本文在政府与市场关系分析框架下,理论分析制造强国战略这一功能性产业政策对企业全要素生产率的影响机制,并以《中国制造 2025》为准自然实验,结合 2010-2019 年沪深 A 股上市公司数据,运用双重差分法对理论预期进行验证.研究发现,制造强国战略这一功能性产业政策显著地促进了制造业企业全要素生产率增长,这一结论在安慰剂检验、PSM-DID、工具变量法等一系列稳健性检验后仍然成立.制造强国战略的这种影响是通过协同创新、关键核心技术突破等技术创新机制,以及专业技术人才、经营管理人才等人才支撑机制实现的.政府治理效能提升显著增强了制造强国战略的实施效果,而且这种影响对于政府效率和营商环境排名前 50 的城市更显著.政府治理效能提升强化了制造强国战略的协同创新、关键核心技术突破、专业技术人才支撑和经营管理人才支撑等机制,但未明显改善创新溢出机制和技能人才支撑机制.此外,异质性分析表明,制造强国战略对试点地区、配套政策完善地区、融资约束程度较低、智能化水平较高、技术差距较大行业的企业生产率提升效果更为显著.本文的研究验证了制造强国战略在制造业生产率增长方面的重要作用,为功能性产业政策实施与制造业高质量发展提供了有益的参考依据.
Can Functional Industrial Policy Promote the Growth of Enterprise Productivity?——A quasi-natural Experiment Based on Made in China 2025
Based on the framework of the relationship between government and market,the paper analyzes the influence of manufacturing power strategy on TFP."Made in China 2025"is selected as the standard natural experiment,combined with the data of A-share listed companies from 2010 to 2019,the theoretical expectation is verified by the method of differential analysis.It is found that manufacturing power strategy,significantly promotes the TFP growth of manufacturing enterprises.The result can be justified after a series of robustness tested,PSM-DID and instrumental variable method.The influence of manufac-turing power strategy is realized through technological innovation mechanism such as col-laborative innovation,key core technology breakthrough,and talent support mechanism such as technical personnel,management personnel.Meanwhile,improved governance effectiveness significantly enhanced the implementation effect of manufacturing power strategy,and this effect was better for the top 50 cities in terms of government efficiency and business environment.The improvement government governance efficiency strengthens the mechanism of collaborative innovation,key core technology breakthrough,technical and management personnel support for the strategy of manufacturing power strategy.How-ever,it has not improved the spillover effect of innovation and the skilled personnel.In addition,heterogeneity analysis shows that manufacturing power strategy has a more sig-nificant effect on the improvement of TFP of enterprises in pilot areas,regions with im-proved supporting policies,industries with lower financing constraints,higher intelligence level and larger technology gap.The paper verifies the importance of manufacturing power strategy,and provides a useful reference for the implementation of functional policies and high-quality development of manufacturing industry.
Industrial Policy"Made in China 2025"Government Governance Effi-ciencyHigh-Quality Development
万方数据
