产业政策提升数字企业的全要素生产率了吗？.

Have Industrial Policies Improved the Total Factor Productivity of Digital Enterprises？.

Improving the total factor productivity of digital enterprises is a necessary way to promote high‐quality development of the digital economy, and the effective use of industrial policies will play an important role in promoting this process. Panel data of listed companies in China’s digital industry from 2007 to 2020 was used to empirically test the impact of four types of industrial policies: government subsidies, tax incentives, credit support, and market access on the total factor productivity of digital enterprises. Research has found that credit support significantly promotes the improvement of total factor productivity of digital enterprises, while market access has a significant negative effect. Government subsidies and tax incentives have no significant effect on the growth of total factor productivity of digital enterprises. The conclusions remain stable after a series of robustness tests. The results of heterogeneity and mechanism testing indicate that industrial policies have heterogeneity effects on the total factor productivity of digital enterprises in terms of property rights, enterprise size, and enterprise lifecycle. Credit support and market access respectively affect the total factor productivity of digital enterprises by alleviating financing constraints and intensifying excessive investment. The research conclusions have certain enlightening significance for the government to formulate more precise and effective industrial policies. [ABSTRACT FROM AUTHOR]

提升数字企业全要素生产率是促进数字经济高质量发展的必要方式，而产业政策的有效使用将对这一过程起到重要 的推动作用。本文利用2007—2020年中国数字行业上市企业的面板数据，实证检验了政府补贴、税收优惠、信贷支持和市场 准入四类产业政策对数字企业全要素生产率的影响。研究发现，信贷支持显著促进了数字企业全要素生产率的提升，市场准 入则起到显著的负向作用，政府补贴和税收优惠对数字企业全要素生产率的增长无明显效果，该结论在进行一系列稳健性检 验后仍保持稳健。异质性和作用机制检验的结果表明，产业政策对数字企业全要素生产率存在产权、企业规模和企业生命周 期方面的异质性作用，信贷支持和市场准入则分别通过缓解企业融资约束和加剧企业过度投资的方式影响数字企业的全要素 生产率。本文的研究结论对于政府制定更为精准有效的产业政策具有一定的启示意义。 [ABSTRACT FROM AUTHOR]

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