Abstract:The transformation and upgrading of manufacturing industry to intelligent manufacturing is the only way for China to realize the strategy of manufacturing power. In this paper, the effect and mechanism of intelligent manufacturing policy on the total factor productivity of enterprises are empirically tested by using the data of A- share listed companies from 2010 to 2019, using the double differential method and the introduction of the "Made in China 2025" policy as a natural experiment. The study found that:(1) intelligent manufacturing policy can effectively promote the improvement of total factor productivity of enterprises in the field of intelligent manufacturing;(2) intelligent manufacturing policy on the one hand induces enterprises to increase meaningless or inefficient R & D investment, reduce the total factor productivity of enterprises, on the other hand, guide enterprises to increase the number of effective invention patents, and then improve the total factor productivity of enterprises;(3) There are significant differences in the effect of intelligent manufacturing policy among enterprises with different ownership properties and different degrees of marketization. The above results confirm the effect of intelligent manufacturing policy, and partially open the black box of its mechanism, which has important reference and enlightenment significance for the formulation and implementation of intelligent manufacturing industry policy in the next stage.

Key words:double difference method; industrial policy; intelligent manufacturing policy; total factor productivity; enterprise innovation

Abstract：The transformation and upgrading of manufacturing industry to intelligent manufacturing is the inevitable choice for China to realize the strategy of manufacturing power. According to the double difference method, this paper takes the introduction of “made in China 2025” policy as the quasi-natural experiment, and empirically tests the effect and mechanism of intelligent manufacturing policy on enterprise total factor productivity by using the data of A-share listed companies from 2010 to 2019. First, “Made in China 2025” has effectively promoted the improvement of total factor productivity of smart manufacturing enterprises. As an incentive policy, this policy will give target companies preferential benefits in terms of capital, taxation, land use, and talents, which can effectively guide and help companies reduce costs and enhance competitiveness, thereby promoting the improvement of corporate total factor productivity. Second, “Made in China 2025” has two opposite mechanisms for the total factor productivity of enterprises. On the one hand, incentive policies induce enterprises to increase meaningless or inefficient R&D investment and reduce the total factor productivity of enterprises. This partly stems from Adverse selection behaviors caused by information asymmetry between enterprises and governments; on the other hand, they guide enterprises to increase the number of effective invention patents, thereby increasing their total factor productivity. Third, compared with state-owned enterprises, the effect of policy implementation on the total factor productivity of non-state-owned enterprises is more obvious. Due to the inherent lack of political resources and derivative advantages of non-state-owned enterprises, they are more eager to get support from policies, and their response speed and degree to policies will be higher. Therefore, policies have a stronger marginal promotion effect on their corporate factor productivity. Fourth, compared with enterprises in low-market areas, the impact of policy implementation on the total factor productivity of enterprises in high-market areas is more obvious. In regions with a high degree of marketization, government policies will be more inclined to consider supporting companies with more competitive market advantages, so as to give full play to the role of policy resources in promoting total factor productivity. The results confirm the effect of intelligent manufacturing policy, and partially open the black box of its mechanism, which has important reference and enlightening significance for the formulation and implementation of intelligent manufacturing industry policy in the next stage.

Keyword：DID; industrial policy; intelligent manufacturing policy; total factor productivity; enterprise innovation