The Impact Of US Negative List Model FTA On Domestic Industry Performance

In recent years,the adoption of a negative list foreign investment management model has become the mainstream trend in global foreign investment management.While striving to promote BIT negotiations with other countries,China is also constantly developing the construction of free trade zones and adjusting and improving the negative list model.In-depth study of the impact mechanism of the negative investment list system on domestic industrial development is of great significance to better implementing the negative inventory management system and serving China's new opening-up system.Under the above background,this paper chooses the United States with rich experience in implementing negative list system as the research object,and examines the impact of its negative list model FTA on domestic industry performance,and summarizes its reference to China.This paper takes the US FTA negative list text clause and the US 2002-2015 NAICS quartile industry data as the research object.On the basis of quantitatively measuring the negative list limit intensity,it sorts out the inter-period industry panel data,and the foreign capital operation performance and foreign capital.As a mediator variable,the number of firms examines the impact of FTA on domestic industry performance through two mediator variables.The study found that the US negative inventory model FTA increased the profitability of the US domestic industry.The main channels of influence are as follows:On the one hand,the negative list model FTA promotes the performance improvement of foreign-funded enterprises by increasing the inflow of foreign capital,thereby promoting the increase of the profit rate of domestic industries,which has spillover effects;on the other hand,the negative list model FTA By reducing the number of foreign-funded enterprises,the pressure on competition has been reduced,and the profit rate of the domestic industry has been increased,which has a crowding out effect.At the same time,the intensity of investment barriers has a significant adjustment effect on the impact of the negative list model FTA on domestic industry performance.The study found that the higher the negative list restriction intensity,the more the foreign business performance improves,and the more the number of foreign-funded enterprises decreases,so the more the industry profit rate increases.The above conclusions show that the trade liberalization and investment liberalization effects generated by the negative list model FTA have a significant role in promoting the improvement of domestic industrial operation performance.China will accelerate the implementation of the negative investment inventory management system and build a new open economic system.The development of domestic industry.