Institutional Opening Up and Chinese-Style Innovation: A Quasi-natural Experiment Based on Pilot Free Trade Zones
ZHU Zhujun, SHI Yifan, LIU Leyi
School of Economics /Research Centre for Digital Innovation and Global Value Chain Upgrading, Zhejiang Gongshang University; College of Business, Shanghai University of Finance and Economics
摘要 推动中国开放式创新发展和科技自立自强对发展新质生产力意义重大,以自由贸易试验区(自贸试验区)为代表的自主开放对中国式创新存在多重效应。本文纳入制度性交易成本和劳动要素结构扩展了Aghion et al.(2024)模型,揭示了自贸试验区政策影响创新行为的多维作用机制。在此基础上,基于2016—2020年税收调查、专利与招聘数据集的政策评估发现:自贸试验区政策主要通过正向的成本节约效应和要素升级效应、负向的竞争加剧效应和市场规模效应,显著提升了企业创新数量和创新质量。自贸试验区政策促进了渐进式创新,对颠覆式创新路径影响存在局限性。立足地方比较优势探索首创性差异化制度创新,推动负面清单等制度深化与制度创新,有利于因地制宜发挥自贸试验区政策创新效应。本文对扩大高水平对外开放下促进中国高质量创新具有一定参考价值。
Summary:
Research based on Chinese enterprise data reveals that, under open conditions, innovation with Chinese characteristics exhibits typical features of low quality and low disruptiveness. Promoting open innovation and achieving greater self-reliance and strength in science and technology in China are of significant importance for developing new quality productive forces. The institutional opening-up represented by pilot free trade zones (PFTZs) provides a suitable policy shock scenario for evaluating policy effects and the extent to which enterprise innovation is influenced by institutional factors. Most literature directly related to this paper conducts preliminary studies on the mechanisms through which PFTZs affect enterprise innovation behavior, primarily using listed company data or macro-level data. However, limitations in sample representativeness make it difficult to accurately assess the impact of this policy. This study offers a reference for promoting self-reliance and strength in China's scientific and technological innovation under expanding institutional opening-up. We extend the model of Aghion et al. (2024) by incorporating institutional transaction costs and labor factor structure, revealing the mechanisms through which institutional opening-up affects enterprise innovation behavior. We crawl enterprise latitude and longitude information based on registered addresses and manually collect the geographic boundaries of 53 PFTZ sub-zones for precise enterprise identification. Building on this, we evaluate the innovation effects of PFTZs using datasets on tax surveys, patents, and enterprise recruitment from 2016 to 2020. The key findings are as follows: (1) PFTZs significantly increase both the quantity and quality of enterprise innovation, with patent applications and citations rising by 1.04% and 0.87%, respectively. A boundary-discontinuity-difference-in-differences (BD-DD) approach based on latitude and longitude verifies the preliminary findings. (2) PFTZs increase the consolidating innovation index by 0.88%, while the impact on disruptive innovation is not significant. (3) PFTZs promote enterprise innovation through positive cost-saving and factor-upgrading effects, and negative competition-intensifying and market-scale effects. (4) Institutional reforms within PFTZs, such as the reduction of negative list items and the replication and promotion of pilot experience, help better realize the innovation-enhancing role of PFTZs. Institutional innovations aligned with local comparative advantages demonstrate stronger positive effects. (5) Extended analyses from spatial technology spillover and enterprise life cycle perspectives show that PFTZ enterprises in mature and decline stages are more inclined towards disruptive innovation. The marginal contributions are as follows: (1) We manually collect and compile the geographic boundaries of 53 PFTZ sub-zones across 17 provinces and the geographic information of over 440,000 enterprises. Using the ray casting algorithm for assignment judgment and shortest distance calculation, we provide a practical methodological tool for subsequent research. (2) We respectively match the PFTZ negative lists and institutional innovation to the 3-digit industry level and provincial administrative level, constructing two moderating variables: institutional deepening and institutional innovation. This represents an early decomposition of the differential policy effects of various PFTZs on enterprise innovation from a policy intensity perspective. Among these, the institutional coupling index calculated based on institutional innovation and industrial comparative advantage offers a novel perspective for PFTZ performance evaluation. (3) We find that PFTZs reduce institutional transaction costs such as administrative, sales, and financial expenses, while increasing enterprise demand for recruiting high-skilled labor in positions like R&D management. (4) The policy recommendations propose fully leveraging the positive moderating role of institutional deepening and innovation on PFTZs, actively exploring optimized paths for the diversified coupling development of institutional innovation and local comparative advantages, and implementing a PFTZ upgrade strategy from the perspective of institutional opening-up.
