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Abstract：
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.
摘要：
自由贸易试验区（PFTZ）是中国建立更加开放的经济体系的重要新平台。现有文献主要集中在PFTZs的“引入”效应上，经常忽略“走出去”方面的重要性。为了弥合这个差距，本文利用我国沪深A股上市企业2007-2021年的数据,构建时变差分(DID)模型,检验PFTZE的设立对企业国际化扩张的影响。研究发现,建立PFTZs可以显著促进企业的国际化扩张,对国际扩张的范围比对其深度的影响更明显。机理分析表明，PFTZ可以通过推动数字化转型促进企业的国际扩张，提高全要素生产率和管理效率，和缓解融资约束。值得注意的是,具有海外工作经验的高级管理人员在加强这种关系中起着至关重要的作用。Further,PFTZ不仅与“一带一路”倡议具有联动效应，而且对周边城市具有辐射效应。这项研究为评估PFTZ的政策效果提供了分析视角和经验证据，并提供了有价值的见解，这些见解将使PFTZ政策得以完善并促进“走出去”战略的成功实施。
