| In the new situation of deepening global regional conflicts and slowing world economic growth,in order to adapt to the challenges of global diversification and meet the current development needs of China,China should firmly follow the path of characteristics and become a driving force in the process of economic internationalization.The establishment of China’s pilot free trade zone is a major decision for China to expand its opening up and deepen the reform of its economic system.In recent years,in the process of market-oriented construction in China,there has been a massive influx of capital into the virtual economy.Relying on financial investment to obtain profits has become a more important business model for physical enterprises,resulting in a decrease in industrial investment.If we do not properly regulate the degree of financial liberalization in China,it will be detrimental to the healthy development of the real economy and the steady growth of our economy.The establishment of free trade zones,as a pioneer of institutional innovation in China,can affect the development of enterprises in the region to a certain extent.This raises the question: Will the establishment of a free trade zone promote corporate entity investment? If so,what is the corresponding action path? Therefore,To this end,this paper will focus on the impact of FTZ construction on corporate entity investment and examine the corresponding regulatory effects.This article first sorts out the concepts and research literature related to free trade pilot zones and corporate entity investment.On this basis,from the perspectives of financing constraints and R&D investment,this paper discusses the impact mechanism of the construction of free trade zones on the investment level of enterprises in the region,laying a theoretical foundation for empirical research in the following text;Secondly,this article empirically tests the path of the impact of free trade zones on corporate entity investment.Taking listed companies from 2008 to2021 as the key research object,this paper uses a staggered DID model to test the policy effect of the construction of free trade zones on corporate entity investment.At the same time,in order to solve the inherent shortcomings of the staggered DID method,methods such as the propensity matching score method were introduced for robustness testing;Finally,this article explores the heterogeneous impact of free trade zones and corporate entity investment from the perspective of location and corporate property rights differences.The results show that the construction of free trade zones can significantly improve the level of corporate entity investment;In addition,after the establishment of the Free Trade Zone,there are two main ways to promote corporate entity investment:alleviating financing constraints to address corporate capital needs and increasing research and development investment to improve business performance;After that,this article examines the heterogeneity of the investment mechanism between free trade zones and corporate entities from the perspective of regional heterogeneity and corporate property heterogeneity.Among them,listed companies in the Eastern Free Trade Zone are more affected than those in the Midwestern Free Trade Zone,and the promotion effect of the establishment of the Free Trade Zone on corporate entity investment is more obvious among state-owned enterprises with discrimination;Finally,according to the research results of this paper,corresponding policy suggestions are put forward for the development of government departments and listed companies.The government should actively promote the quality and capacity expansion of the free trade zone,improve the institutional construction within the zone,and implement policies that conform to local development according to local conditions;Enterprises should make full use of the free trade zone system dividend to promote their sustainable development,and establish information databases to improve management efficiency. |
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