诸竹君, 施逸帆, 刘乐易. 赋能型自主开放与中国式创新——基于自由贸易试验区政策的准自然实验[J]. 金融研究, 2026, 549(3): 75-94.
ZHU Zhujun, SHI Yifan, LIU Leyi. Institutional Opening Up and Chinese-Style Innovation: A Quasi-natural Experiment Based on Pilot Free Trade Zones. Journal of Financial Research, 2026, 549(3): 75-94.
[1] 蔡庆丰、陈熠辉和林海涵,2021,《开发区层级与域内企业创新:激励效应还是挤出效应？——基于国家级和省级开发区的对比研究》,《金融研究》第5期,第153～170页。 [2] 成程、王一出、田轩和张军,2024,《对外开放制度创新、全球创新网络嵌入与中国科技国际影响力》,《管理世界》第10期,第16～43页。 [3] 陈红、张玉和刘东霞,2019,《政府补助、税收优惠与企业创新绩效——不同生命周期阶段的实证研究》,《南开管理评论》第3期,第187～200页。 [4] 陈强远、赵浩云、林思彤和申宇,2024,《中国高质量技术创新:情境叙事与测度体系》,《管理世界》第5期,第23～41页。 [5] 韩剑、张中意和陆毅,2025,《从“落地”到“生根”:中国自由贸易试验区建设与外资企业融入》,《经济研究》第10期,第152～174页。 [6] 梁若冰和王英杰,2024,《生产网络视角下的贸易自由化冲击与区域贸易传播——基于福建省自贸试验区的经验研究》,《经济学(季刊)》第2期,第677～691页。 [7] 刘诗源、林志帆和冷志鹏,2020,《税收激励提高企业创新水平了吗？——基于企业生命周期理论的检验》,《经济研究》第6期,第105～121页。 [8] 吕越、陈帅和盛斌,2018,《嵌入全球价值链会导致中国制造的“低端锁定”吗？》,《管理世界》第8期,第11～29页。 [9] 孙浦阳、蒋为和陈惟,2015,《外资自由化、技术距离与中国企业出口——基于上下游产业关联视角》,《管理世界》第11期,第53～69页。 [10] 孙雅慧、时省、彭飞和吴华清,2024,《研发补贴与渐进式创新锁定:基于机器学习的专利文本分析》,《经济研究》第11期,第89～105页。 [11] 谭用、邱斌、叶迪和綦建红,2024,《中国创新模式选择:自主创新抑或技术引进？》,《经济研究》第4期,第113～132页。 [12] 王明益、陈林、张中意和姚清仿,2023,《自由贸易试验区的协同创新网络效应:空间断点与地理识别》,《世界经济》第3期,第94～124页。 [13] 钟腾、罗吉罡和汪昌云,2021,《地方政府人才引进政策促进了区域创新吗？——来自准自然实验的证据》,《金融研究》第5期,第135～152页。 [14] 诸竹君、黄先海和王毅,2020,《外资进入与中国式创新双低困境破解》,《经济研究》第5期,第99～115页。 [15] 诸竹君、俞萍和鲁建坤,2025,《增值税税制完善与创新量—质困境破解——基于留抵退税政策的经验证据》,《经济研究》第8期,第141～164页。 [16] Acemoglu, D., U. Akcigit, H. Alp, N. Bloom, and W. R. Kerr, 2018, “Innovation, Reallocation, and Growth”, American Economic Review, 108(11), 3450～3491. [17] Aghion, P., A. Bergeaud, M. Lequien, and M. J. Melitz, 2024, “The Heterogeneous Impact of Market Size on Innovation: Evidence from French Firm-Level Exports”, Review of Economics and Statistics, 106(3), 608～626. [18] Atanassov, J., and X. Liu, 2020, “Can Corporate Income Tax Cuts Stimulate Innovation？” Journal of Financial and Quantitative Analysis, 55(5), 1415～1465. [19] Autor, D., D. Dorn, G. H. Hanson, G. Pisano, and P. Shu, 2020, “Foreign Competition and Domestic Innovation: Evidence from US Patents” American Economic Review: Insights, 2(3), 357～374. [20] Bloom, N., M. Draca, and J. Van Reenen, 2016, “Trade Induced Technical Change？ The Impact of Chinese Imports on Innovation, IT and Productivity”, Review of Economic Studies, 83(1), 87～117. [21] Bombardini, M., B. Li, and R. Wang, 2017, “Import Competition and Innovation: Evidence from China”, Working Paper. [22] Chen, W., Y. Hu, B. Liu, H. Wang, and M. Zheng, 2022, “Does the Establishment of Pilot Free Trade Test Zones Promote the Transformation and Upgradation of Trade Patterns？”