跨境电商改革与企业投资效率

Cross-Border E-Commerce Reform and Enterprise Investment Efficiency

摘要: 跨境电商政策激发外贸主体活力，扩大国内国际市场，已成为中国外贸高质量发展的新引擎。本文构建2011~2023年跨境电商企业面板数据，基于双重差分法探究跨境电商对企业投资效率的影响。结果显示，跨境电商能够显著抑制企业非效率投资，通过缓解融资约束和削减赋税成本，优化资本资源配置以提升企业投资效率。进一步检验表明，随着改革的进一步发展，对小规模企业和非国有企业的影响更加显著，而创新能力强的企业更能够提升投资效率。此外，跨境电商对在南方地区和非资源型城市的企业具有更加显著的积极作用。本文为推动跨境电商企业提升投资效率提供了不同视角，帮助企业做出投资决策提供了经验证据。

Abstract: Cross-border e-commerce policies have invigorated the vitality of foreign trade entities, expanded domestic and international markets, and have become a new engine for the high-quality development of China’s foreign trade. This paper constructs a panel data of cross-border e-commerce enterprises from 2011 to 2023 and explores the impact of cross-border e-commerce on enterprise investment efficiency based on the difference-in-differences method. The results show that cross-border e-commerce can significantly inhibit inefficient investment by enterprises, optimize capital resource allocation and enhance enterprise investment efficiency through alleviating financing constraints and reducing tax costs. Further tests indicate that the impact is more significant on small-scale enterprises and non-state-owned enterprises as reforms progress, and enterprises with strong innovation capabilities can enhance investment efficiency more effectively. Additionally, cross-border e-commerce has a more significant positive effect on enterprises in southern regions and non-resource-based cities. This paper provides different perspectives for promoting cross-border e-commerce enterprises to improve investment efficiency and offers empirical evidence for enterprises to make investment decisions.