当断则断:重点产业政策退出、过度投资缓解与企业绩效高质量发展  

The Impact of Industrial Policy Exit on Enterprise Investment and Production Efficiency

作　　者：戴宏伟[1] 郑立晨 DAI Hongwei;ZHENG Lichen(School of Economics, Central University of Finance and Economics)

机构地区：[1]中央财经大学经济学院

出　　处：《数量经济技术经济研究》2024年第3期68-88,共21页Journal of Quantitative & Technological Economics

基　　金：北京市社会科学基金重大项目(20ZDA31)的资助。

摘　　要：本文采用“十一五”到“十四五”五年规划中的相关信息,将五年规划中产业政策退出十年及以上的产业视作处理组,始终受到扶持的产业视作控制组,使用双重差分法识别了产业政策退出对企业TFP和企业投资行为的影响。研究发现:相关产业扶持政策的退出通过缓解企业过度投资、提高企业研发支出效率提高了企业TFP。对于产生了有较强竞争力龙头企业的行业,政策退出的正面影响更明显。在市场化程度较差的地区,政策的及时退出对缓解企业过度投资的作用更显著。产业政策退出有助于企业积极承担社会责任。本文的政策启示在于,产业政策的本质是“雪中送炭”而非“锦上添花”,因此产业政策的实施应是短期性而非持久性政策。在产业发展到一定程度后,有必要及时、逐步减少或废除产业政策支持,以减少企业过度投资并提高企业效率。The 20th National Congress of the Party's report emphasized that “We must persist in promoting high-quality development as the main theme...accelerate the construction of a modern economic system,focus on improving overall factor productivity,and promote qualitative and effective enhancement and rational growth in quantity.” In this process,attention should be paid to both industry upgrading and efficiency improvement,as well as enterprise efficiency enhancement,to increase the overall efficiency of resource allocation.This is closely related to the role of industrial policies.In the rapid development process since China's reform and opening-up,industrial policies have played a significant role in optimizing industrial structure and enhancing industrial competitiveness.However,during the implementation stage of industrial policies,the country may adjust policies based on economic conditions and gradually withdraw support for mature or overcapacity industries.This study primarily focuses on the impact of the national exit from industrial policies on the efficiency of enterprise production and investment,analyzing the conditions under which policy exit is more appropriate and the mechanisms through which it affects enterprises.The research findings indicate that,first,the exit of industrial policies can improve enterprise total factor productivity(TFP) and alleviate overinvestment.Second,in industries where significant leading enterprises have emerged and in regions with lower levels of marketization,the exit of industrial policies is more favorable for mitigating overinvestment issues among related enterprises.Third,the exit of industrial policies promotes enterprise TFP by alleviating overinvestment,improving the efficiency of utilizing R&D investment,and tightening external resources to alleviate overinvestment problems.Fourth,to some extent,the exit of industrial policies results in the “de-realization” of enterprise investments and indirectly increases enterprises' commitment to social responsibility.T

关 键 词：产业政策退出 全要素生产率 过度投资 交错双重差分 

分 类 号：F124.6[经济管理—世界经济]