自由贸易试验区设立对制造业企业韧性的影响机制及其效应研究

制造业是立国之本、兴国之器、强国之基。增强制造业韧性是促进工业高质量发展的重要基石。基于2006—2020年中国沪深两市Ａ股上市企业的面板数据，结合理论分析与实证检验，本文系统研究了自贸试验区设立对制造业企业韧性的影响机制及其效应。研究表明：自贸试验区设立对制造业企业韧性提升存在积极影响。机制分析表明：创新要素集聚在自贸试验区设立对制造业企业韧性影响中发挥了中介作用，其间接效应占总效应的962%；数字化转型、三类不同的产业集聚与自贸试验区设立的协同效应均在不同程度上强化了自贸试验区设立对制造业企业韧性的促进作用。异质性分析表明：对于东部地区，自贸试验区设立对制造业企业韧性存在明显的积极影响；随着与自贸试验区距离的增加，自贸试验区对周边城市制造业企业韧性的车头效应会呈现出“先增后减，再增再减，最终趋于0”的波浪式收敛变化趋势；对于初创期制造业企业，自贸试验区设立对其韧性水平有明显提升作用。

Impact Mechanism and Effect Evaluation of the Establishment of Pilot Free Trade Zone on the Resilience of Manufacturing Enterprises

Manufacturing industry is the foundation of building a country, the tool of rejuvenating the country and the foundation of strengthening the country. Enhancing the resilience of manufacturing industry is the key and focus of promoting the high-quality development of China’s manufacturing industry. Based on the panel data of A-share listed enterprises in Shanghai and Shenzhen stock exchanges from 2006 to 2020, combined with theoretical analysis and empirical test, this paper systematically studies the impact and mechanism of the establishment of free trade zone on the resilience of manufacturing enterprises. The research shows that the establishment of free trade zone has a positive impact on the resilience of manufacturing enterprises. The mechanism analysis shows that the agglomeration of innovation factors plays a mediating role in the impact of the establishment of free trade zones on the resilience of manufacturing enterprises, and its indirect effect accounts for 962% of the total effect. Digital transformation, three different types of industrial agglomeration and the synergistic effect of the establishment of free trade zones all strengthen the promotion effect of the establishment of free trade zones on the resilience of manufacturing enterprises to varying degrees. Heterogeneity analysis shows that for the eastern region, the establishment of free trade zone has a significant positive impact on the resilience of manufacturing enterprises. With the increase of the distance to the free trade zone, the driving effect of the free trade zone on the resilience of manufacturing enterprises in surrounding cities will show a wave-like convergence trend of “increasing first, then decreasing, then increasing and decreasing, and finally approaching 0”. For the start-up manufacturing enterprises, the establishment of the free trade zone has a significant effect on improving their resilience level.