自由贸易试验区设立能矫正资本错配吗？——兼论产业集聚的调节效应

doi:10.16381/j.cnki.issn1003-207x.2020.0203

中国管理科学 ›› 2022, Vol. 30 ›› Issue (9): 71-81.doi: 10.16381/j.cnki.issn1003-207x.2020.0203

• 论文 • 上一篇

自由贸易试验区设立能矫正资本错配吗？——兼论产业集聚的调节效应

王亚飞¹, 廖甍², 陶文清¹

1.重庆师范大学经济与管理学院，重庆401331； 2.山西财经大学财政与公共经济学院，山西太原030006

收稿日期:2020-02-15 修回日期:2020-08-11 发布日期:2022-08-31
通讯作者: 廖甍(1992-)，男(汉族)，重庆涪陵人，山西财经大学财政与公共经济学院，博士研究生，研究方向：经济计量分析，Email:201020209002@stu.sxufe.edu. cn. E-mail:201020209002@stu.sxufe.edu.cn
基金资助:
“巴渝学者”青年学者支持计划资助项目；国家自然科学基金资助项目(71873019)；重庆市科技局重点资助项目(2020RCKT02)；山西省研究生科研创新项目(2021Y504)

Can Pilot Free Trade Areas’ Setup Rectify a Capital Misallocation in China with Moderating Effects of Industrial Agglomeration?

WANG Ya-fei¹, LIAO Meng², TAO Wen-qing¹

1. School of Economics and Management, Chongqing Normal University, Chongqing 401331, China;2. School of Public Finance & Economics, Shanxi University of Finance and Economics, Taiyuan 030006, China

Received:2020-02-15 Revised:2020-08-11 Published:2022-08-31
Contact: 廖甍 E-mail:201020209002@stu.sxufe.edu.cn

摘要/Abstract

摘要： 本研究尝试将自由贸易试验区和产业集聚同时纳入资本配置效率分析框架，将自贸区设立作为一项准自然实验，利用2004-2017年中国196个地级及以上城市面板数据，采用双重差分模型和系统广义矩估计方法，评估自贸区设立对资本错配的影响以及产业集聚的调节效应。研究发现：资本错配在时间维度上存在“路径依赖”现象，自贸区设立在整体上加剧了资本错配。全样本情况下，不同类型的产业集聚在自贸区设立对资本错配的影响中发挥了不同的作用，制造业与生产性服务业协同集聚有助于自贸区发挥对资本错配的矫正作用，而单纯的制造业或生产性服务业集聚则强化了自贸区对资本错配的加剧。区分资本错配类型后发现，在资本配置不足情形下，产业集聚在自贸区影响资本错配过程中的调节效应与全样本情况下一致；而在资本配置过度的情形下，制造业、生产性服务业以及二者的协同集聚均有助于自贸区发挥出对资本错配的矫正作用。围绕上述问题的理论阐释和实证检验，为矫正资本错配，提高资本配置效率、促进自贸区改革创新和实体经济高质量协同发展提供了丰富的政策蕴含。

关键词: 自由贸易试验区；资本错配；产业集聚；双重差分法

Abstract: The Free Trade Zone (FTZ) is a strategic platform and comprehensive experimental zone for China to further promote opening up since the implementation of reform and opening up in 1978. The Free Trade Zone emphasizes high-quality economic development driven by industrial transformation and upgrading. Improving the efficiency of capital allocation is not only an important path for high-quality economic development, but also a precondition that cannot be ignored. However, over the past 40 years of reform and opening up, while China has achieved sustained and rapid economic growth, it has also been accompanied by more serious capital mismatches. Correcting capital misallocation and improving the efficiency of capital allocation are the potential for maintaining medium-to-high-speed growth after China's economy enters the new normal. As far as the cause of capital mismatch is concerned, existing studies generally attribute it to excessive government intervention and low level of factor marketization. Since institutional distortions caused by excessive government intervention are an important cause of capital misallocation and loss of capital allocation efficiency, China’s Free Trade Zone reform experiment initiated in 2013 involves market-oriented reform and institutional innovation in government functions, legal system, finance, trade and investment, which will help to give play to the decisive role of market mechanisms in the allocation of factors, thereby enhancing the market liquidity of capital and other production factors, promoting the improvement of capital allocation efficiency and high-quality economic development.

Key words: Free Trade Zone; capital mismatch; industrial agglomeration; DID model

中图分类号:

C812

王亚飞, 廖甍, 陶文清. 自由贸易试验区设立能矫正资本错配吗？——兼论产业集聚的调节效应[J]. 中国管理科学, 2022, 30(9): 71-81.

WANG Ya-fei, LIAO Meng, TAO Wen-qing. Can Pilot Free Trade Areas’ Setup Rectify a Capital Misallocation in China with Moderating Effects of Industrial Agglomeration?[J]. Chinese Journal of Management Science, 2022, 30(9): 71-81.

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自由贸易试验区设立能矫正资本错配吗？——兼论产业集聚的调节效应

Can Pilot Free Trade Areas’ Setup Rectify a Capital Misallocation in China with Moderating Effects of Industrial Agglomeration?

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