Can Key Industrial Policies Effectively Reduce Overcapacity?
Key industrial policies are critical tools for driving industrial transformation and upgrading in China,as well as promoting high-quality economic development.However,there is still no consensus on the effectiveness of these policies.This paper examines the impact of key industrial policies from the perspective of overcapacity at the firm level.By selecting key industry policies from the"11th Five-Year Plan"to the"14th Five-Year Plan"and utilizing data from listed manufacturing companies from 2007 to 2022,this paper investigates the effect of China's key industrial policies on corporate overcapacity.The findings reveal that key industrial policies are effective in reducing overcapacity,with innovation serving as an important channel through which these policies reduce corporate overcapacity.Furthermore,the analysis of the varying impacts of central and local industrial policy on overcapacity shows that local government support through key industry policies positively mitigates overcapacity,whereas key industry policies from the central government do not affect corporate overcapacity.The heterogeneity analysis indicates that key industry policies are more effective in mitigating overcapacity in non-state-owned enterprises and enterprises in eastern regions.These findings provide insights for the rational use of industrial policies and offer policy recommendations for reducing overcapacity.
NETL
NSTL
万方数据
