顾振华:上海商学院商务经济学院讲师,经济学博士。研究方向:国际贸易学,商务经济学。
F743/F427
本文受上海市教育委员会和上海市教育发展基金会晨光计划“中国各行业非关税壁垒指标的量化计算”(项目编号: 17CG65)和上海高校青年教师培养资助计划“人力资本、技术创新与贸易模式升级”( 项目编号: 17-14999-1411 )的资助。
全面提升制造业发展水平,打造国内先进制造业聚集区是长三角区域一体化战略的重要组成部分,而国际进口博览会则是推进此战略并推动形成国内国际双循环相互促进新发展格局的重要平台。为了探究这类重大会议的召开对区域内微观制造业企业价值的持续影响,本文以平台经济理论为基础,利用2017年第四季度至2019年第三季度2087家国内制造业上市公司的数据,通过PSM+DID方法进行实证研究。结果表明:首先,国际进口博览会的召开显著促进了江浙沪地区制造业上市公司的企业价值,且该促进作用在非国有企业中更加突出,具有一定的持续性,在进博会召开的当季和召开后的第三季度最为显著;其次,上市公司的个股投资回报率和现金流量分别是短期和长期内传导促进作用的主要中介。
The comprehensive promotion of the level of manufacturing development and the creation of acluster of domestic advanced manufacturing industries is an important part of the Yangtze River Delta regionalintegration strategy, and the International Import Expo is an important platform for advancing this strategy.In order to explore the continuing impact of the such major conferences on micro manufacturing companies'value in the region, based on platform economics, the paper uses the data of 2,087 domestic manufacturinglisted companies from the fourth quarter of 2017 to the third quarter of 2019 to conduct empirical study byPSM + DID method. The results show that: First, the holding of the International Import Expo will significantlypromote the corporate value of manufacturing listed companies in the Jiangsu, Zhejiang and Shanghai regions;Second, this promotion will be more prominent in non-state-owned enterprises, and has a degree of continuity,in which instant quarter and the third quarter were the most significant; Finally, the return on investment andcash flow of listed companies' individual stocks were the main intermediaries for the promotion of short-termand long-term transmission, respectively.
顾振华.中国国际进口博览会与长三角区域一体化高质量发展——基于江浙沪制造业上市公司季度数据的实证研究*[J].上海对外经贸大学学报,2020,(5):101-114.
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