Can breakthrough institutional innovation drive breakthrough technological innovation in enterprises?Taking the pilot free trade zone as an example
Technological innovation of enterprises,especially breakthrough technological innovation,is a crucial engine to drive high-quality economic development in China and achieve a Chinese-style modernization.The establishment of free trade zones with break-through institutional innovation as the core task provides a favorable external institutional environment guarantee for promoting break-through technological innovation of Chinese enterprises in the new development paradigm.This study utilizes data from A-share listed companies at the prefecture-level city level from 2009 to 2020,treating the establishment of free trade zones as a quasi-natural e-vent.It employs a multi-period difference-in-differences method to explore the impact of the establishment of free trade zones on breakthrough technological innovation of registered listed companies within the zones.The research finds that the breakthrough institu-tional innovation after the establishment of free trade zones can significantly promote breakthrough technological innovation of registered listed companies within the zones.This conclusion holds true even after various robustness tests.Further heterogeneity analysis reveals that,on one hand,the impact of free trade zones on breakthrough technological innovation is more significant for non-state-owned enterprises and large enterprises.On the other hand,free trade zones established in earlier batches and located in coastal areas have a stronger promoting effect on breakthrough technological innovation of enterprises within the zones.The analysis of the mechanism of ac-tion shows that the breakthrough institutional innovation of free trade zones mainly promotes enterprise breakthrough technological inno-vation through three pathways:alleviating financing constraints faced by enterprises within the zones,promoting industry-university-research cooperation,and facilitating the aggregation of innovative human capital.This study,combined with the Chinese context,pro-foundly reveals the intrinsic mechanism of interaction between two forms of core innovation,holding important practical implications for promoting breakthrough technological innovation of Chinese enterprises.
NETL
NSTL
万方数据
