专精特新政策会促进中小企业高质量发展吗?——来自全要素生产率的证据

Will SRDI policies promote high-quality development of small and medium-sized enterprises?—Evidence from total factor productivity

基于2016—2021年中小板、创业板的上市公司数据,采用双重差分法考察了专精特新政策对中小企业高质量发展的影响及其作用机理。研究结果表明,专精特新政策提升了企业的全要素生产率,对中小企业提高发展质量具有激励作用。机制分析表明,政策通过缓解融资约束、提升人力资本、加速数字化转型以及促进产品创新升级来促进中小企业高质量发展。异质性分析发现,首先,政策的积极影响在市场化程度较高的地区如东部和东北部地区较为明显;其次,政策效果主要体现在竞争程度较高的行业中,如“制造业”“信息传输、软件和信息技术服务业”“科学研究和技术服务业”以及“水利环境和公共设施管理业”四大行业;最后,政策的促进作用在高管理效率的企业和民营性质的企业中更显著。研究结果对政策的后续推进以及中小企业激活自身潜力从而实现高质量发展提供了经验与启示。

Based on the data of listed companies on the GEM and the SME board from 2016 to 2021,this paper examines the impact of the SRDI policy on the high-quality development of small and medium-sized enterprises(SMEs)and its mechanism by using Difference-in-Difference method(DID).The results show that the policy significantly improved the total factor productivity(tfp)of enterprises,which means that it has stimulating effect on promoting high-quality development of SMEs.Mechanism analysis finds that it is by solving financing problems,improving the quality of human capital,accelerating digital transformation and urging product innovation that the policy helps SMEs gain high-quality development.The heterogeneity examination indicates that first,the effect is more evident in regions with high degree of marketization,such as the eastern and northeastern regions;second,the policy effect is mainly reflected in the highly competitive industries,such as“manufacturing”,“information transmission,software and information technology services”,“scientific research and technology services”,and“water conservancy environment and public facilities management”.Finally,the policy effect is more significant in the enterprise with higher management efficiency and private enterprises.The research findings provide experiences and inspirations for the follow-up promotion of the policy and the activation of SMEs'potential to achieve their own high-quality development.