Research on the impact of institutional openness on the new quality productivity of enterprises

Accelerating the formation of new quality productive forces is the only way to build China's new competitive advantage and win the initiative in development, and institutional innovation plays a leading role in it. As an experimental field for institutional reform, can the construction of free trade zones release institutional dividends and empower enterprises to develop new quality productivity? The article is based on panel data of Chinese A-share listed companies from 2012 to 2022, and uses the overlapping double difference method to empirically analyze the impact and mechanism of free trade zone construction on the new quality productivity of enterprises. Research has found that: firstly, the construction of free trade zones can empower enterprises to develop new quality productivity, and this conclusion still holds true after a series of robustness tests; Secondly, mechanism analysis shows that the construction of free trade zones can alleviate financing constraints for enterprises, promote digital transformation of enterprises, and enhance the level of marketization to empower the development of new quality productivity for enterprises; Thirdly, heterogeneity analysis indicates that at the enterprise level, free trade zones play a more positive role in promoting new quality productivity for non-state-owned and small-scale enterprises; At the industry level, the impact of free trade zones on new quality productivity is more pronounced in high-tech and non high pollution industries; At the regional level, free trade zones have a more significant promoting effect in areas with better industrial structure and higher levels of intellectual property protection. This study not only provides a systematic empirical analysis on how to empower enterprises with new quality productivity in the construction of free trade zones, but also provides valuable policy insights for optimizing institutional openness and promoting high-quality development of new quality productivity.