【摘要】 本文以中欧班列开通为城市交通条件改善的外生冲击，利用2004—2017年的行业、企业和城市层面数据，基于双重差分法（DID）识别了中欧班列开通对外商直接投资（FDI）增长的促进效应，并分析了FDI流入布局特征。结果表明，中欧班列开通对FDI增长具有显著的正向影响，与未开通中欧班列城市相比，开通中欧班列城市的FDI会显著增长，在考虑度量误差、样本选择性、空间溢出、网络效应、其他引资政策等影响后估计结果依然稳健；中欧班列开行规模增长和对欧贸易潜力提升是该效应的促进机制；中欧班列开通对FDI增长的促进效应，在发展基础相对薄弱的中西部和多山地区、交通依赖度较高或科技创新性较强的行业、源自欧洲国家的跨国企业样本中更为显著。由此说明，中欧班列开通不仅可以促进中国FDI流入区域均衡分布和行业结构优化，而且还可以推动中国与欧洲国家之间深化经贸合作关系，这对中国构建更加均衡的对外开放格局无疑是有利的。更多还原

【Abstract】 This paper explains the exogenous impact CHINA RAILWAY Express on the improvement of urban traffic conditions. Using industrial, corporate and city level data from 2004 to 2017, it identifies the promotion effect of CRE on Foreign Direct Investment(FDI) based on the Differences-in-Differences Method(DID). In addition, it also analyzes the layout characteristics of FDI inflows. The results show that the CR Express has a significant positive impact on FDI. The estimated results are still robust after taking measurement errors, sample selectivity, spatial spillovers, network effects, and other investment policies into account. The increasing CR Express operation scale and trade potential with Europe are the promotion mechanisms for this effect. CR Express could significantly facilitate the FDI growth in 1. The central, western,and mountainous area with relatively weak development foundations, 2. Industries with higher transportation dependence or stronger technological innovation, 3. Samples of European multinational companies. CR Express is conducive to the balanced distribution of China’s FDI inflows in the region and the optimization of the industry structure. At the same time, it is also conducive to the further deepening of economic and trade cooperation between China and European countries. This provides empirical evidence of the effects of the CR Express on promoting the growth of FDI and contributing to a more balanced opening-up pattern of China.更多还原