Research On The Impact Of The Construction Of Free Trade Pilot Zones On The Investment And Financing Behavior Of Listed Companie

Over the past 40 years of reform and opening up,China’s economy has grown rapidly,and institutional innovation has played an important role.In order to further promote reform,deepen opening up,and continuously and stably promote economic growth,the country has deployed and implemented the construction strategy of a Pilot Free Trade Zone(PFTZ).Since the establishment of the Shanghai PFTZ in 2013,the policy dividend of the PFTZ has significantly promoted the economic growth of the area under its jurisdiction,not only accelerating regional economic development and enhancing external exchanges,but also promoting external investment by enterprises,alleviating the problems of "financing difficulty" and "financing cost" for enterprises,and driving the improvement of enterprises’ investment and financing behavior.This paper examines the relationship between the establishment of China’s PFTZ and the investment and financing behavior of enterprises through literature research,theoretical discussion and empirical research.First of all,it defines the relevant concepts of the PFTZ and enterprise investment and financing behavior,and then lists and analyzes the theoretical basis of the relevant theories of this article.In addition,it also analyzes the mechanism of the PFTZ to promote enterprise investment from three aspects: transaction cost,management personnel and tax rate level;It also analyzes the mechanism of the PFTZ to promote enterprise financing from three aspects: transaction cost,enterprise financing constraints and tax rate level.Thirdly,based on the data of domestic listed enterprises from 2011 to 2020,the PFTZ gradually approved from 2013 will be regarded as a quasi-natural experiment,and the policy dummy variable will be set as the core explanatory variable of this paper by using the method of propensity score matching Multi-Period Difference-in-Differenc Model(PSM-DID),and the PSM-DID will be used for basic regression to study the relationship between the establishment of the PFTZ and enterprise investment behavior and enterprise financing behavior.After ensuring that the empirical results meet the requirements of the parallel trend test,they will undergo robustness tests such as counterfactual analysis,substitution tendency score matching method,placebo test and elimination of the superimposed effects of other policies to ensure the effectiveness of the results.Then,the mechanism test based on transaction cost,management personnel,financing constraints and tax rate level is carried out.Finally,in view of the differences in the nature of enterprise ownership,geographical location and type of industry,we will further explore the impact of the PFTZ on the investment and financing behavior of state-owned and non-state-owned enterprises,enterprises in the eastern and western regions,enterprises in the secondary industry and enterprises in the tertiary industry.Therefore,this paper draws the following conclusions:(1)The construction of the PFTZ has a significant role in promoting enterprise investment behavior and investment behavior.(2)Reducing transaction costs,gathering management talents and reducing tax rates are important ways to improve the investment behavior of enterprises in the construction of the PFTZ;The important path for the construction of the PFTZ to improve the financing behavior of enterprises is to reduce transaction costs,ease financing constraints and reduce the level of tax rates.(3)In the heterogeneity analysis,it is found that the promotion effect of the construction of the PFTZ on the investment behavior of enterprises is mainly manifested in state-owned enterprises,enterprises in the eastern region and high-tech enterprises;The effect on enterprise financing behavior is significant in state-owned enterprises and non-state-owned enterprises,high-tech enterprises and non-high-tech enterprises,and enterprises in the eastern region.Therefore,when replicating and promoting existing mature experiences nationwide,the PFTZ,as a pilot zone in China,should pay attention to the differences in the nature of enterprise ownership,geographical location,and industry,and combine the development needs of enterprises to further improve the investment behavior of non-state owned enterprises and non high-tech enterprises in the PFTZ,as well as the investment and financing behavior of enterprises in the central and western regions,Provide strong support for its development.