老工业基地振兴政策对企业升级的促进作用研究

Research on the Promotion Effect of Old Industrial Base Revitalization Policy on Enterprise Upgrading

企业升级是实现老工业基地全面振兴和高质量发展的关键。在当前新旧动能接续转换期,研究老工业基地振兴政策对企业升级的促进作用具有重要现实意义和政策意义。本文基于2000—2019年上市公司数据,采用多期双重差分方法评估老工业基地振兴政策实施效果。结果显示,老工业基地振兴政策显著提高了企业的全要素生产率,促进企业升级。机制检验结果表明,老工业基地振兴政策通过促进企业研发创新和降低企业融资约束来提高企业全要素生产率,实现“造血”功能。异质性分析表明,政策的实施对东北地区和中部地区的企业具有显著正向影响,而对东部地区和西部地区则无显著影响;相对于国有企业,民营企业的正向影响更显著;分行业来看,振兴政策能够淘汰采矿业等落后产能,促进制造业等行业企业升级,具有调整产业结构的作用。本文从企业的视角评估老工业基地振兴政策的效果,并提出进一步促进老工业基地振兴的政策路径。

Enterprise upgrading is the key to realizing the comprehensive revitalization and high-quality development of old industrial bases.In the current transition period of new and old kinetic energy,it is of great practical and policy significance to study the promotion effect of old industrial base revitalization policies on enterprise upgrading.Therefore,based on the data of Chinese listed companies from 2000 to 2019,this paper adopts a multi-stage double difference method to evaluate the revitalization policy implementation effect of the old industrial base.The results show that the revitalization policy of the old industrial bases has significantly improved the total factor productivity of enterprises and promoted the enterprise upgrading.The inspection results of the mechanism show that the revitalization policy of the old industrial base improves the total factor productivity of enterprises and realizes the“hematopoietic”function by promoting the enterprise research and development innovation and reducing the enterprise financing constraints.Heterogeneity analysis shows that the implementation of policies has a significant positive impact on enterprises in the northeast and central regions but has no significant impact on the eastern and western regions.Compared with state-owned enterprises,the positive impact of private enterprises is more significant;in terms of industries,the revitalization policy can eliminate outdated production capacity such as mining,promote the upgrading of enterprises in industries such as manufacturing,and have the effect of adjusting the industrial structure.This paper evaluates the effect of the revitalization policy of the old industrial base from the perspective of the enterprise,and puts forward the policy path to further promote the revitalization of the old industrial base.