, Economic Analysis and Policy, 76, 114～128. [23] Chen, Z., J. Zhang, and W. Zheng, 2017, “Import and Innovation: Evidence from Chinese Firms”, European Economic Review, 94, 205～220. [24] Chor, D, 2009, “Subsidies for FDI: Implications from A Model with Heterogeneous Firms”, Journal of International Economics, 78(1), 113～125. [25] Foster, L., J. Haltiwanger, and C. Syverson, 2008, “Reallocation, Firm Turnover, and Efficiency: Selection on Productivity or Profitability？”, American Economic Review, 98(1), 394～425. [26] Funk, J. R., and J. Owen-Smith, 2016, “A Dynamic Network Measure of Technological Change”, Management Science, 63(3), 791～817. [27] Jia, R., X. Ma, J. Yang, and Y. Zhang, 2023, “Improving Regulation for Innovation: Evidence from China's Pharmaceutical Industry”, NBER Working Paper, No.31976. [28] Li, G., and G. L. Branstetter, 2024, “Does ‘Made in China 2025’ Work for China？ Evidence from Chinese Listed Firms”, Research Policy, 53(6), 105009. [29] Lim, K., D. Trefler, and M. Yu, 2018, “Trade and Innovation: The Role of Scale and Competition Effects”, Working Paper. [30] Liu, Q., R. Lu, Y. Lu, and T. A. Luong, 2021, “Import Competition and Firm Innovation: Evidence from China”, Journal of Development Economics, 151, 102650. [31] Liu, Q., and H. Ma, 2020, “Trade Policy Uncertainty and Innovation: Firm Level Evidence from China's WTO Accession”, Journal of International Economics, 127, 103387. [32] Liu, Q., and L. Qiu, 2016, “Intermediate Input Imports and Innovations: Evidence from Chinese Firms' Patent Filings”, Journal of International Economics, 103, 166～183. [33] Lu, Y., Z. Tao, and L. Zhu, 2017, “Identifying FDI Spillovers”, Journal of International Economics, 107, 75～90. [34] Mayer, T., M. J. Melitz, and G. I. Ottaviano, 2014, “Market Size, Competition, and the Product Mix of Exporters”, American Economic Review, 104(2), 495～536. [35] Melitz J. M, 2003, “The Impact of Trade on Intra-industry Reallocations and Aggregate Industry Productivity”, Econometrica, 71(6), 1695～1725. [36] Miller, D., and P. H. Friesen, 1984, “A Longitudinal Study of the Corporate Life Cycle”, Management Science, 30(10), 1161～1183. [37] Melnik, W., and A. Smyth, 2024, “R＆D Tax Credits and Innovation”, Journal of Public Economics, 236, 105157. [38] Rong, Z., F. Zhang, and S. Chen, 2023, “Short-term Loans and Firms' High-quality Innovation: Evidence from the Access to Patent-backed Loans in China”, China Economic Review, 78, 101918. [39] Van Reenen, J., 2021, “Innovation and Human Capital Policy”, NBER Working Paper, No.28713. [40] Xu, S., R. Shen, Y. Zhang, and Y. Cai, 2024, “Fostering Regional Innovation Efficiency through Pilot Free Trade Zones: Evidence from China”, Economic Analysis and Policy, 81, 356～367.
