Research On The Influence Of Industrial Policy On The Productivity Of Strategic Emerging Industries

Since the reform and opening up,China's economy has achieved rapid growth and has now become the world's second largest economy after the United States.For a long time,China has relied mainly on investment and factor input to stimulate economic growth,resulting in low quality of economic growth.The global financial crisis of 2008 made people realize that the extensive economic growth mode that relies on large-scale factor investment and investment has not been able to continuously inject momentum into the national economy.Total factor productivity reflects the level of technology and resource allocation efficiency of a country.It is not only an important manifestation of the quality of a country's economic development,but also the key to whether the economy can maintain long-term growth.Therefore,in the context of the“new normal”of the economy,if China wants to achieve sustainable economic growth,it must be driven by total factor productivity growth.Strategic emerging industries are the new direction for future industrial and technological development,but they are characterized by large potential risks and long investment recovery cycles due to their initial development.In order to nurture and develop strategic emerging industries and achieve sustainable growth in productivity through productivity growth,a series of policy documents to promote their development have been released.However,does the government's industrial policy effectively increase the productivity of strategic emerging industries?How does industrial policy affect the productivity of strategic emerging industries?In this regard,it is of great practical significance to deeply explore the incentive effect of industrial policies on the productivity of strategic emerging industries.Based on the above considerations,this paper builds a“quasi-natural experiment”framework for the major policy change event of the“Decision of the State Council on Accelerating the Cultivation and Development of Strategic Emerging Industries”promulgated by the State Council in 2010,and uses the double difference method to empirically test China's industrial policy and strategy.The impact of the productivity of emerging industries.In order to verify the accuracy of the results,this paper used placebo test and propensity score matching method to verify the robustness of the underlying regression results.In addition,in view of the differences in the nature of the industry and the imbalance of regional economic development in China,this paper further divides the total sample into industries with high proportion of state-owned economy and low proportion of state-owned economy,competitive industries and monopolistic industries,as well as eastern,central and western regions..The research in this paper finds that there is a significant positive correlation between industrial policy and the productivity of strategic emerging industries.In addition,further empirical regression results show that,from an industry perspective,industrial policies have a significant role in promoting strategic emerging industries with a low proportion of state-owned economies,while industries with a high proportion of state-owned economies are not significant.Compared with monopolistic industries,the industrial policies of competitive strategic emerging industries have a more significant role in promoting;from a regional perspective,compared with the central and western regions,the industrial policies of the eastern regions are strategically oriented to the productivity of emerging industries.The promotion effect is more significant.The conclusions of this paper indicate that industrial policies have a significant role in promoting the growth of strategic emerging industries.The government should adhere to its policy support and guidance.Specifically,the following measures can be taken : formulating differentiated industrial policies and selecting appropriate industries.Policy tools;strengthen the targeting of industrial policies;optimize the scale structure of enterprises,gradually increase the strength of industry capital;increase the research and development of advanced technologies,improve the efficiency of industrial scale;evaluate the effect of policy implementation,and improve the corresponding safeguard mechanism.