跨境电商综合试验区政策对企业创新影响研究

Study on the Impact of Cross-Border E-Commerce Comprehensive Pilot Zone Policies on Enterprise Innovation

摘要: 在全球数字经济加速发展与国内“双循环”战略深入推进的背景下，跨境电商已成为推动贸易数字化转型与激发企业创新的重要力量。由于2015年第一批试验区仅包含了杭州这一个城市，因此本文以2016年第二批设立的跨境电商综合试验区政策为研究对象，基于2012~2020年A股上市公司数据，采用双重差分法(DID)系统评估该政策对企业创新的影响。研究结果显示，跨境电商综合试验区政策显著提升了企业创新水平，其作用机制主要通过缓解企业融资约束实现。进一步分析表明，政策效果存在区域与企业规模异质性，对东部和中部地区以及小规模企业的创新促进效应更为突出。本研究为跨境电商政策的优化与企业创新激励提供了重要的经验证据，对推动高质量发展和构建新发展格局具有积极的政策启示意义。

Abstract: Against the background of the accelerated development of global digital economy and the in-depth promotion of the domestic “double cycle” strategy, cross-border e-commerce has become an important force to promote the digital transformation of trade and stimulate enterprise innovation. Since the first batch of pilot zones in 2015 included only one city, Hangzhou, this paper takes the policy of comprehensive cross-border e-commerce pilot zones set up in the second batch in 2016 as the research object, and based on the data of A-share listed companies in the period of 2012-2020, it adopts the double-difference-in-differences (DID) method to systematically assess the impact of this policy on enterprise innovation. The results of the study show that the comprehensive cross-border e-commerce pilot zone policy significantly enhances the level of corporate innovation, and its mechanism of action is mainly realized through alleviating corporate financing constraints. Further analysis shows that there is regional and firm size heterogeneity in the policy effect, with the innovation promotion effect more prominent in the eastern and central regions as well as for small-scale firms. This study provides important empirical evidence for the optimization of cross-border e-commerce policies and enterprise innovation incentives, and has positive policy implications for promoting high-quality development and building a new development pattern.