近年来，我国面临越来越复杂和多变的国际经济政治环境，自由贸易试验区的重要地位逐渐凸显。自贸试验区旨在先行先试，助力我国打造更高水平的开放经济。作为经济领域的开放政策，吸引外商投资是自贸试验区的基础核心功能，自贸试验区这一功能的实现情况如何，是值得关注的问题。我国的自由贸易试验区政策与国外的自由贸易政策存在较大的差异，难以借助国外的相关理论和经验来评价或展望我国自贸试验区的建设。为此，有必要对我国自由贸易试验区政策开展系统研究，并提出政策建议。目前，国内外学者已对我国自由贸易试验区的政策效果进行了多维度的评估，但仍缺乏对自贸试验区在吸引外资企业进入方面的政策评估，对自贸试验区如何影响外商投资企业的区位选择认识不足。

基于以上背景，结合外商直接投资理论、企业区位理论、政策试验理论等分析框架，本文对自由贸易试验区如何影响进入我国的外商投资企业的区位选择进行研究，借助双重差分法和条件Logit模型，实证检验自由贸易试验区是否能够有效吸引外商投资企业的进入，从而在这一维度上对自贸试验区的政策实施效果进行评价。在此基础上，本文进一步分析不同自贸试验区政策效果的异质性，及其对不同特征的外商投资企业区位选择的影响。

本文主要有以下四个方面结论。其一，我国自由贸易政策试点范围持续拓展、政策内涵不断深化，已经取得了初步成效，但仍有提升的空间，应不断发展和完善自由贸易试验区政策，巩固成果，充实内涵，提高深度广度。其二，本文实证证实了自由贸易试验区是外商投资企业的区位选择的重要影响因素，早期设立的自贸试验区使得进入试点城市的外商投资企业数量增加90%以上；自贸试验区政策存在明显的溢出效应，试点城市能够起到一定的示范和带动作用。其三，自由贸易政策在不同试点城市的吸引外资效果存在差异性，政策效果的大小与试点城市的开放历史有关，也与城市的行政等级有关，在原先开放水平较高的城市和行政等级较低的城市能够取得更大的政策收益，这说明，要因地制宜开展自贸试验区建设，合理规划和布局。其四，自贸试验区对不同类型外商投资企业的区位选择影响存在异质性，金融业、服务业的外商投资企业更青睐于进入自贸试验区，自贸试验区也对具有高技术特征的、投资规模较大的、外商独资的、来自于发达国家的外商企业有更强的吸引力，这启示我们充分认识自贸试验区改革对外商投资企业的影响，利用好自贸试验区在优化外资结构、促进地区产业升级等方面的积极作用，借助自由贸易试验区建设培育区域发展的新动能。

In recent years, as China confronts a more complex and changeable international economic and political circumstances, the significance of constructing pilot free trade zones becomes more prominent. The pilot free trade zone policy intends to adopt the trial-and-error strategy, explore the system, law, and management promotions that can stimulate the adaptation to a higher-level opening-up. As an opening-up policy in the economic field, attracting foreign investment is the fundamental core function of the pilot free trade zone. How to realize this function of the pilot free trade zone is a problem worthy of attention. Foreign free trade-related policies have been implemented for a long time and have a rich research basis and theoretical summary. However, China's pilot free trade zone policy is quite different from that of foreign countries, so it is not easy to evaluate or prospect the construction of China's pilot free trade zone with the help of foreign theories and experiences. Therefore, it is necessary to carry out systematic research on the policy of China's pilot free trade zone and put forward policy suggestions. At present, scholars at home and abroad have made multi-dimensional evaluation on the policy effect of China's pilot Free Trade Zone, but there is still a lack of policy evaluation on attracting foreign-funded enterprises into the pilot Free Trade Zone, and the understanding of how the pilot free trade zone affects the location choice of foreign-funded enterprises is not enough.

Based on the above background, combined with the analysis framework of foreign direct investment theory, enterprise location theory and policy experiment theory, this paper studies how the pilot free trade zone affects the location choice of foreign-invested enterprises entering China, and empirically tests whether the pilot free trade zone can effectively attract foreign-invested enterprises, In this dimension, the policy implementation effect of the pilot free trade zone is evaluated. On this basis, this paper further analyzes the heterogeneity of the policy effect of different pilot free trade zones and its impact on the location choice of foreign-invested enterprises with different characteristics.

Through the analysis of this paper, we can get the following four main conclusions. First, the pilot scope of China's free trade policy continues to expand, and the policy connotation continues to deepen, which has achieved initial results, but there is still room for improvement. We should continue developing and improving the Pilot Free Trade Zone policy, consolidating the achievements, enriching the connotation, and improving the depth and breadth. Secondly, this thesis empirically evidences that the pilot free trade zone is an essential factor in the location choice of foreign-invested enterprises. The early pilot free trade zone increases the number of foreign-invested enterprises entering the pilot cities by more than 90%. The pilot free trade zone policy has a noticeable spillover effect, and the pilot cities can play a specific demonstration and leading role. Thirdly, the effect of free trade policy on attracting foreign investment in different pilot cities is different. The magnitude of the policy effect is related to the opening-up history of the pilot cities and related to the administrative level of the cities. More significant policy benefits are achievable for cities with a higher opening level and a lower administrative level. It sheds light on the necessity of constructing pilot free trade zones according to local conditions. The function orientation, proper planning, and layout of different pilot free trade zones try to achieve more significant policy effects. Fourthly, the influence of the Pilot Free Trade Zone on the location choice of different types of foreign-invested enterprises is heterogeneous. The foreign-invested enterprises belonging to the financial and service industries prefer to enter the pilot free trade zone. The pilot zone also has a stronger attraction for the foreign-invested enterprises with high-tech characteristics and large investment scale, and wholly foreign-owned and from developed countries. The finding enlightens us that we shall further wholly understand the impact of the Pilot Free Trade Zone reform on foreign-invested enterprises. The nation shall actively employ the positive role of the Pilot Free Trade Zone to optimize the structure of foreign investment and promote regional industrial upgrading and cultivate a new era of regional development with the help of the construction of the pilot free trade zone.