电商平台搭建能否拉动企业创新投资？——基于我国跨境电商试点的准自然实验

Can the Construction of E-Commerce Platforms Drive Enterprise Innovation Investment?—A Quasi Natural Experiment Based on China’s Cross-Border E-Commerce Pilot Program

摘要: 跨境电商在当今时代国际贸易中扮演着日益重要的角色，已成为中国对外贸易的新引擎，为企业创新投资带来了机遇。本文采用多时点双重差分模型，选取中国沪深A股上市公司2010~2022年数据，分析评估了跨境电商综合试验区的设立对企业创新投资的影响。研究表明跨境电商试点显著增加了试点区内企业研发投入量，通过回归分析为企业了解了相关约束条件，结论通过安慰剂检验等一系列检验。此外实证分析结果证实，除跨境电商试点之外企业创新投资还受到净资产收益率，企业规模、现金收入水平等经济指标的影响。本文为数字经济、国际贸易新时代背景下中国跨境电商行业提升创新能力，高质量发展、国际化发展提供了战略性选择和政策建议。

Abstract: Cross border e-commerce plays an increasingly important role in international trade in today’s era, and has become a new engine of China’s foreign trade, bringing opportunities for innovative investment by enterprises. This article adopts a multi time point difference-in-differences model and selects data from Chinese A-share listed companies in Shanghai and Shenzhen from 2010 to 2022 to analyze and evaluate the impact of the establishment of cross-border e-commerce comprehensive pilot zones on corporate innovation investment. Research has shown that cross-border e-commerce pilot projects have significantly increased the R&D investment of enterprises in the pilot area. Regression analysis has helped enterprises understand the relevant constraints, and the conclusion has been tested through a series of tests such as placebo. In addition, empirical analysis results confirm that in addition to cross-border e-commerce pilot projects, enterprise innovation investment is also influenced by economic indicators such as return on equity, enterprise size, and cash income level. This article provides strategic choices and policy recommendations for enhancing innovation capabilities, high-quality development, and international development of China’s cross-border e-commerce industry in the context of the new era of digital economy and international trade.