作为中国新一轮制度创新的桥头堡,和政府“干中学”特色模式下的传统开发区演进,自由贸易试验区已然成为实现中国经济高质量发展目标的重要抓手。本文以自贸试验区设立为“准自然实验”,构建多期双重差分模型考察自贸试验区建设对企业创新活动的影响,研究发现:自贸试验区建设对企业创新能够产生显著而稳健的促进作用,但政策效果因企业控股性质、城市规模、自贸试验区区位和成立批次不同而存在差异。从作用机制看,自贸试验区建设仅能够通过加大税收优惠力度以推动企业创新水平提升,对于增强企业集聚和降低制度性交易成本未形成显著影响。此外,现阶段自贸试验区主要作用于区域内企业创新,对周边城市企业尚未产生显著的创新溢出效应。本文在丰富自贸试验区建设的微观效应研究、深化其对企业创新的具体激励机制理解等方面做出了贡献。

As the bridgehead of China's new round of institutional innovation, and the evolution of traditional development zones under the characteristic model of "learning from practical work" by the government, the free trade pilot zone has become a key grip to achieve the goal of high-quality development of China's economy. This paper took the establishment of free trade zone (FTZ) as a "quasi-natural experiment" and constructed a multiple difference-in-differences model to investigate the impact of FTZ construction on enterprise innovation activities. It was found that: the construction of FTZ can have a significant and stable promoting effect on enterprise innovation, but the policy effect varies according to the nature of enterprise holding, the size of the city, the location of the pilot free trade zone and the batch of establishment. From the perspective of mechanism, the construction of pilot free trade zones can only promote the improvement of enterprise innovation level by increasing tax incentives, and has no significant impact on enhancing enterprise agglomeration and reducing institutional transaction costs. In addition, at this stage, the pilot free trade zone mainly acts on the innovation of enterprises in the region, and has not yet produced significant innovation spillover effect on enterprises in surrounding cities. This paper has made contributions to enriching the research on the micro-effects of the construction of pilot free trade zones and deepening the understanding of the specific incentive mechanism of the pilot free trade zone to enterprise innovation.