Research On The Influencing Factors Of Total Factor Productivity Of Manufacturing Industry Under The Background Of Supply Side Structural Reform

In response to the turbulent international situation of global economic weakness and trade protectionism expansion,as well as the negative impact of the inefficient and extensive development mode driven by factors for a long time since China's reform and opening up,China has timely launched development strategies and reform measures such as China Manufacturing 2025 and Supply-side Structural Reform.Improving the quality and efficiency of economic development,promoting the transformation and upgrading of manufacturing industry,and improving total factor productivity have become the important task of China's economic development and the focus of discussion from all walks of life.In this context,the research on the influencing factors and mechanism of total factor productivity will help to further deepen the structural reform of supply side,improve total factor productivity and promote the high-quality development of manufacturing industry.Guangdong Province is the vanguard of China's reform and opening up development,the largest economic province and manufacturing province,the manufacturing industry in Guangdong Province is the forefront of China's global industrial competition,its development has an important demonstration and leading role in the country.Taking the manufacturing industry of Guangdong Province as the research object to analyze the influencing factors of total factor productivity of manufacturing industry,which has both focus and generality.Firstly,this paper introduces the related concepts and theories,and sorts out the existing literature and research results of supply structural reform and total factor productivity.On this basis,this paper constructs the theoretical analysis framework of the factors affecting total factor productivity in the context of supply-side structural reform,expounds the internal relationship between supply-side structural reform and total factor productivity,and analyzes the factors affecting total factor productivity and its mechanism.Then it introduces the general situation and existing problems of manufacturing industry in Guangdong Province,and based on the data from 2006 to2017,uses Hicks-Moorsteen index method to calculate the total factor productivity ofmanufacturing industry in Guangdong Province.Based on the industry heterogeneity,this paper further constructs a panel regression model to empirically test the influencing factors of total factor productivity of manufacturing industry in Guangdong Province.The results show that:(1)The total factor productivity of manufacturing industry in Guangdong Province has increased as a whole from 2006 to 2017,the improvement of total factor productivity mainly comes from technological progress,while efficiency has played a hindering role,and the reduction of efficiency is mainly due to the continuous deterioration of scale efficiency and portfolio efficiency;(2)The path and change of total factor productivity in low,medium and high-tech manufacturing industries are different,the increase of total factor productivity in medium technology manufacturing industry is the largest,and that in high-tech manufacturing industry is the smallest;(3)Capital deepening and industrial concentration have a significant negative impact on TFP,while state-owned rate,private rate,average size of enterprises and foreign investment have a significant positive impact on TFP,while energy structure has no significant impact;(4)The influence of each factor on the total factor productivity of low,medium and high technology manufacturing industry in Guangdong Province is different.Finally,based on the test results and the problems of manufacturing industry in Guangdong Province,the corresponding policy recommendations are put forward in order to provide reference for deepening the reform of supply-side structure and promoting the high-quality development of manufacturing industry in Guangdong Province.