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Impact of China's Free Trade Zones on the Innovation Performance of Firms: Evidence from a Quasi-Natural Experiment

Business

Impact of China's Free Trade Zones on the Innovation Performance of Firms: Evidence from a Quasi-Natural Experiment

X. Su and S. Wang

Discover how China's Free Trade Zone policy is transforming innovation among firms! This research by Xin Su and Shengwen Wang investigates the significant impact of FTZ on innovation performance, highlighting crucial factors like financing constraints and industrial agglomeration.

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Playback language: English
Abstract
This study conducts a quasi-natural experiment to analyze the impact of China's Free Trade Zone (FTZ) policy on firms' innovation performance. Using patent data for listed companies from 2012 to 2020, a time-varying difference-in-differences model is applied. Robustness checks, including parallel trend and placebo tests, are employed. The mediating roles of financing constraints and industrial agglomeration are analyzed, along with moderating effects of contextual factors and firm heterogeneity. Results show that the FTZ policy significantly enhanced firms' innovation performance by alleviating financing constraints and boosting industrial agglomeration, with effects influenced by economic development levels and government involvement.
Publisher
HUMANITIES AND SOCIAL SCIENCES COMMUNICATIONS
Published On
Jan 02, 2024
Authors
Xin Su, Shengwen Wang
Tags
China
Free Trade Zone
innovation performance
financing constraints
industrial agglomeration
patent data
quasi-natural experiment

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