| In the era of digital economy,digital transformation of enterprises is the micro foundation and key link of digital economy development,which is not only a strategic node jointly spawned by top-level design and changes in the digital economy era,but also an innovative mode of deep integration of digital technology and traditional production methods,and a core driving force for enterprises to improve quality and increase efficiency and benign development.As a testing ground for reform and opening up,China’s Pilot Free Trade Zones(FTZs)are actively adapting to the development needs of the digital economy and digital trade,continuously optimizing the business environment through institutional innovation,improving the security of enterprise resources,perfecting enterprise financing and technological innovation and other services,and laying a solid foundation for the digital transformation of enterprises.The purpose of this paper is to explore the impact of the establishment of China’s FTZs on the digital transformation of enterprises,and to examine the internal impact logic in depth,so as to provide new perspectives and new ideas for the study of the microeconomic impact of FTZs.First,a review of domestic and international literature on the economic impact of the FTZs and the measurement methods and impact factors of the digital transformation of enterprises is conducted to conceptualize the research methodology and innovation points of this paper.Secondly,based on theories related to institutional innovation and enterprise transformation and upgrading,the impact mechanism of FTZs on enterprise digital transformation is explored and research hypotheses are proposed.Once again,the history and current situation of the development of the FTZs are sorted out,the exploration and effectiveness of the FTZs in promoting the digital transformation of enterprises are summarized,and the current situation and problems of the digital transformation of enterprises in China are analyzed.Finally,based on the multi-period double difference model,we empirically test the impact of the FTZs on the digital transformation of enterprises,and further test the inner mechanism and heterogeneity of the impact.The findings show that(1)the establishment of the FTZs can effectively promote the digital transformation of enterprises,and this conclusion still holds after various robustness tests;(2)the FTZs rely on the results of institutional innovation in the areas of trade facilitation,investment liberalization and facilitation,financial opening and innovation,and transformation of government functions to improve the business environment,enhance the efficiency of enterprise resource allocation,alleviate enterprise financing constraints and stimulate enterprise(3)there is heterogeneity in the impact,the FTZs significantly promote the digital transformation of private enterprises,and the effect on the digital transformation of non-private enterprises is not significant;the promotion effect on the digital transformation of high-tech enterprises is better than that of non-high-tech enterprises;the FTZs in East China and South China significantly promote the digital transformation of enterprises,while the FTZs in the rest of the regions.The effect of FTZs on digital transformation of enterprises in the rest of the regions is not significant.Based on the findings,this paper concludes that FTZs should deeply implement the general requirements of the report of the 20 th Party Congress on the implementation of FTZs upgrading strategy,give full play to their institutional innovation advantages,and improve the effectiveness of enterprise digital transformation.Taking into full consideration regional differences,it will carry out in-depth differentiated experimental tasks,precisely serve the digital transformation of enterprises,and continuously optimize the replication path model of reform pilot experience.Integrate openness and development,establish and improve laws and regulations,prevent systemic risks,and accelerate stress tests to ensure that the digital transformation of enterprises smooth,good and stable,so as to make a greater contribution to the digital transformation of Chinese enterprises. |
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