The Influence Of Industrial Policy On Total Factor Productivity Of Firms

Industrial preferential policy is a flexible method of government intervention,aiming at guiding and controlling the direction of investment,adjusting the industrial structure and achieving the goal of national economic development.Taking listed companies in strategic emerging industries from 2010 to 2021 as samples,this paper adopts breakpoint regression design and fixed effect model to analyze the impact of the national development plan for strategic emerging industries in the 13 th Five-Year Plan period on the total factor productivity of related listed companies.The findings are as follows:(1)The implementation of relevant industrial policies can greatly improve the total factor productivity of enterprises.At the same time,the robustness test and endogeneity test were carried out on the above reference model,including parameter regression,variable regression,placebo test,and the addition of higher-order terms to fit local samples.The test results showed that the empirical results of the reference model were robust.(2)Through the grouping regression of enterprise heterogeneity,the results show that,compared with state-owned enterprises,non-state-owned enterprises are easier to get incentives from industrial economic policies,so as to improve the total factor productivity;In addition,the competitive environment of strategic emerging industries is more active,and the level of competition of non-state-owned enterprises will be higher,so they are better able to adapt to changes in the market.In contrast,state-owned enterprises have always adhered to the principle of prudence,the flexibility of market economy is low,and the decision-making mechanism of "examination and approval at various levels and multiple meetings" cannot effectively grasp and adjust market opportunities.Therefore,the implementation of industrial policies has no outstanding effect on improving the total factor productivity of state-owned enterprises,but has more outstanding effect on non-state-owned enterprises.(3)Further research finds that industrial policies affect total factor productivity of enterprises through the intermediary of technological innovation and financing constraints.In addition,market competition plays a regulating role in improving the total factor productivity of enterprises by industrial policies.The results of this paper show that the implementation of "the 13 th Five-Year Plan for the Development of National strategic Emerging Industries" can promote the total factor productivity of strategic emerging industries.Compared with state-owned enterprises,it is easier for non-state-owned enterprises to get incentives from industrial economic policies,so as to improve total factor productivity.Industrial policies affect the total factor productivity of enterprises through technological innovation and financing constraints.Market competition plays a moderating role in improving the total factor productivity of enterprises.These results indicate that the government should attach importance to the role of industrial policies in improving the total factor productivity of enterprises,and formulate appropriate industrial policies according to the actual situation of different regions.Specifically,the following measures can be taken: formulate targeted policies and measures to implement policies according to local conditions;Pay attention to enterprise technological innovation,strengthen financial resources support;We will optimize the structure of property rights and accelerate market distribution.