自由贸易试验区设立能否促进外资利用结构优化——基于在华绿地投资的实证检验

Can Pilot Free Trade Zones Facilitate the Optimization of the FDI Utilization Structure? An Empirical Analysis Based on the Greenfield Investment in China

中文关键词:  自由贸易试验区  外资利用结构  高技术行业  绿地投资  知识产权保护水平  政策不确定性  三重差分模型

英文关键词:pilot free trade zones  structure of foreign investment utilization  high-tech industry  greenfield investment  intellectual property protection level  policy uncertainty  DDD model

中文摘要:

      通过提升高技术行业外资利用占比来优化外资利用结构是中国经济高质量发展的重要支撑。基于2009—2019年中国地级市行业层面绿地投资数据,通过三重差分模型分析了自由贸易试验区设立对于外资利用结构的影响。研究表明,自由贸易试验区设立能够显著提升所在城市高技术行业外资利用的相对规模,从而提升外资利用结构中高技术行业的占比,优化外资利用结构。进一步分析表明,自由贸易试验区更多地吸引了来自知识产权保护水平较高母国的跨国投资,同时自由贸易试验区设立对于外资利用结构的影响在政策不确定性较大的地区表现更为明显。此外,对于中西部地区和经济规模较小的城市,自由贸易试验区设立对外资利用结构优化的促进效应更强。因此,中国应继续鼓励自由贸易试验区的发展,总结和推广自由贸易试验区的先进经验,通过打造高标准投资环境实现外资利用结构的优化升级。

英文摘要:

      It is a vital support for the high-quality development of China's economy to optimize the structure of foreign direct investment (FDI) utilization by increasing the proportion of FDI in high-tech industries. Based on the industry-level data of greenfield investment at the prefecture city in China from 2009 to 2019, this paper analyzes the impact of the establishment of pilot free trade zones (FTZs) on the FDI utilization structure through the difference in difference in differences (DDD) model. The result shows that the establishment of FTZs can significantly increase the relative scale of FDI utilization in high-tech industries in cities where they are located, thus increasing the proportion of high-tech industries in FDI utilization structure and optimizing the FDI utilization structure. Further analysis indicates that FTZs attract more investments from countries exercising better intellectual property protection, and the impact of FTZs on FDI utilization structure is stronger for cities suffering from higher policy uncertainty. Meanwhile, the effect is stronger for cities located in China's central and western regions and cities with a smaller economic scale. According to this paper, China should continue to spur the development of FTZs, summarize and promote the advanced experience of FTZs, and create high-standard investment environment to optimize and upgrade the FDI utilization structure.