The Effect of Regional Industrial Policy on Manufacturing Quality Improvement——The Quasi-natural Experiment from Industrial Transformation and Upgrading Demonstration Zones
As one of the effective carriers for implementing place-based policies,regional industrial policy plays a crucial role in promoting the high-quality development of the manufac-turing industry under the new normal of the economy.In this paper,we regard the pilot construc-tion of the national demonstration zone for industrial transformation and upgrading as a quasi-natural experiment,and take A-share listed manufacturing enterprises in Shanghai and Shenzhen stock markets from 2010 to 2019 as the research samples,adopt the difference-in-differences method to identify the effect of the demonstration zone policy on manufacturing quality improvement.The findings are as follows:(1)When measuring manufacturing quality using firm TFP,benchmark regression results demonstrate that policy implementation significantly enhances the high-quality development of the manufacturing industry,with an approximate 8%improvement observed in the treatment group compared to the control group.This conclusion still holds in a variety of identification hypothesis tests and robustness tests.(2)Heterogeneity analysis reveals that this policy effect is more pronounced among state-owned enterprises,growth-stage enterprises,and capital-intensive and technology-intensive industries.(3)Further mechanism test shows that the demonstration zone policy mainly promotes the high-quality development of manufacturing industry through improving enterprises'innovation ability and resource allocation efficiency,but does not foster the comparative advantage of local indus-tries.The research findings presented in this paper offer significant policy insights and decision-making guidance for further enhancing the development of demonstration zones and reforming regional industrial policies to facilitate the high-quality growth of the manufacturing industry.
regional industrial policymanufacturing qualityindustrial transformation and upgrading demonstration zoneTFP
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