Abstract: Making breakthroughs in key core technology is not only a key measure for high-level scientific and technological self-reliance and self-improvement, but also an effective way to enhance the international competitiveness of a country under high-level opening-up. Based on the panel data of China’s A-share listed companies from 2009 to 2023, this paper investigates the impact of institutional opening-up on enterprises’ key core technology breakthroughs and its mechanism by constructing a staggered difference-in-differences model. The study finds that institutional opening-up has significantly promoted enterprises to achieve breakthroughs in key core technology, which is realized by reducing institutional transaction costs, increasing the proportion of patient capital, enhancing the aggregation of digital resources and improving the level of industry-university-research collaborative innovation. Further analysis shows that the effect of institutional opening-up on key core technology breakthroughs is different in terms of enterprise attributes and external environment. At the same time, the government innovation subsidy and the local digital economy development level strengthen the positive effect of institutional opening-up. In addition, institutional opening-up promotes some enterprises to take the lead in achieving key core technology breakthroughs of “point” and then drives other enterprises in the same city and industry to achieve key core technology breakthroughs of “area”, and gradually shifting from “follower” to “leader” in international technical standards.

Key words: institutional opening-up, key core technology, free trade zone, staggered difference-in-differences