Local key industrial policies and firms'total factor productivity:An empirical analysis based on staggered DID identification strategy
Industrial policy has always played an important role in promoting industrial struc-ture transformation and high-quality economic development.Based on the Five-Year Plan of the province level local governments and the micro-data of Chinese industrial enterprises,this paper constructs a staggered DID identification strategy to empirically analyze the impact of local key industrial policies on firms'TFP.The study found that local key industrial policies can significantly improve the TFP of enterprises through policy effects(financial subsidies,tax breaks,low-interest loans)and competitive effects.Further analysis shows that the way local key industrial policies formulated and implemented will have an important impact on the effect of industrial policies.The impact of local key industrial policies formulated combining with the regional comparative advantage,or implemented dispersedly is better.This study provides Chi-nese empirical evidence for the impact of industrial policies on firms'productivity,which can provide useful reference for the government to formulate and implement industrial policies and promote high-quality economic development.
local key industrial policytotal factor productivitystaggered DID
NETL
NSTL
万方数据
