The digital transformation of enterprises.

Pilot Free Trade Zones (PFTZs) are a crucial new platform for China to build a more open economic system. Existing literature primarily focuses on the ‘Bring In’ effect of PFTZs, often overlooking the importance of ‘Going Out’ aspects. To bridge this gap, this paper uses data from China’s Shanghai and Shenzhen A-share listed enterprises from 2007 to 2021 and constructs a time-varying difference-in-differences (DID) model to test the impact of establishment of PFTZs on international expansion of enterprises. The study finds that establishment of PFTZs can significantly promote international expansion of enterprises, with a more pronounced effect on the scope of international expansion than on its depth. Mechanism analysis reveals that PFTZs can facilitate international expansion of enterprises by driving digital transformation, enhancing total factor productivity and management efficiency, and alleviating financing constraints. Notably, senior managers with overseas work experience play a crucial role in enhancing this relationship. Further, PFTZs not only have a linkage effect with the Belt and Road Initiative but also a radiation effect on neighboring cities. This study provides an analytical perspective and empirical evidence for evaluating policy effects of PFTZs and offers valuable insights that will enable PFTZ policies to be refined and facilitate successful implementation of the ‘Going Out’ strategy.

自由贸易试验区（Pilot Free Trade Zones, PFTZs）是中国构建更高水平开放型经济新体制的重要载体。现有研究多聚焦于自由贸易试验区的“引进来”效应，往往忽视了其“走出去”维度的重要价值。为填补这一研究空白，本文采用2007至2021年中国沪深A股上市企业数据，构建渐进双重差分（time-varying difference-in-differences, DID）模型，检验自由贸易试验区设立对企业国际化扩张的影响。研究发现，自由贸易试验区设立可显著促进企业的国际化扩张，且相较于扩张深度，对国际化扩张广度的促进作用更为突出。机制分析表明，自由贸易试验区可通过推动企业数字化转型、提升全要素生产率与管理效率、缓解融资约束，助力企业开展国际化扩张。值得注意的是，具备海外工作经历的高管在强化这一政策效应中发挥了关键作用。进一步研究发现，自由贸易试验区不仅与“一带一路”倡议存在联动效应，还对周边城市具有辐射带动作用。本文为评估自由贸易试验区的政策效果提供了分析视角与经验证据，同时为优化自由贸易试验区政策体系、助力“走出去”战略的落地实施提供了有益参考。