Abstract:    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.

Key words: pilot free trade zone, marketability process, time-varying difference-in-differences (DID), moderating effect, corporate R&D investment