decision-making logic but also leverages the policy dividends and resource advantages of pilot free trade zones (FTZs) through supply chain transmission mechanisms, thereby positively influencing the total factor productivity (TFP) of enterprises outside these zones.

Based on China’s industrial and commercial enterprise registration data and corporate supply chain data from 2011 to 2024, this paper constructs a policy spillover indicator for pilot FTZs using the shift-share method. It provides an in-depth analysis of policy spillovers of pilot FTZs on corporate TFP and the underlying mechanisms, from a supply chain transmission perspective. Specifically, this paper employs a multi-dimensional fixed effects panel model for empirical analysis. Benchmark regression results indicate that pilot FTZ policy spillovers have a positive impact on corporate TFP. To address potential endogeneity, this paper selects the reciprocal of the average geographical distance from suppliers to their customer base as an instrumental variable and verifies the robustness using the two-stage least squares (2SLS) method. Mechanism tests substantiate that this positive impact reinforces supply chain integration through both internal specialization of division of labor and external efficiency gains. Additionally, these policy spillovers create innovation incentives by enhancing the overall and average quality of corporate innovation, as well as expanding research and development investment. Furthermore, these spillovers are more pronounced among private enterprises, small and medium-sized enterprises (SMEs), and enterprises located in urban agglomerations and large and medium-sized cities. The findings confirm the strategic value of deepening domestic supply chain specialization in advancing pilot FTZs.

The potential marginal contributions of this paper are threefold. First, compared with the literature that focuses on the direct policy effects of pilot FTZs, this paper examines their indirect productivity gains along the supply chain from a policy spillover perspective. Second, it demonstrates the existence of policy spillovers from the perspective of enterprise linkages, utilizing more granular interfirm connection data to investigate such policy spillovers transmitted through supply chains. Third, it highlights the importance of supply chain transmission in the policy spillover effects of pilot FTZs, offering a valuable supplement to research on supply chains.

Keywords: institutional opening-up; policy spillover of pilot free trade zones; corporate total factor productivity; supply chain production transmission; supply chain integration; innovation incentives

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