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- W4313472522 abstract "We investigate the impact and mechanism of industrial policy on corporate investment and investment efficiency. Using the micro-level data of A-share listed firms on China’s stock market from 2001–2020, we examine whether industrial policies have different effects on China’s state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs). Moreover, we identify specific policy followers to further illustrate the impact of industrial policy on investment efficiency. The empirical results show that industrial policies promote investments among non-SOEs at the cost of reducing their investment efficiency, but have no effect on the investment and efficiency of SOEs. Government subsidy and inter-industry competition are the main mechanisms for the negative impact of industrial policy on investment efficiency. Moreover, target industrial policies reduce the investment efficiency of both SOE and non-SOE policy followers. Therefore, to achieve the goal of improving corporate investment efficiency and promoting sustainable economic development, policy-makers should pay more attention to the consequence of unnecessary government subsidy and excessive inter-industry competition." @default.
- W4313472522 created "2023-01-06" @default.
- W4313472522 creator A5056450584 @default.
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- W4313472522 date "2022-12-31" @default.
- W4313472522 modified "2023-09-27" @default.
- W4313472522 title "Does Industrial Policy Reduce Corporate Investment Efficiency? Evidence from China" @default.
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- W4313472522 doi "https://doi.org/10.3390/su15010732" @default.
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