In response to the international financial crisis, China's actual utilization of foreign capital experienced a significant decline in 2009, followed by a rapid rebound that surpassed previous levels. This paper investigates the impact of the four-trillion-yuan stimulus package implemented by the Chinese government in 2008 on the dynamics of foreign investment. Our findings indicate that growth pressures drive local governments to actively utilize stimulus plans, thereby facilitating the entry of foreign firms. Mechanism tests reveal that the economic stimulus plan significantly encourages foreign entry through industrial land grants, while reductions in financing costs and tax incentives also play crucial roles. Furthermore, this study examines the heterogeneous effects of the economic stimulus plan on foreign firm entry, revealing a more pronounced impact on foreign investment from Hong Kong, Macao, and Taiwan (HMT FDI), as well as on foreign investment in coastal areas. This research offers a novel explanation for the dynamics of foreign investment in China from a macroeconomic policy perspective and contributes to the literature by evaluating the effectiveness of the economic stimulus package's implementation.

This paper integrates trade policy and foreign direct investment into a unified analytical framework, and investigates the effects of input trade liberalization on the entry of foreign firms. To identify the causal effects, we utilize China's accession to the WTO in 2001 as a quasi-natural experiment, and perform difference-in-difference estimation. The results show that input trade liberalization significantly increases foreign entry. We also find that input trade liberalization not only promotes the entry of new foreign firms, but also restrains the exit of existing foreign firms, thereby contributing to the net growth of the number of foreign firms. The mechanism tests show that increasing variety as well as quality of intermediate input and reduction in marginal cost are the potential channels through which input trade liberalization promotes foreign entry. This paper further demonstrates that institutional environment strengths the positive effect of input trade liberalization on foreign entry, and the promotive effect of input trade liberalization on foreign entry increases with industry import intensity, additionally, input trade liberalization is also conducive to improving the quality of foreign investment.

This paper was one of the first to explore the impact of trade policy uncertainty (TPU) reduction on Chinese firm capacity utilisation rate from the perspective of trade policy variation. Based on a quasi-natural experiment of the implementation of Permanent Normal Trade Relation (PNTR) after China's WTO accession, this paper adopts the difference-in-difference (DID) method to conduct empirical analysis, and finds that reduction in TPU significantly raises firm capacity utilisation rate. The mechanism tests show that export expansion is an important channel through which reduction in TPU raises firm capacity utilisation rate, especially for firms exporting to the United States; reduction in TPU also raises firm capacity utilisation rate through the improvement of production efficiency; in addition, reduction in TPU raises firm capacity utilisation rate along the downstream linkages, whereas the effect of the upstream linkages is insignificant. Finally, this paper takes a step further to conduct empirical analysis at industry level, the results show that reduction in TPU also significantly raises manufacturing aggregate capacity utilisation rate, and the improvement of resource reallocation efficiency (especially the exit of the firms with backward production capacity) plays an important role. Our study was helpful to understand the driving forces of the changes in Chinese manufacturing capacity utilisation rate in recent years, and it also provides new ideas for solving over-capacity.

This paper investigates the effects of zombie firms on Chinese manufacturing capacity utilization rate (CUR hereafter) from the perspectives of both the intra-industry and supply chain propagation. The results show that zombie firms not only significantly reduce the CUR of healthy firms in the same industry, but also inhibit the increase of CUR through the supply chain propagation. Specifically, if the supply chain propagation effect is not considered, the inhibitory effect of intra-industry zombie firms on the healthy firms' CUR would be overestimated on one hand, and the overall inhibitory effect of zombie firms on CUR would be underestimated on the other hand. The heterogeneity analysis demonstrates that the inhibitory effect of zombie firms on CUR is more pronounced for private firms, the firms in the industries with higher external financing dependence and the firms in the areas with a poorer institutional environment. In addition, this paper further studies the relationship among zombie firms, resource misallocation and the manufacturing aggregate CUR at the industry level, and finds that both intra-industry and upstream (downstream) zombie firms have significant inhibitory effects on the growth of manufacturing aggregate CUR. However, there are differences in the ways of influence that, specifically, the upstream (downstream) zombie firms inhibit manufacturing aggregate CUR growth mainly through the within-firm effect, while the intra-industry zombie firms are more likely to restrain manufacturing aggregate CUR growth through resource misallocation. Our study contributes to a profound understanding of the causes of overcapacity in a large transition economy and also expands the research perspective of assessing the economic effects of zombie firms.

