| China’s economy has experienced several decades of rapid development and has made remarkable achievements.China is the world’s largest industrial countries,is also the only one with the world industry classification of all kinds of industrial countries,but the progress of the industry in our country,is facing the threat of other countries "their","broken" in the industry of risks,especially the chip,the engine,the material,the nc machine tools,software and other related fields is short board,We rely on foreign countries for some key components and equipment.In particular,we have too little knowledge of zero-to-one technologies.To solve the problem of "their" problem in our country has had the significant deployment,as the core of the micro market innovation main body,enterprises can implement on the key technologies from zero to a breakthrough innovation to solve the key problem of the core technology of others,reduce the risk of industry chain "broken" has played a vital role.The establishment of the free trade Zone is an important strategy launched by the CPC Central Committee in order to find new economic growth points under the new situation.The institutional innovation of the free trade zone promotes the agglomeration of a series of innovative elements such as capital,technology and human resources in the free trade zone.Whether the dividend of various policies can help enterprises achieve breakthrough innovation ?Based on this,on the basis of sorting out the policy effects of the free trade zone and relevant theories of breakthrough innovation,this paper regarded the establishment of the free trade zone as A quasi-natural event and collected relevant data from 2009 to 2020 of a-share listed companies in cities(municipalities directly under the Central Government)with the establishment of the free trade zone.The influence of the establishment of the first three batches of free trade zones on the breakthrough innovation of listed companies registered in the zone was explored by using the multi-stage differential difference model,and the relevant mechanism was analyzed.Specific empirical analysis shows that :(1)the construction of the free trade zone can significantly promote the radical innovation of listed companies registered in the zone,and the results are proved to be robust by changing the outcome variables,psm-did,parallel trend test,placebo test and Bacon decomposition.(2)The institutional innovation of the free Trade Zone alleviates the financing constraints faced by enterprises in the zone,promotes the output of industry-university-research cooperation and the agglomeration of breakthrough innovative human capital,and provides a guarantee for enterprises to carry out breakthrough innovation;(3)For enterprises with different property rights,different enterprise sizes and "specialized and special new" list,the impact of free trade zones on their radical innovation is different to some extent,and the impact of different batches of free trade zones and different geographical locations of free trade zones on the radical innovation of enterprises in the zone is also different.(4)FDI level has a significant moderating effect on the radical innovation of enterprises influenced by the free trade Zone.Finally,combined with China’s national conditions and economic environment,we put forward corresponding policy suggestions based on the empirical results.The policy of the free trade zone does play a good role in promoting enterprises to achieve breakthrough innovation,but the free trade zone needs to formulate more effective measures to solve the problem of financing difficulties of enterprises.For state-owned enterprises in the FREE trade zone,we should strengthen and deepen the reform of state-owned enterprises,actively embrace the new opening concept of "going global",and adapt to the dynamic innovation environment brought by the bonus of the free trade zone system with a more flexible attitude.Each free trade zone should formulate policies conducive to the introduction of high-quality talents according to different conditions.The government should pay more attention to the construction of the rule of law,improve the patent law and other relevant laws,so as to eliminate the worries of enterprises in r&d activities.At the same time,we should continue to draw closer to the level of international development,accelerate the development of free trade zones,and encourage inland free trade zones to learn from the mature experience of coastal free trade zones in opening up. |
