Institutional Environment Change and Enterprise Technological Progress: A Quasi-natural Experiment Based on China’s Pilot Free Trade Zones
DONG Qichen1, XU Chenxi2, XU Jiangbo2
1. School of Accountancy,Beijing Wuzi University,Beijing 101149, China; 2. School of Accountancy,Capital University of Economics and Business,Beijing 100070, China
Abstract This paper constructs a theoretical model to describe the impact of institutional environment changes brought about by free trade zone policies on the technological level of enterprises. Based on the data of listed companies from 2009 to 2019, the multi-period DID was used to empirically test the impact of the establishment of free trade zone on the technological progress of enterprises. The results show that the establishment of free trade zone can significantly improve the total factor productivity of enterprises, and the policy effect is more obvious in the key industries supported by free trade zone and enterprises in coastal areas. Further analysis shows that free trade zone increases enterprises’ ability to discover, acquire, transform and apply advanced knowledge, which strengthens the role of absorptive capacity in promoting enterprises’ technological progress; At the same time, the promotion effect of free trade zone policies on technological progress of enterprises also has a spatial spillover effect, which drives the technological progress of enterprises in surrounding areas. The policy of free trade area can help enterprises “introduce” advanced technology, make full use of both domestic and foreign resources and markets, and promote enterprises to absorb highly skilled talents. The construction of new development pattern should pay attention to the effective application of the policy of free trade area.
2023, Vol. 40 
