【作者】 陈浩；

【导师】 邓富华；

【作者基本信息】 西南财经大学 ， 国际商务（专业学位）， 2025， 硕士

【摘要】 二十大报告强调以高水平开放驱动经济体制改革深化,重点推进外贸与投资管理体制创新,构建新型开放制度体系。作为全球贸易新形态,跨境电商已成为驱动外贸增长、引导产业升级与资本配置优化的核心动能。国际层面,美国于2016年实施《电子商务关税法案》应对跨境贸易新趋势,中国则通过制度创新探索形成特色发展路径:自2015年设立首个跨境电商综合试验区(以下简称综试区)以来,已扩展至165个国家级综试区(截至2024年)。此类试验区通过制度供给优化形成政策洼地效应,其特有的"先行先试"机制不仅加速企业集聚,更对资本流动产生显著导向作用,实证显示其已成为制度型开放的重要实践载体。本文基于不完全竞争市场、企业内部化理论和新制度经济理论,以2009-2019年297个地级及以上城市数据结合企业层面4万多家子公司信息,运用多期DID模型实证分析发现:首先,跨境电商综试区的设立能够对企业资本流动产生影响,设立综试区后更能吸引企业资本流入,并对其稳健性进行检验并通过;其次文章通过机制分析,从企业融资约束、城市制度环境以及政府治理等三个方面继续探究作用机制,研究表明企业层面受融资约束弱的企业更愿意对综试区进行投资,城市层面地区城市制度环境更好的城市,企业更愿意进行投资,而综试区设立后政府能够通过加大投入提升城市要素禀赋从而吸引企业资本流入;从城市发展水平、地区以及企业性质来看,综试区设立上发展水平更高的城市、东部地区的资本吸引力更明显,综试区对于民营企业的政策作用更明显。根据以上结论,本文提出来以下建议:(1)优化城市制度环境,疏通企业资本流动渠道;(2)打造数字基建新基建,提升资本流动效率;(3)实施差异化资本配置战略,激活区域资本流动活力。更多还原

【Abstract】 The 20th report emphasized the deepening of economic system reform driven by high-level opening up,focusing on promoting innovation in foreign trade and investment management systems and building a new type of open system.As a new form of global trade,cross-border e-commerce has become the core kinetic energy to drive foreign trade growth,guide industrial upgrading and optimize capital allocation.At the international level,the United States implemented the E-Commerce Tariff Act in 2016 to respond to the new trend of cross-border trade,while China has explored the formation of a distinctive development path through institutional innovation:since the establishment of the first comprehensive cross-border e-commerce pilot zone(hereinafter referred to as the comprehensive pilot zone)in 2015,it has been expanded to 165 national-level comprehensive pilot zones(as of 2024).These zones have formed policy pockets by optimizing institutional supply,and their unique“early and pilot implementation”mechanism not only accelerates enterprise agglomeration,but also has a significant guiding effect on capital flows,which empirically shows that they have become an important practical carrier of institutionalized opening.Therefore,based on the imperfectly competitive market,enterprise internalization theory and new institutional economic theory,this paper takes the data of 297 prefecture-level cities combined with the data of more than 40,000subsidiaries at the enterprise level in 2009-2019,and empirically analyzes using the multi-period DID model and finds that:first of all,the establishment of cross-border e-commerce comprehensive pilot zones can have an impact on the flow of capital of enterprises,and it is more capable of attracting the inflow of capital of enterprises after the establishment of the comprehensive pilot zones,and its Secondly,the article continues to explore the mechanism through mechanism analysis,from the enterprise financing constraints,urban institutional environment and urban factor endowment,etc.The study shows that enterprises with weak financing constraints at the enterprise level are more willing to invest in the comprehensive pilot zone,and enterprises are more willing to invest in the city with better urban institutional environment at the city level,while the government can improve urban factor endowment by increasing the investment after the establishment of the comprehensive pilot zone.After the establishment of the comprehensive test area,the government can attract the inflow of enterprise capital by increasing the inputs to improve the city’s factor endowment;from the perspective of the level of urban development,the region and the nature of the enterprise,the establishment of the comprehensive test area on the development of the higher level of the city,the eastern region of the capital attraction is more obvious,and the comprehensive test area of the policy for the private enterprise is more obvious.Based on the above conclusions,this paper puts forward the following suggestions:(1)optimize the urban institutional environment,dredge the enterprise capital flow channels;(2)build new digital infrastructure infrastructure,enhance the efficiency of capital flow;(3)the implementation of differentiated capital allocation strategy,activate the vitality of regional capital flow.更多还原