摘要当前国际经济环境复杂严峻，新冠肺炎疫情全球大流行造成经济增长乏力，
我国步入了“新发展理念+新发展格局+高质量发展”的阶段，自由贸易试验区（下
称“自贸试验区”）政策应运而生，是新形势下深化改革的重要举措。在企业生
产链中，融资环节位于顶端，企业融资效率高低影响其经营效益，因而是重要的
研究主题。自贸试验区政策措施拓宽企业融资渠道、减少企业融资限制，对提升
企业融资效率具有重要作用。
然而，政策从颁布到落地面临复杂的环境，自贸试验区政策的实施是否提高
了区内企业融资效率仍有待检验。本文以上海自贸试验区为例，首先，从理论层
面分析自贸试验区政策对企业融资效率的作用：根据融资效率的定义从企业资金
的筹集和配置视角分析自贸试验区政策对筹集、配置效率的作用；根据已有研究
及政策文件，将自贸试验区政策细分为金融支持、投资便利、跨境贸易、营商管
理及政府职能转变五类，其中前三类政策与企业融资相关性较高，而营商管理政
策、政府职能转变政策更强调对外部宏观环境及政府角色的作用，对企业融资的
直接影响较小，因此重点讨论金融支持、投资便利、跨境贸易政策对企业融资效
率的影响。其次，采用两阶段链式网络DEA 模型测度样本企业融资效率、筹集
效率和配置效率，利用文本分析法分析自贸试验区不同政策的重点内容，得到衡
量不同政策的强度变量。再次，对自贸试验区政策影响企业融资效率进行实证分
析，检验自贸试验区金融支持、投资便利、跨境贸易政策的作用效果，并通过更
换计量方法、缩小样本等方式进行稳健性检验。最后，根据实证结论提出相关政
策建议，更好发挥自贸试验区政策提升企业融资效率的作用。
本文的研究表明：（1）企业是自贸试验区政策作用的主体，自贸试验区政策
对企业融资效率的影响包括企业资金筹集和资金配置两方面；（2）自贸试验区政
策对企业融资效率具有正向影响，表现为对资金筹集效率和资金配置效率均具有
正向作用；（3）金融支持政策提高了企业融资效率、资金筹集效率及资金配置效
率，而投资便利政策侧重提升企业资金筹集效率，跨境贸易政策促进企业资金配
置效率提高。基于上述结论，本文从提高企业资金筹集效率、资金配置效两方面
提出进一步完善金融支持、投资便利及跨境贸易政策的建议。
关键词：自由贸易试验区政策；企业融资效率；资金筹集效率；资金配置效率
I
Abstract
Abstract
The environment of international economy is complex and grim currently,and the
global pandemic of COVID-19has caused economy to grow weakly.China has entered
the stage of "new development concepts +new development patterns +high-quality
development".The Pilot Free Trade Zone (PFTZ)policy came into being and is an
important measure to deepen reform under the new situation.Financing link is at the
top in the production chain of a corporate,and the corporate financing efficiency is a
crucial factor affecting its operating efficiency,thus becoming an important topic.The
PFTZ policy have played an important role in improving the corporate financing
efficiency by broadening the financing channels and reducing the restrictions on
corporate financing.
However,the policy is faced with complex environment from promulgation to
implementation.Whether the implementation of the PFTZ policy has improved the
financing efficiency of corporates in the zone remains to be tested.Taking Shanghai
PFTZ as an example,this article first analyzes the mechanism of the PFTZ policy on
the corporate financing efficiency from the theoretical level.According to the definition
of financing efficiency,analyzes the effect of the PFTZ policy on fund raising and
allocation efficiency.Then divide the policy into five categories,the financial support,
investment facilitation,cross-border trade,business management and government
function transformation in accordance with former study and the content of policy
documents.The correlation of the former three kinds of policy and financing is higher,
while business management and government function transformation policies
emphasize the role of external macro environment and government role,thus having
lower direct impact on corporate financing.Therefore,this paper focuses on the impact
of financial support,investment facilitation and cross-border trade policies on corporate
financing efficiency.Secondly,a two-stage chain network DEA model is adopted to
measure the financing efficiency,fund raising and allocation efficiency of sample
enterprises,and text analysis is used to analyze the key contents of different policies of
PFTZ,getting the variables to measure the intensity of different policies.Then conducts
an empirical analysis of the impact of the PFTZ policy on corporate financing efficiency
as a whole,and other empirical analysis of financial support,investment facilitation
and cross-border trade policy on financing efficiency.And then the robustness tests are
II
Abstract
carried out by changing empirical method and reducing sample size.Finally,based on
the empirical conclusions,relevant policy recommendations are put forward to better
play to the role of the PFTZ policy in improving the financing efficiency of enterprises.
The researches in this paper show that:a)Corporates are the main body of the
PFTZ policy,and the impact of the policy on corporate financing efficiency includes
two aspects:corporate fund raising and fund allocation.b)The PFTZ policy has a
positive impact on the corporate financing efficiency.By improving the raising
efficiency and allocation efficiency,the corporate financing efficiency is improved.c)
Financial support policy improves enterprises’financing efficiency,fund raising
efficiency and allocation efficiency,while investment facilitation policy focuses on
improving enterprises'fund raising efficiency,and cross-border trade policy promotes
enterprises'allocation efficiency.Based on the above conclusions,this paper puts
forward suggestions on further improving financial support,investment facilitation and
cross-border trade policies from two aspects of improving the efficiency of enterprise
capital raising and capital allocation.
Keywords:Pilot Free Trade Zone Policy;Corporate Financing Efficiency;Fund
Raising Efficiency;Fund Allocation Efficiency
III
目录
目录
摘要............................................................................................................................I
Abstract ........................................................................................................................II
第1章绪论..................................................................................................................1
1.1研究背景和意义.............................................................................................1
1.1.1研究背景..............................................................................................1
1.1.2研究意义..............................................................................................3
1.2研究内容、框架与方法.................................................................................4
1.2.1研究内容与框架..................................................................................4
1.2.2研究方法..............................................................................................6
1.3创新与不足之处.............................................................................................7
1.3.1可能存在的创新..................................................................................7
1.3.2存在的不足..........................................................................................8
第2章概念界定与文献综述......................................................................................9
2.1概念界定.........................................................................................................9
2.1.1自贸试验区政策..................................................................................9
2.1.2企业融资效率....................................................................................10
2.2企业融资效率的相关研究...........................................................................11
2.2.1融资效率的衡量................................................................................11
2.2.2融资效率的影响因素........................................................................12
2.2.3不同融资方式的效率比较................................................................13
2.3自贸试验区政策的相关研究.......................................................................13
2.3.1自贸试验区政策的现实意义............................................................13
2.3.2自贸试验区政策的经济效应............................................................13
2.3.3自贸试验区政策的分类....................................................................14
2.4自贸试验区政策对企业融资效率影响的相关研究...................................15
2.5文献评述.......................................................................................................16
第3章自贸试验区政策影响企业融资效率的机制分析........................................18
3.1自贸试验区政策对企业融资效率的影响...................................................18
3.2自贸试验区不同政策对企业融资效率的影响...........................................22
3.2.1金融支持政策对企业融资效率的影响............................................23
3.2.2投资便利政策对企业融资效率的影响............................................24
3.2.3跨境贸易政策对企业融资效率的影响............................................26
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