Research On The Impact Of Industrial Policy On The Total Factor Productivity Of Enterprises

Whether industrial policies can effectively compensate for market failures and promote industrial development has been controversial.On the one hand,industrial policies can help companies solve external problems that are difficult to overcome.On the other hand,industrial policies may hinder the development of enterprises in the implementation process or make the market survival of the fittest mechanism ineffective.Therefore,it is particularly important to examine the effect of industrial policy implementation and its possible rational mechanism of action.Taking the development of logistics industry as an example,this paper evaluates the impact of logistics industry policy on the total factor productivity of logistics enterprises and its mechanism.The article is based on market failure theory,strategic trade policy theory and total factor productivity theory,the article takes "Logistics Industry Adjustment and Revitalization Plan" as the object of policy evaluation,and uses the panel data of 921 listed companies in Shanghai and Shenzhen A-shares from 2006 to 2015 to establish a model names PSM-DID,which verify the effectiveness of logistics industry policies.The empirical research found that:(1)The implementation of logistics industry revitalization plan has obvious effect on the improvement of total factor productivity of logistics enterprises.(2)The mechanism of the logistics industry revitalization plan for the improvement of the total factor productivity of logistics enterprises mainly comes from the two aspects of specialized logistics development and investment environment improvement.(3)From the perspective of the nature of enterprises,the logistics industry revitalization plan has only a s ignificant positive impact on the total factor productivity of state-owned enterprises,and the effect on non-state-owned enterprises is not obvious.(4)In terms of regions,the logistics industry revitalization plan has only a significant positive effect on the total factor production efficiency of logistics enterprises in the central and eastern regions,and has no significant impact on enterprises in the western region.(5)The policy effect of the logistics industry revitalization plan on the total factor productivity of logistics enterprises in the central region is higher than that in the eastern region.The article combines the development status of logistics industry and related empirical research conclusions to provide micro evidence for exploring the role of logistics industry in economic development.It also provides a basis for improving logistics industry policies and promoting the steady and rapid development of logistics industry in the future work.