Abstract

Since the establishment of the first free trade zone in Shanghai in 2013, as of 2018, China has successively established 13 free trade zones. This paper uses a multi-period difference method and uses the financial data of Chinese A-share listed companies to prove the construction of the FTZ help to improve the TFP of the enterprise. The annual patent data obtained by the company is used to empirically analyze the role of innovation as a mediating effect in the development of the FTZ. In the end, it is believed that the construction of the FTZ can improve the TFP of enterprises through intermediary effects and regulatory effects.

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