自由贸易试验区的实际效果：来自影子银行活动的证据

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy Pub Date : 2025-10-02 DOI:10.1016/j.eap.2025.10.001

Juanjuan Guo , Shihao Wang , Chang Liu

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引用次数: 0

摘要

中国设立自由贸易试验区，旨在促进实体经济发展。现有的研究对自贸试验区政策对隐性金融资产即影子银行活动的实际影响的探讨不够。采用多期差分法（DID），我们研究了自贸易区政策的实施是否以及如何影响2008年至2022年非金融企业的影子银行活动。研究结果表明，影子银行活动在保税区建立后有所减少。我们将这一下降归因于主营业务投资增加、信贷错配缓解和信息关注度提高。在实行行政报告制度的保税区、严重依赖外部融资的企业以及银行与企业之间联系较弱的企业中，负面影响更为明显。总体而言，本文通过提供从秘密融资转向实体部门经济活动的经验证据，扩展了关于自贸区和影子银行的文献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The real effect of pilot free trade zones: Evidence from shadow banking activities

China established the Pilot Free Trade Zones (PFTZs) with the aim of promoting the real economy. Existing research has insufficiently explored the real effect of PFTZ policy on implicit financial assets, namely shadow banking activities. Using a multi-period Difference-in-Differences (DID) approach, we investigate whether and how the implementation of PFTZ policy affects the shadow banking activities of non-financial firms from 2008 to 2022. Our results indicate that shadow banking activities decrease following the establishment of the PFTZs. We attribute this reduction to increased main business investments, alleviated credit mismatches, and improved information attention. The negative effect is more pronounced in PFTZs with an administrative reporting system, among firms heavily reliant on external financing, and where bank-firm connections are weaker. Overall, this paper extends the literature on PFTZs and shadow banking by providing empirical evidence of a shift from covert financing to real-sector economic activities.

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来源期刊

Economic Analysis and Policy ECONOMICS-

CiteScore

9.80

自引率

9.20%

发文量

231

审稿时长

93 days

期刊介绍： Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.