【摘要】 自由贸易试验区的设立为企业整合供应链资源与提升生产效率提供了重要的制度创新。从供应链关联视角出发，基于2009—2023年沪深A股上市公司数据，考察了自贸试验区对企业全要素生产率的影响。研究发现，自贸试验区通过强化供应链的地理邻近与经济关联，不仅促进了上下游企业的空间集聚，也激励了供应链持股行为，最终通过供应链整合显著提升了企业全要素生产率。机制分析表明，生产率提升主要源于两方面：一是空间集聚带来的成本降低与技术外溢效应，二是股权关联带来的资源优化与风险共担效应。异质性分析显示，该提升效应在高运营成本企业、高研发投入企业、高融资约束企业以及制造业企业中更为明显。为理解自贸试验区的微观经济效果提供了供应链层面的解释，对通过高水平开放推动企业高质量发展具有启示意义。更多还原

【Abstract】 China’s Pilot Free Trade Zones(FTZs) are a crucial institutional innovation that enables firms to integrate supply chain resources effectively and enhance production efficiency. Using panel data of Shanghai and Shenzhen A-share listed companies from 2009 to 2023, this paper employs a multi-period difference-in-differences approach to examine how FTZs affect firms’ total factor productivity through supply chain linkages. The results show that FTZs strengthen the geographical proximity and economic linkages within supply chains. These aspects promote the spatial agglomeration of upstream and downstream firms and stimulate equity participation along the supply chain, thereby significantly increasing firms’ total factor productivity through supply chain integration. Mechanism analysis reveals that the improvement in productivity primarily stems from the reduction in production costs and the technological spillover effects generated by spatial agglomeration, as well as the optimization of resource allocation and the risk-sharing effects brought by equity linkages within the supply chain. The heterogeneity results suggest that the estimated improvement effect is significantly stronger for manufacturing firms and firms facing higher operating costs, undertaking greater R&D investment, and experiencing more severe financing constraints. This study provides a supply chain-based explanation for the micro-economic effects of FTZs and offers important implications for promoting high-quality enterprise development through increasing openness.更多还原