{"paper_id":"3bbf5ccc-1e30-42f1-af0c-ac0ba6d7d84e","body_text":"Do pilot free trade zones promote green transformation? Evidence from a quasi-natural experiment | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Article Do pilot free trade zones promote green transformation? Evidence from a quasi-natural experiment Yanan Sun, Luyao Jiang, Yuru Hu, Jie Yang This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-5904894/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract With institutional innovation as its core mission, pilot free trade zones are important channels that accelerate the green transformation of enterprises, a process essential for achieving sustainable development. Based on a quasi-natural experiment of pilot free trade zone policies, this research selects panel data of China’s A-share listed companies from 2008 to 2022 to empirically test the impact of these policies on the firms’ green transformation by using a multi-period difference-in-differences method. The findings show that pilot free trade zone policies significantly promote their green transformation. An effect test notes that these policies affect enterprises’ green transformation via financing constraints and green innovation level. Heterogeneity test results present that compared to enterprises and state-owned enterprises (SOEs) in the central and west regions, the green transformation effect of these policies on enterprises and non-SOEs in the east region is more significant. This paper offers valuable policy suggestions for promoting high-quality development of pilot free trade zones and guiding enterprises’ green transformation that contributes to sustainable and socially responsible growth. Business and commerce/Economics Social science/Social policy Figures Figure 1 Figure 2 Figure 3 Figure 4 Figure 5 Figure 6 Full Text Additional Declarations No competing interests reported. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {\"props\":{\"pageProps\":{\"initialData\":{\"identity\":\"rs-5904894\",\"acceptedTermsAndConditions\":true,\"allowDirectSubmit\":true,\"archivedVersions\":[],\"articleType\":\"Article\",\"associatedPublications\":[],\"authors\":[{\"id\":412125661,\"identity\":\"39e229bd-3935-4ded-a853-63d1ef088d4c\",\"order_by\":0,\"name\":\"Yanan Sun\",\"email\":\"\",\"orcid\":\"\",\"institution\":\"Nantong University\",\"correspondingAuthor\":false,\"prefix\":\"\",\"firstName\":\"Yanan\",\"middleName\":\"\",\"lastName\":\"Sun\",\"suffix\":\"\"},{\"id\":412125662,\"identity\":\"3d5bc837-f825-40ed-8b92-24630f16662d\",\"order_by\":1,\"name\":\"Luyao 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