This paper examines how input trade liberalization affects manufacturing employment adjustment using highly disaggregated Chinese firm-level data. Employing a difference-in-differences estimation strategy, we find that input trade liberalization promotes firm net job growth along both the channels of increasing job creation and reducing job destruction. In addition, we explore the employment response to input trade liberalization of firms that are heterogeneous along two dimensions, i.e., initial relative productivity and import status. In particular, input trade liberalization leads to job destruction in the least productive firms, job creation in more productive firms and increases the exiting likelihood of the least productive firms; and the impact of input trade liberalization on job flows is more pronounced for importing firms than that for non-importers. We also find strong evidence that a good institutional environment strengthens the effects of input trade liberalization on both of the intensive and extensive margin of employment adjustment. As an extension, this paper further demonstrates that input trade liberalization promotes industrial productivity growth significantly, and the improvement of the job reallocation efficiency is one of the important channels.

在新发展格局背景下,数字化赋能外贸发展成为实现高质量国际循环的关键抓手.文章采用2007～2016年中国上市公司数据和中国海关数据的合并样本,系统研究了数字化转型在企业进口贸易中的作用.研究发现,数字化转型显著扩大了企业进口规模,促进了企业进口产品质量的提升.异质性分析发现,数字化转型对企业进口的影响会因企业所有制、企业所在地区、贸易方式以及产品类型的不同而不同;作用渠道方面,数字化转型主要通过融资约束缓解效应和生产率提升效应促进企业进口增量提质,并且数字化转型同时通过扩展边际与集约边际的渠道促进了企业进口产品质量提升;拓展分析发现,数字化转型促进了企业进口可能性和进口产品种类的增加,并且数字普惠金融的发展在数字化转型影响企业进口中发挥了积极的调节作用.文章拓展了企业进口行为影响因素的研究视角,对于推动中国数字经济与进口贸易融合发展具有较强的现实意义.

本文基于2012-2016年北京大学数字普惠金融指数、全国工商企业注册数据库以及海关进出口贸易数据库的合并样本,深入考察了数字普惠金融对企业进口贸易的影响及其作用机制.研究表明,数字普惠金融通过缓解企业融资约束,推动了企业进口贸易的规模扩大和质量提升,并且其覆盖广度在其中发挥了主导作用.异质性分析表明,数字普惠金融对民营企业、小规模企业以及一般贸易企业进口的增量提质效应更大;就企业进口产品类型而言,数字普惠金融对资本品进口企业的积极影响大于中间品进口企业和消费品进口企业.拓展分析发现,数字普惠金融显著提高了当地企业进口的可能性,丰富了企业的进口产品种类,并且有利于推动我国企业参与间接性进口.

随着全球价值链(GVC)分工的不断深化,挖掘企业GVC升级在外资并购影响制造业企业出 口绩效中的作用对中国出口贸易高质量发展具有重要意义.基于制造业微观企业数据,采用倍差法系统考察了外资并购对企业出口绩效的影响及作用机制.研究发现,外资并购显著促进了企业出口规模的扩大和出口技术复杂度的提升,并且上述作用随着外资持股比例的提高而增强,就不同所有制企业而言,外资并购对民营被并购企业出口绩效的积极效应更为显著.进一步的机制检验表明,企业GVC分工地位的提升是外资并购影响企业出口绩效的重要途径;从GVC嵌入的方式而言,外资并购通过加快企业的GVC上游嵌入,降低企业的GVC下游嵌入显著促进了企业的出口增长和质量提升.

文章基于2003～2013年中国工业企业数据和283个地级市房价数据匹配得到的微观数据库,实证考察房价上涨是否导致外资企业撤离中国.研究结果表明,房价上涨显著提高了外资企业撤离中国的概率,其中,房价上涨对来自发达国家的外资企业、出口导向型外资企业、外商独资企业、绿地投资企业以及东部沿海地区外资企业撤离中国的推动作用更大.研究还发现,劳动力成本效应是房价上涨推动外资企业撤离的主要渠道,且房价上涨通过助推低效率企业退出中国提高了所在地区-行业的资源配置效率.总体而言,虽然房价上涨导致了外资企业撤离,但通过倒逼机制提升了资源再配置效率,对中国经济高质量发展具有积极影响.

