自由贸易试验区设立提高了企业的加成率吗?
Does the Establishment of Pilot Free Trade Zones Improve the Firms'Markups?
岳文 1徐婕妤 1倪澄澄2
作者信息
- 1. 江南大学商学院
- 2. 上海财经大学商学院
- 折叠
摘要
本文基于2010-2021年A股上市公司数据,采用双重差分法实证检验了自由贸易试验区(简称自贸区)的设立对企业加成率的影响及其作用机制.研究发现,第一,自贸区的设立显著提升了企业加成率,该结论在经过一系列稳健性检验后依然成立;第二,影响机制分析表明,缓解企业融资约束和促进企业研发创新是自贸区设立提高企业加成率的重要渠道;第三,进一步的异质性检验结果显示,自贸区的设立对民营企业、沿海地区企业、新兴优势行业企业、小规模企业、资本密集型企业加成率的促进作用相对更大.本文为认识自贸区设立的微观经济效应提供了新视角,也为高质量推进自贸区建设提供相应的政策启示.
Abstract
Based on the data of A-share listed companies from 2010 to 2021,this paper uses the difference-in-difference method to empirically test the impact of the establishment of the pilot free trade zones(FTZs)on firms'markups and its mechanism.The results show that the establishment of FTZs significantly improves the markups of firms,which is still true after a series of robustness tests.The analysis of the impact mechanism shows that alleviating the financing constraints and promoting the R&D and innovation of firms are the important channels for the establishment of FTZs to improve the firms'markups.Further heterogeneity test results show that the establishment of FTZs has a greater promoting effect on the markups of private firms,coastal firms,firms in emerging industries,small-scale firms and capital-intensive firms.This paper provides a new perspective to understanding the microeconomic effect of the establishment of FTZs,and also provides important policy implications for better promoting the construction of FTZs with high quality.
关键词
自由贸易试验区/加成率/双重差分模型Key words
Pilot Free Trade Zone/Markup/Difference-in-Difference Model引用本文复制引用
基金项目
国家自然科学基金青年项目(71903076)
教育部人文社会科学研究项目(23YJC790183)
出版年
2024
NETL
NSTL
万方数据