【摘要】 业务周期长、海外经营环境复杂等诸多融资障碍限制了跨境电商企业的长远发展。在此背景下，以2012—2021年中国A股上市跨境电商企业为研究样本，从高水平对外开放视角出发，以跨境电商综合试验区政策为准自然实验，通过构建交叠双重差分模型，实证检验该政策是否缓解了企业融资约束及其内在机制。研究发现，跨境电商综合试验区政策的推行显著纾解了企业融资约束，该结论在控制内生性问题与进行一系列稳健性检验后依然成立。机制分析表明，跨境电商综合试验区政策通过缓解企业与外部市场间的信息不对称和降低内部代理成本来发挥效应。异质性分析显示，低对外开放度、高市场化水平、高财政分权度试点城市的政策效果更为显著；在企业层面，获得更多政府补贴、机构投资者持股比例更高、管理者短视程度较低的企业受益更明显。进一步研究表明，在经济不确定性上升的背景下综试区政策发挥了有效作用，且企业在环境、社会和公司治理(ESG)三方面的良好表现对政策效应具有放大作用。研究为跨境电商综合试验区政策对企业融资约束的缓解效应提供了经验证据，对跨境电商企业把握政策利好具有重要的实践启示。更多还原

【Abstract】 Numerous financing obstacles, such as long business cycles and complex overseas operating environments, have restricted the long-term development of cross-border e-commerce enterprises.Against this backdrop, this study takes A-share listed cross-border e-commerce enterprises in China from 2012 to 2021 as the research samples.From the perspective of high-level opening-up, it employs the policy of cross-border e-commerce comprehensive pilot zones(CBEC pilot zones) as a quasi-natural experiment and constructs an overlapping difference-in-differences(DID) model to empirically test whether this policy alleviates corporate financing constraints and its underlying mechanisms.The findings indicate that the policy implementation of the CBEC pilot zones significantly alleviates corporate financing constraints, and this conclusion remains valid after addressing endogeneity issues and conducting a series of robustness tests.Mechanism analysis reveals that the policy exerts its effect by reducing information asymmetry between enterprises and external markets and lowering internal agency costs.Heterogeneity analysis shows that the effect of the policy is more pronounced in pilot cities with low opening-up levels, high urbanization levels, and high fiscal decentralization; at the enterprise level, enterprises that receive more government subsidies, have a higher proportion of institutional investor ownership, and exhibit lower managerial myopia benefit more significantly.Further research demonstrates that the CBEC pilot zone policy plays an effective role amid rising economic uncertainty, and enterprises’ good performances in environmental, social, and governance amplify the policy effect.This study provides empirical evidence for the alleviating effect of the CBEC Pilot Zone policy on corporate financing constraints and offers important practical implications for cross-border e-commerce enterprises to seize policy benefits.更多还原