在发达国家普遍实施技术封锁与国内经济增长动能亟须转换的背景下,我国需要加大研发投入,加快创新成果向现实生产力的转化。因此,如何通过自贸试验区建设与市场化进程推进提升企业研发投入对于我国落实创新驱动战略,实现科技自立自强具有重大现实意义。本文先通过数理模型和典型事实推演自贸试验区建设、市场化进程与企业研发投入的关系,然后运用2012—2020年的地区和上市企业数据,通过渐进双重差分法、调节效应和机制检验模型等对此进行实证分析。研究发现,自贸试验区建设显著促进了其所在城市以及省份的企业研发投入,具有政策复制效应;市场化进程显著增强了自贸试验区建设对企业研发投入的促进作用,二者具有协同研发效应,然而,市场化进程子指标对此的调节作用却具有显著的异质性;自贸试验区与市场化进程协同推进能够显著降低地区资本错配和提升企业外向国际化,但不能降低地区劳动错配。本文结论有利于从市场化进程角度进一步提升自贸试验区企业研发投入效应,同时也为打造自贸试验区成为我国高质量发展示范区提供一定的政策启示。

In the context of technology blockade in developed countries and the urgent need to change the momentum of domestic economic growth, China needs to increase R&D investment to speed up the transformation of innovation achievements into real productive forces. Therefore, how to increase corporate R&D investment through free trade zone (FTZ) construction and marketability process promotion is of great practical significance for China to implement the innovation-driven strategy and realize the self-reliance of science and technology. Based on mathematical models and typical facts, this paper first deduced the theoretical relationship between FTZ construction, marketability process and corporate R&D investment, then used the data from 2012 to 2020 at the regional and listed company levels, and made an empirical analysis through the time-varying difference-in-differences (DID) model, the modulating effect test model and the mechanism test model. It was found that FTZ construction can significantly promote corporate R&D investment, not only in the cities, but also in the provincial-level regions, and it has policy replication effect. Marketability process has significantly enhanced the promotion effect of FTZ construction on corporate R&D investment, and the two have synergistic R&D effect. However, there is significant heterogeneity in the modulating effect of the sub-indicators of marketability process. The coordinated promotion of FTZ construction and the marketability process can significantly reduce regional capital mismatch and enhance corporate outward internationalization, but cannot reduce regional labor mismatch. The conclusion of this paper is conducive to further improving corporate R&D investment effect in the FTZ from the perspective of marketability process, and it will also provide certain policy enlightenment for building the FTZ into a high-quality development demonstration zone in China.