摘要
自由贸易试验区是双循环格局下新一轮改革开放的“试验田”,基于自贸区设立的外生冲击事件,本文选取2009-2019年A股上市公司为样本,采用多期双重差分法检验自贸区政策对企业具体行为变化及价值的影响。研究发现,自贸区政策的实施能显著提升企业价值。具体而言,自贸区政策能够扩大企业的投融资规模,且总体呈“外融内投”的资金流向,同时还能够促进企业经营方式转型和升级,而投资规模和低杠杆情况下债务融资规模的扩张及经营方式升级均能提高企业价值。异质性检验表明,自贸区政策对企业价值的提升效果在普通城市、非制造业及内陆地区的样本组更为显著。本文既验证了自贸区能否发挥好“双循环”的纽带节点作用,也为企业适应新发展格局以提升自身价值提供借鉴。
The pilot Free Trade Zone is a“test field”for a new round of reform and opening up under the dual-circulation pattern.Based on the exogenous shock of the establishment of the Free Trade Zone,this paper selects A-share listed companies from 2009 to 2019 as samples and uses the multi-period DID to test the impact of Free Trade Zone policies on the specific behavior changes and values of enterprises.The results show that the implementation of Free Trade Zone can significantly improve the value of enterprises.Specifically,the policies of Free Trade Zone can expand the scale of investment and financing of enterprises,and generally shows a capital flow of“international financing and domestic investment”.Meanwhile,they can promote the transformation and upgrading of enterprises’operational mode.In addition,the expansion of investment scale and financing scale under the condition of low leverage,and upgrading of operational mode can improve the value of enterprises.Heterogeneity tests show that the improvement effect of Free Trade Zone policies on enterprise value is more significant in the sample groups of ordinary cities,non-manufacturing industries and inland areas.This paper not only verifies whether the Free Trade Zone can play a positive role as the link node of the“dual circulation”,but also provides advice for enterprises to adapt to the new development pattern and improve their value.
出处
《会计研究》
CSSCI
北大核心
2022年第10期85-98,共14页
Accounting Research
基金
国家社会科学基金项目(20BGL072)的资助
关键词
自由贸易试验区
企业价值
双循环
新发展格局
Free Trade Zone
Enterprise Value
Dual Circulation
New Development Paradigm
作者简介
通讯作者:卿小权,qxiaoquan@126.com。
