Relaxation of Foreign Investment Access Policies and Innovation of Manufacturing Enterprises:Taking the"Negative List"System as an Example
Taking the implementation of the"negative list"system nationwide in 2018 as a landmark event,based on the data of listed companies in China's manufacturing industry from 2011 to 2020,a quasi-natural experiment was carried out,and a variety of identification strategies were comprehensively used to test the impact effect and transmission mechanism of the re-laxation of foreign investment access policies on the innovation of Chinese manufacturing enterprises.The difference-in-difference model analysis shows that the implementation of the"negative list"system has a significant effect on the improve-ment of the innovation ability of Chinese manufacturing enterprises,and the conclusion is still valid after a series of robust-ness tests and placebo tests.The"negative list"system mainly promotes the improvement of the innovation ability of manufac-turing enterprises through three channels:the spillover effect,the competition effect and the correlation effect of FDI.The het-erogeneity analysis based on the new characteristics of the"quality"shift of FDI inflow into the manufacturing industry con-firms that the relaxation of foreign investment access policies has not led to the proliferation of low-level FDI,but has pro-moted the inflow of"high-quality"FDI,which has played a significant role in narrowing China's regional gap,forcing enter-prises to innovate,and promoting the development of high-tech and strategic industries.Finally,the analysis of the moderat-ing effect of the factors such as enterprises and social environment shows that the stronger the absorptive capacity of enter-prises,the lower the level of financing constraints and the higher the level of regional business environment,the more they can promote the policy effect of the"negative list"system.These findings have the following policy implications:(1)China should continue to optimize the"negative list"system,improve the quality of opening up,adjust foreign investment policies in a timely manner according to the situation of industrial development,and guide foreign investment in high-tech industries and strategic emerging industries;(2)we should pay more attention to grasping the combination of"government guidance"and"market leadership"to stimulate the vitality of market competition;(3)attach importance to supporting policy measures,accelerate the construction of a unified market,optimize the business environment for enterprises,and broaden the financing channels for small and medium-sized enterprises.This paper may have the following marginal contributions:First,it enriches the micro evidence of the impact of the relaxation of foreign investment access policies on manufacturing innovation,and pro-vides theoretical and empirical evidence for China's continuous expansion of opening-up in the new era and guiding the trans-formation of foreign investment from"quantity excellence"to"quality excellence";Second,it deepens the understanding of the path of foreign investment on the innovation mechanism of domestic manufacturing enterprises,which is helpful to enrich the understanding of the mechanism of major macro policies on micro enterprises;Thirdly,the enterprise factors,industrial factors and social environmental factors are included in an analytical framework,which comprehensively reveals the impact of foreign investment on the innovation ability of domestic enterprises,and enriches the research attempts on the impact of sup-porting measures.
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