本文基于企业微观数据,以2003年国资委成立作为准自然实验,使用倍差法考察国资委成立带来的外部监管增强对僵尸企业形成的影响.研究结果发现,外部监管显著抑制了僵尸企业的形成,且这一结论通过多种稳健性检验.进一步的机制检验结果显示,外部监管通过提高企业资产收益率、生产效率、创新能力和实际利息支付抑制了僵尸企业的形成;从动态视角看,外部监管通过抑制新僵尸企业的形成、促进现有僵尸企业的退出和复活减少了国有僵尸企业;外部监管通过提高国企改制成效进一步抑制了僵尸企业的形成.外部监管对低竞争程度行业、上游行业和东中部地区国有企业僵尸化的抑制作用更大.外部监管通过抑制僵尸企业的形成改善了企业间的资源再配置效应,从而提高了行业资源配置效率.本文的研究结论对如何通过非市场方式处置国有僵尸企业具有一定的启示,政府应继续加强对国有企业的外部监管,搞活国有经济,促进国有僵尸企业的出清.

在推进污染防治攻坚战的背景下,挖掘政府补贴对工业企业污染减排的作用对于中国加快发展方式绿色转型和产业高质量发展具有重要意义.基于中国工业企业微观数据,系统评估了政府补贴对企业污染排放的影响效应及作用机制.研究发现:政府补贴显著降低了企业的污染排放强度,并且这一作用在东部和西部地区较为明显,而在中部地区并不显著;另外,政府补贴对国有企业和民营企业污染排放的抑制效应更为突出.进一步的机制检验表明,创新效应、规模效应和政府监管效应是政府补贴影响企业污染排放的重要途径.拓展分析发现:政府补贴的污染减排效应并不具有持续性,只有当补贴强度保持在一定的适度区间时,才能对企业污染减排发挥作用;另外,政府补贴通过降低企业的污染排放强度最终能够促进企业生产率的提升,证实了政府补贴污染减排效应对企业高质量发展的推动作用.研究对于今后如何设计政府政策以降低企业污染排放和建立健全环境治理体系具有一定的参考价值.

本文基于2000-2013年中国工业企业数据库、中国工业企业污染排放数据库和世界投入产出表匹配数据,考察制造业服务化对企业污染排放行为的影响.研究发现,制造业服务化显著降低了中国企业污染排放强度,且不同分组样本对应的检验结果存在异质性.影响渠道检验表明,制造业服务化一方面通过增加企业减排设备投资和提高企业污染处理能力产生污染减排效应从而减少企业污染排放强度,另一方面则通过有偏技术进步对企业排放行为产生影响.最后,优化国内制度环境和提高服务业开放强度是发挥制造业服务化环境效应的重要战略.本文对实现制造业强国建设与污染防治双赢局面具有重要的政策启示作用.

近年来中国出口企业遭遇的反倾销调查越发严重,基于此,本文将反倾销纳人多产品出口企业的分析框架,采用倍差法全面考察了遭遇反倾销对中国多产品企业出口及生产率的影响,主要得到以下结论:遭遇反倾销显著减少了多产品企业的出口数量和出口产品种类,提高了多产品企业的出口价格、出口产品集中度和出口市场多元化,且该效应受到企业全球价值链上游嵌入度、下游嵌入度以及地位指数的制约;异质性分析表明,民营企业会通过集中核心优势出口核心产品、放弃边缘产品出口的方式来应对国外的反倾销诉讼,而遭遇反倾销对国有企业的影响较小.在贸易方式方面,遭遇反倾销对企业出口的消极影响会随着加工贸易比例的提高而增强.最后,通过构造企业层面的产品竞争力指数,我们发现尽管遭遇反倾销总体上不利于企业的出口增长,但也可在一定程度上促进企业出口产品组合向其更具竞争优势的核心产品转变,从而加速多产品企业内部出口产品间的优胜劣汰.

近年来,互联网的迅速发展深刻改变了企业的生产和经营方式,本文使用微观企业数据深入考察了互联网对中国制造业企业风险承担水平的作用效果及影响机制.研究发现,互联网通过成本节约效应和效率提升效应显著提高了制造业企业的风险承担水平;互联网对企业风险承担水平的作用效果受到企业规模、技术水平、所有制以及出口状态等因素的制约,其作用在大规模企业、高效率企业、民营企业和出口企业中更为显著;互联网通过提升企业的风险承担水平显著提高了制造业行业资源配置效率,其具体体现在促进各地区行业内高效率企业的进入、加速低效率企业的退出、修正"不对称竞争"现象以及缓解市场分割等方面.本文研究对于数字经济时代制造业企业竞争力的增强具有一定的现实意义.

