Research on the influence of institutional opening on enterprise investment efficiency——taking the construction of pilot free trade zones as an example
The study selects A-share listed companies in Shanghai and Shenzhen from 2009 to 2022 as samples to test the impact of free trade zones construction on enterprise investment efficiency by using multi-period double difference method to test the impact of investment efficiency of enterprises in the construction of free trade zones.The research shows that the construction of free trade zones can effectively improve the situation of under-investment and over-investment of enterprises,and then promote the improvement of investment efficiency of enterprises.The mechanism test shows that the construction of free trade zones can improve the investment efficiency of enterprises through the improvement effect of tax incentives,the improving effect of financing environment and the alleviation effect of financing constraints.The heterogeneity test demonstrates that the construction of free trade zones can significantly improve the investment efficiency of private enterprises,non-capital-intensive industries,and lower-level urban enterprises.Based on this,we will further deepen institutional opening to the outside world,strengthen the linkage between institutional opening policies,as well as the construction of free trade zones according to local conditions,formulate regional policies,and in order to play an important role in promoting the improvement of enterprise investment efficiency.
free trade zonesenterprise investment efficiencyquasi natural experimentsmulti-period double difference model
NETL
NSTL
万方数据
