Local key industrial policies and firms’ total factor productivity: An empirical analysis based on staggered DID identification strategy

SHI Jiuling, ZHANG Xingxiang, HONG Yongmiao

Systems Engineering - Theory & Practice ›› 2024, Vol. 44 ›› Issue (9) : 2747-2761.

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Systems Engineering - Theory & Practice ›› 2024, Vol. 44 ›› Issue (9) : 2747-2761. DOI: 10.12011/SETP2023-0566

Local key industrial policies and firms’ total factor productivity: An empirical analysis based on staggered DID identification strategy

  • SHI Jiuling1,2, ZHANG Xingxiang3, HONG Yongmiao1,2,4
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Abstract

Industrial policy has always played an important role in promoting industrial structure 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 Chinese 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.

Key words

local key industrial policy / total factor productivity / staggered DID

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SHI Jiuling , ZHANG Xingxiang , HONG Yongmiao. Local key industrial policies and firms’ total factor productivity: An empirical analysis based on staggered DID identification strategy. Systems Engineering - Theory & Practice, 2024, 44(9): 2747-2761 https://doi.org/10.12011/SETP2023-0566

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Funding

Major Project of Humanities and Social Sciences Key Research Base of Ministry of Education of China (22JJD790049);Basic Science Center Project of National Natural Science Foundation of China (71988101);China Postdoctoral Science Foundation (2023M743443)
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