The Influence Of The Establishment Of Free Trade Zone On The Competitiveness Of Manufacturing Listed Companies

The establishment of a free trade zone is a national strategic move.On September 29,2013,the China(Shanghai)Free Trade Zone was established.In 2014,2016 and 2019,a total of 16 free trade zones were established in Guangdong,Zhejiang,Shandong and other provinces and cities,and gradually formed.The new situation of economic opening.At the same time,the opportunities and challenges brought about by policy effects also have an impact on the competitiveness of my country’s manufacturing enterprises,such as innovation and production capacity.Now that the free trade zone has been established for seven years,can the policy dividends brought by the pilot area improve the competitiveness of my country’s manufacturing enterprises?What is the degree of improvement?How will it develop in the future?The study of these issues will also have important practical significance for my country to further promote the construction of free trade zones in the future.Based on the above research questions,this article mainly analyzes the panel data of listed manufacturing companies in my country from 2010 to 2019,and lists the first batch,second batch and third batch of manufacturing industries that have established free trade zones in provinces and cities.The company is set as the experimental group,and the rest of the listed companies that are not set as the free trade zone provinces and cities are used as the control group to study the difference between the experimental group and the control group before and after the policy The criteria for the impact of the competitiveness of listed companies in the industry.The explained variable is the competitiveness level of listed companies in the manufacturing industry,which is weighted by various basic indicators of the listed company,and adds corporate size,market power,equity checks and balances,corporate compensation,corporate debt ratio,etc.as control variables,and sets time dummy variables and The cross terms of policy dummy variables are used as explanatory variables,and the difference in differences method is used to evaluate the policy effects.At the same time,the methods of Propensity Score Matching and counterfactual testing are used to test its robustness to further reduce the endogenous problems caused by sample selection bias,and to better regard the establishment of free trade zones as A quasi-natural experiment.Through the analysis and research of the above issues,it is finally concluded that the establishment of the free trade zone has a significant positive driving effect on the competitiveness of my country’s listed manufacturing companies,and it has a more obvious driving effect on non-state-owned enterprises.Further research finds that the impact of policy effects is also gradually weakening,so continuous improvement and follow-up are still needed.In addition,a comparative analysis of the impact of non-manufacturing and manufacturing,as well as the competitiveness of listed companies in inland and coastal regions,is also carried out.It is concluded that the establishment of a free trade zone has no significant impact on the competitiveness of non-manufacturing listed companies.Compared with inland areas,the promotion effect of coastal areas is more significant.These conclusions also provide policy guidance for the development of free trade zones in other provinces and cities in the future.