LAST year served as an important year todeepen China＇s relationship with Africa. Politically, the relations are at their highest level ever. So are the commercial ones, spurred by continued financing commitments, div...LAST year served as an important year todeepen China＇s relationship with Africa. Politically, the relations are at their highest level ever. So are the commercial ones, spurred by continued financing commitments, diversifying investment portfolios and bilateral merchandise trade,展开更多
Using data from the 11th to 14th Five-Year Plan periods(2006-2025),this study applies a Difference-in-Differences(DID)approach to assess the impact of industrial policy withdrawal.Industries that have faced policy wit...Using data from the 11th to 14th Five-Year Plan periods(2006-2025),this study applies a Difference-in-Differences(DID)approach to assess the impact of industrial policy withdrawal.Industries that have faced policy withdrawal for over a decade are categorized as the treatment group,while consistently supported industries form the control group.The analysis examines how withdrawal affects firm total factor productivity(TFP)and investment behavior.The results show that policy withdrawal boosts firm TFP by reducing over-investment and improving the efficiency of R&D spending.This effect is particularly evident in industries with strong,competitive leading firms.Additionally,in regions with lower levels of marketization,timely policy withdrawal plays a key role in curbing over-investment.This study also highlights a dual effect of policy withdrawal:while it fosters corporate social responsibility,it may also encourage financial speculation.These findings suggest that the implementation of industrial policy should provide“timely assistance”over a limited timeframe rather than long-term support to well-established industries.As industries mature,policy support should be gradually reduced or phased out to avoid over-investment and enhance firm efficiency.展开更多
文摘LAST year served as an important year todeepen China＇s relationship with Africa. Politically, the relations are at their highest level ever. So are the commercial ones, spurred by continued financing commitments, diversifying investment portfolios and bilateral merchandise trade,
基金supported by the Major Project of the Beijing Social Science Fund“Research on Constructing a New Development Pattern and the Coordinated Development of the Beijing-Tianjin-Hebei Region”(20ZDA31).
文摘Using data from the 11th to 14th Five-Year Plan periods(2006-2025),this study applies a Difference-in-Differences(DID)approach to assess the impact of industrial policy withdrawal.Industries that have faced policy withdrawal for over a decade are categorized as the treatment group,while consistently supported industries form the control group.The analysis examines how withdrawal affects firm total factor productivity(TFP)and investment behavior.The results show that policy withdrawal boosts firm TFP by reducing over-investment and improving the efficiency of R&D spending.This effect is particularly evident in industries with strong,competitive leading firms.Additionally,in regions with lower levels of marketization,timely policy withdrawal plays a key role in curbing over-investment.This study also highlights a dual effect of policy withdrawal:while it fosters corporate social responsibility,it may also encourage financial speculation.These findings suggest that the implementation of industrial policy should provide“timely assistance”over a limited timeframe rather than long-term support to well-established industries.As industries mature,policy support should be gradually reduced or phased out to avoid over-investment and enhance firm efficiency.
