自由贸易试验区政策溢出、供应链传导与企业全要素生产率OACHSSCD

With the deepening evolution of modern production systems,the international production division of labor among enterprises has become increasingly refined and interconnected,while domestic business relationships have grown more complex and diverse.This complexity not only profoundly reshapes enterprises'commercial cooperation choices and production decision-making logic but also leverages the policy dividends and resource advantages of pilot free trade zones(FTZs)through supply chain transmission mechanisms,thereby positively influencing the total factor productivity(TFP)of enterprises outside these zones. Based on China's industrial and commercial enterprise registration data and corporate supply chain data from 2011 to 2024,this paper constructs a policy spillover indicator for pilot FTZs using the shift-share method.It provides an in-depth analysis of policy spillovers of pilot FTZs on corporate TFP and the underlying mechanisms,from a supply chain transmission perspective.Specifically,this paper employs a multi-dimensional fixed effects panel model for empirical analysis.Benchmark regression results indicate that pilot FTZ policy spillovers have a positive impact on corporate TFP.To address potential endogeneity,this paper selects the reciprocal of the average geographical distance from suppliers to their customer base as an instrumental variable and verifies the robustness using the two-stage least squares(2SLS)method.Mechanism tests substantiate that this positive impact reinforces supply chain integration through both internal specialization of division of labor and external efficiency gains.Additionally,these policy spillovers create innovation incentives by enhancing the overall and average quality of corporate innovation,as well as expanding research and development investment.Furthermore,these spillovers are more pronounced among private enterprises,small and medium-sized enterprises(SMEs),and enterprises located in urban agglomerations and large and medium-sized cities.The findings confirm the strategic value of deepening domestic supply chain specialization in advancing pilot FTZs. The potential marginal contributions of this paper are threefold.First,compared with the literature that focuses on the direct policy effects of pilot FTZs,this paper examines their indirect productivity gains along the supply chain from a policy spillover perspective.Second,it demonstrates the existence of policy spillovers from the perspective of enterprise linkages,utilizing more granular interfirm connection data to investigate such policy spillovers transmitted through supply chains.Third,it highlights the importance of supply chain transmission in the policy spillover effects of pilot FTZs,offering a valuable supplement to research on supply chains.