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为了探究产业政策实施的有效性,以2001~2015年A股上市公司为研究样本,从微观视角企业融资效率考察产业政策的实施效果,并结合产权性质分析产业政策在不同产权性质企业下的实施效果差异。结果表明:受产业政策激励公司的融资效率显著高于未受产业政策激励的公司;与国企相比,产业政策对民企融资效率的影响更加显著。
In order to explore the effectiveness of the implementation of industrial policies, taking the A-share listed companies from 2001 to 2015 as the research samples, this paper examines the implementation effect of industrial policies from the micro-perspective of corporate financing efficiency, and analyzes the implementation of industrial policies under different property-rights enterprises Effect difference. The results show that: the financing efficiency of companies encouraged by industrial policies is significantly higher than that of companies that are not motivated by industrial policies; the impact of industrial policies on the financing efficiency of private enterprises is more significant than that of state-owned enterprises.