Can Institutional Opening Up Improve the Level of Regional Entrepreneurship——A Study Based on the Establishment of Pilot Free Trade Zones
Under the background of transformation from policy-based opening up to institutional opening up,how to effectively release the dividends of institutional opening up and to enhance the level of regional entre-preneurship has gradually become a focus of attention in China's efforts to build a high level of opening up and to realize economic high-quality development.Based on this,this article takes the establishment of the Pilot Free Trade Zones(FTZs)as a quasi-natural experiment,and empirically explores the causal link between the construction of FTZs and the level of regional entrepreneurship by adopting the overlapping double-difference method.The results of the study show that the establishment of FTZs significantly enhances the level of regional entrepreneurship,which still holds after a series of robustness tests.The mechanism analy-sis shows that the establishment of FTZs mainly enhances the entrepreneurial vitality of regional enterprises through the financial agglomeration effect,the factor agglomeration effect,and the institutional opening up effect induced by various kinds of institutional innovation policies.Further,the heterogeneity analysis reveals that the establishment of FTZs mainly enhances the entrepreneurial vitality of service enterprises,enterprises in high marketisation areas and non-state-owned enterprises.Meanwhile,further analyses show that there is a policy linkage effect between the establishment of FTZs and the Belt and Road Initiative,which is also under the framework of institutional opening up.This study provides a rigorous theoretical and empirical explanation for the institutional drivers of the changing entrepreneurial landscape in China.
Institutional opening uppilot free trade zoneentrepreneurship levelnew development paradigm
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