Pilot Free Trade Zone Construction and Real Business Investment
The main purpose of the construction of China's pilot free trade zones is to promote the development of the real economy in order to realize industrial transformation and upgrading and to build an open economic pattern.This paper finds that the construction of the Pilot Free Trade Zone significantly increases the real investment rate of enterpris-es,in which the important mechanism of action is the alleviation of financing constraints,the decline in the absolute level of return of financialized investment,and the decline in the absolute level of risk of real investment.In addition,this paper tests the changes in the size and investment propensity of firms'financialized investments after the construc-tion of the Pilot Free Trade Zone,and compares the financial performance of firms adopting different investment deci-sions.This paper proves at the micro enterprise level that the construction of the Pilot Free Trade Zone assists the realiza-tion of the goal of real economic development and its path,which provides a realistic basis and a useful reference for the further improvement of the relevant system construction and the promotion of enterprise development.
The Pilot Free Trade Zonephysical investmentturn from weak points to solid resultsinvestment returninvestment risk
万方数据
维普
