建立内陆自贸区是中国自贸区战略的重要组成部分，有助于构建我国全方位、多层次的对外开放格局。本文研究内陆自贸区的设立对外资利用的影响，使用2013-2021年中国4个直辖市和287个地级市的面板数据，以第三批自贸区的12个内陆城市为实验组进行准自然实验。为了解决样本选择性偏差带来的内生性问题，本文采用倾向得分匹配-双重差分法（PSM-DID）进行估计。基准回归结果表明，设立内陆自贸区的城市其实际利用外资额相对未设立内陆自贸区的城市增加了93.6%。在稳健性检验部分，采用更换PSM匹配方式、剔除直辖市样本及安慰剂检验的方式证明了研究结论的稳健性。在对比分析部分，研究结果表明内陆自贸区对外商投资的促进作用大于同期的沿海自贸区。进一步探究得出，内陆自贸区的设立在对所在城市产生外资创造效应的同时，也对周围城市产生了负向的空间溢出效应，减少了周围城市的外商直接投资。为此，本文最后提出相应的政策建议，以期能够为内陆自贸区更好地吸引外资流入、产生正向空间溢出效应建言献策。

The establishment of inland FTZs is an important part of China's FTZ strategy, which helps to build a new pattern of all-round, multi-level and wide-field opening up of China. This paper investigates the impact of the establishment of inland FTAs on foreign investment utilization, using panel data of 4 municipalities directly under the central government and 287 prefecture-level cities in China from 2013-2021, and conducting a quasi-natural experiment with 12 inland cities in the third batch of FTAs as the experimental group. To address the endogeneity problem caused by sample selectivity bias, this paper uses PSM-DID for empirical testing. The baseline regression results show that the actual amount of foreign investment utilized by cities with inland FTAs increases by 93.6% relative to cities without inland FTAs. In the robustness test, we adopt the methods of replacing PSM matching, excluding the sample of municipalities directly under the central government and placebo test for validation, and the estimation results remain robust. In the comparative analysis section, the findings indicate that the inland FTAs have a greater promotion effect on foreign investment than the coastal FTAs in the same period. Further exploration concludes that the establishment of inland FTZs has a foreign investment generating effect on the host city, it also has a negative spatial spillover effect on neighbouring cities, reducing FDI in them. To this end, the paper concludes with corresponding policy recommendations to suggest ways to better attract foreign capital inflows and generate positive spatial spillover effects in inland FTZs.