Research On The Impact Of The Establishment Of Free Trade Pilot Zones On Corporate Financializatio

The construction of pilot free trade zones(hereinafter referred to as pilot free trade zones)is a strategic measure taken by the Party Central Committee and the State Council to comprehensively deepen reform and expand opening up under the new situation.The pilot free trade zone mainly focuses on trade liberalization and facilitation,investment liberalization and facilitation,financial services,real economy,government function transformation and other aspects of institutional innovation,so as to release institutional dividends and opening dividends,and form replicable and replicable pilot experience.The pilot free trade zone has created a good investment environment for enterprises,eased their financing constraints,attracted a large number of talents,and brought vitality to the development of enterprises.Under the background of the increasingly serious "dematerialization to virtuality" of China’s real economy,it is of important theoretical and practical significance to explore whether the construction of the pilot free trade zone can promote enterprises to "get rid of the virtual to the real" and promote the return of enterprises to the development of the main business.This paper first sorts out the innovation system and enterprise financialization status of China’s pilot free trade zones,and secondly analyzes the impact mechanism of the establishment of pilot free trade zones on enterprise financialization from the theoretical level.Then,based on the perspective of enterprises,this paper selects the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2021,and uses the quasi-natural experiment of "establishment of pilot free trade zones" to empirically test the impact of the establishment of pilot free trade zones(DID)on the financialization of enterprises.Furthermore,the ways in which this effect plays a role are discussed from the perspectives of improving the profitability of corporate entities,alleviating corporate financing constraints,inhibiting the development of shadow banking,and mitigating corporate operational risks,and the heterogeneity of enterprises of different nature is analyzed.Finally,a series of robust tests are carried out on the empirical results.This paper finds that:(1)The establishment of the pilot free trade zone has a significant inhibitory effect on the financialization level of enterprises,and can significantly promote the development of enterprises "from virtual to real".(2)From the perspective of mechanism analysis,the establishment of pilot free trade zones can alleviate corporate financing constraints,improve the profitability of corporate entities and inhibit shadow banking activities,thereby inhibiting the level of corporate financialization.(3)From the perspective of heterogeneity analysis,the financialization effect of enterprises established in the pilot free trade zone has enterprise heterogeneity,and the suppression effect is significant in non-state-owned enterprises and enterprises with poor internal control quality.The above conclusions still hold after a series of robust tests,indicating that the conclusions of this paper are reliable.The evidence in this article indicates that the establishment of the Free Trade Pilot Zone has created a good business environment for the development of Chinese entity enterprises,enriched the influencing factors of enterprise financialization and the economic consequences of the establishment of the Free Trade Pilot Zone,and laid a solid foundation for achieving a higher level of open economy.