Abstract: Technological innovation of enterprises, especially breakthrough technological innovation, is an important engine to drive the high-quality development of China's economy and realize Chinese-style modernization. The establishment of Pilot Free Trade Zones (FTZs), with breakthrough institutional innovation as its core task, provides a suitable external institutional environment for promoting breakthrough technological innovation of Chinese enterprises under the new development pattern. The article utilizes the relevant data of A-share listed companies matched to the prefecture-level city level from 2009 to 2020, regards the establishment of the Pilot Free Trade Zone (FTZ) as a quasi-natural event, and employs a multi-period double-difference method to explore the effect of the establishment of the PFTZ on the breakthrough technological innovations of the listed companies registered in the zone. The study finds that the breakthrough institutional innovation after the establishment of FTZ can significantly promote the breakthrough technological innovation of listed companies registered in the zone, and this conclusion still holds after various robustness tests; in-depth analysis of the mechanism of action reveals that the breakthrough institutional innovation of the FTZ can promote enterprises to realize the breakthrough technological innovation by alleviating the financing constraints faced by listed enterprises in the zone, promoting the cooperation between the industry, academia, and research institutes, and facilitating the agglomeration of human capital for breakthrough technological innovation, thus promoting enterprises to realize the breakthrough technological innovation, and promoting enterprises' development of human capital. The further heterogeneity analysis finds that, on the one hand, FTZs have a more significant impact on the breakthrough technological innovation of non-state-owned enterprises and large-scale enterprises, and on the other hand, FTZs that were established earlier and geographically located in the coastal area have a stronger effect on the promotion of breakthrough technological innovation of the enterprises in the zone.

摘要： 企业的技术创新、特别是“突破性技术创新”是驱动中国经济高质量发展、建设创新型国家、实现中国式现代化的重要基础引擎。而以“突破性制度创新”为核心任务的自贸试验区的成立和建设则为新发展格局下推进中国企业的突破性技术创新、并大幅提升其成功的概率提供了必要适宜的外部制度环境保证。文章利用匹配至地级市层面的A股上市公司2009年-2020年的相关数据，将自贸试验区成立视为准自然事件，采用多期双重差分法探究自贸区成立对于区内注册上市公司突破性技术创新的作用效果。研究发现：自贸区成立后的“突破性制度创新”能够显著促进区内注册上市公司的突破性技术创新，而且这一结论在经过平行趋势检验、更换因变量、PSM-DID、安慰剂检验、Bacon双向固定效应分解等多种稳健性检验之后仍然成立；深入的作用机制分析则发现，自贸区的突破性制度创新主要通过缓解区内上市企业面临的融资约束、促进产学研合作成果产出、推动突破性技术创新人力资本的集聚，从而促进企业实现突破性技术创新；而进一步的异质性分析更是发现，一方面，就企业而言，自贸区对非国有企业、大型企业的突破性技术创新影响更为显著，另一方面，就自贸区而言，成立批次早、地理位置处于沿海地区的自贸区对所在区内企业突破性技术创新的促进作用更强。