Pilot Free Trade Zone,Financial Supply and Enterprises'R&D Investment
The construction of Pilot Free Trade Zones(FTZ)and financial supply are included in the decision-making model of enterpri-ses'R&D investment,and their impact and mechanism on enterprises'R&D investment are deduced.Empirical testing is conducted using regional and listed enterprise data from 2012 to 2020.The study finds that FTZ significantly promotes enterprises'R&D invest-ment,the financial supply plays a positive role in this,and under the regulation of direct financing supply,which mainly consists of stocks and bonds,the FTZ has a stronger promoting effect on R&D investment.The mechanism test results reveal that a coordinated im-plementation of FTZ construction and financial supply can promote enterprises'R&D investment by reducing debt financing costs,en-hancing the agglomeration effect of foreign enterprises,and reducing market competition,but cannot by reducing equity financing costs and enhancing the agglomeration effect of domestic enterprises.
Pilot Free Trade Zonefinancial supplyenterprises'R&D investmentmoderating effectmediating effect
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万方数据