基于资源配置视角,本文就国有企业改制和企业市场存活之间的关系进行研究.结果 发现,国有企业改制显著提升了企业的市场存活概率.机制检验表明,国有企业改制会通过劳动效率提升效应延长企业存续时间,也会通过融资约束效应抑制企业市场存活.异质性分析表明,改制后类型为外资的企业比为民营的企业市场存活的概率更大;在制度环境好的地区进行改制企业市场经营时间更长;所属为技术密集型行业的企业改制后退出市场的风险率要明显低于资本和劳动密集型行业.此外,研究发现金融发展有利于缓解融资约束对企业市场存活的抑制作用.

Using a newly built soft power index, we examine whether and how soft power affects Chinese firm-level export to the Belt and Road (B&R) countries from 2000 to 2016. We find that soft power has significantly positive effects on both export value and export product types for the B&R countries. These effects are more pronounced than those for non-B&R countries and differ not only between the "Belt" and the "Road" countries but also regional groups, firm ownerships, modes of trade, and sectors. Further analysis shows that soft power increases the intensive margin of exports by approximately three times that of the extensive margin. Thus, our findings provide a new perspective for understanding both the Belt and Road Initiative (BRI) and the contemporary economic evolution occurring in China.

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">进口企业的职工工资直接关系到企业员工的民生福祉和劳动力市场的就业稳定性。本文基于中国制造业微观企业数据,就进口贸易对企业职工收入的影响进行深入考察,结果表明:（1）进口有利于提高企业职工的平均工资水平,不过这种正向的"工资提升"效应在长期不具有持续性。（2）中介效应检验表明,进口通过竞争效应和激励效应作用于企业的工资水平。进一步使用倍差法、工具变量法等的估计结果也证实了上述结论的稳健性。（3）进口对企业工资水平的影响因企业所有制、是否出口、进口产品类型以及进口来源国的不同而具有显著的异质性。（4）引入劳动收入份额的分析表明,进口显著降低了企业的劳动收入份额。具体地,进口的"生产率提升效应"影响超过了"工资提升效应"影响。</span>

本文以2005年中国国家知识产权战略制定工作领导小组的成立作为准自然实验,采用倍差法,系统地考察了知识产权战略对企业出口产品质量的影响.研究发现:知识产权战略显著促进了企业出口产品质量的提升,并且具有稳健性.机制检验证实了自主创新激励效应和知识资源引进扩张效应在知识产权战略影响企业出口产品质量中的作用.进一步的异质性分析表明,知识产权战略对企业出口产品质量的影响因企业全球价值链嵌入程度、行业竞争程度以及行业知识产权密集类型的不同而存在差异.最后,知识产权战略加速了出口低质量产品的企业退出出口市场,但有利于出口高质量产品企业的存活.本文验证了国家知识产权战略对企业出口产品质量的积极影响,对于中国继续实施和完善知识产权战略以促进出口升级和实现高质量发展具有重要的政策含义.

本文基于中国工业企业数据库和海关数据库的匹配数据,从微观制造业企业的视角,实证分析了美国货币政策变动对中国进口贸易的影响和制约因素,研究结果表明:美国货币政策扩张通过国际利率联动机制引致的融资约束缓解效应,对中国制造业企业进口贸易产生了较强的传递效应;异质性分析表明,美国货币政策变动对企业进口行为的影响,因企业生产率、利润率、所有制、是否出口、进口产品类型以及进口来源国(地区)的不同而具有显著的异质性;美国货币政策变动对中国制造业企业进口贸易的影响受到企业金融脆弱性和全球价值链嵌入状况以及中国货币政策独立性、金融美元化程度、金融市场发展水平等因素的制约.

工业结构升级是实现中国工业向全球产业链价值链中高端攀升以及工业经济高质量发展的主要路径,但过度攀升的房价与扭曲的要素市场对中国工业结构升级存在不利影响.使用中国工业企业数据库微观企业数据,利用中国土地政策变化形成的外部冲击构建的变量,实证检验了房价与要素市场扭曲对工业结构升级的影响效果与作用机制,研究发现:房价上涨通过影响工资和技术创新方式提高企业的要素总扭曲程度,但房价对要素市场扭曲的影响效果在不同类别企业间存在显著差异;企业工资水平、要素投入比例与技术创新通过房价上涨导致要素市场扭曲,但并不是房价影响要素市场扭曲的完全中介;仅在房价相对过高的地区,要素市场扭曲才对工业结构升级产生显著抑制作用,说明房价过高导致要素市场扭曲,而要素市场扭曲是制约中国工业结构升级的因素之一.这一实证研究结果对于中国房地产产业发展、要素市场改革与工业结构高质量发展均具有重要的参考意义.