Research On The Incentive Effect Of Local Government Subsidies On The Green Transformation Of Manufacturing Indusrty

China’s economy has shifted from a stage of rapid growth to a stage of high-quality development.Affected by multiple factors such as Sino US trade friction,the new coronavirus epidemic and the deterioration of the ecological environment,the continuous downward trend of China’s economy has increased.How to realize high-quality economic development and resolve the energy and environment problems in economic development has tured into the key points of the Chinese government’s economic work in the future.As the main body of the national economy,manufacturing is the basis and premise of realizing high-quality economic development,and also the key field to resolve the energy and environmental problems in China.The report of the 19 th National Congress clearly proposed to cultivate advanced manufacturing clusters and promote the high-quality development of manufacturing industry.China’s manufacturing industry can not realize high-quality development without the support of local governments’ industrial policies.As the most effective industrial policy regulation tool of local governments,government subsidies are the key means to lead the adjustment of economic structure and promote the transformation and upgrading of industrial structure.The core content of high-quality development of manufacturing,green transformation is not only the result of the choice of market mechanism,but also the result of the promotion of industrial policies of local governments.Therefore,the green transformation of China’s manufacturing industry inevitably requires local governments to intervene by using the "induction" function of subsidy industrial policy.This paper takes China’s manufacturing industry as the research object,takes the green transformation of manufacturing industry as the foothold,attempts to bring the local government subsidy policies into the theoretical analysis framework of the transformation of manufacturing industry structure from the perspective of local government function positioning in the transformation of manufacturing industry,and tries to clarify the following core issues by using the language of economics : First,the connotation,measurement and realization mechanism and logic of manufacturing green transformation.Second,the local government subsidy policies are the theoretical mechanism to stimulate the green transformation of manufacturing industry.Third,the dynamic effect of local government subsidy policies encourages the green transformation of manufacturing industry.Fourth,the spatial effect of local government subsidy policies encourages the green transformation of manufacturing industry.Fifth,whether is an optimal subsidy range for the incentive effect of local government subsidy policies on the green transformation of manufacturing.Sixth,how should China’s local government subsidy policies learn from the subsidy policies experience of developed countries to stimulate the transformation and adjustment of manufacturing industry and selectiont way.In terms of research logic,the paper is carried out according to the general research paradigm of raising problems,analyzing problems and solving problems.Focusing on the research theme of the relationship between local government subsidies and manufacturing green transformation,the paper discusses it from two aspects of theoretical research and empirical research.Based on the relevant theoretical analysis of the internal mechanism logic of manufacturing green transformation and the theoretical mechanism of the impact of local government subsidy policies,this paper takes the provincial manufacturing panel data of China from 2009 to 2019 as a sample,and comprehensively uses the econometric analysis methods such as ddf-dea model,System GMM model,intermediary effect model,spatial Dobbin model and threshold effect model,This paper explores the internal relationship between the local government subsidy policies and the green transformation of manufacturing industry,and draws the main conclusions as follows:(1)Based on the theoretical analysis framework of endogenous economic growth,local government subsidy policies can effectively improve the efficiency of steady-state growth of green manufacturing industry,encourage the regional industrial structure from agriculture to manufacturing industry,promote the transfer of the internal industrial structure of manufacturing industry from traditional labor-intensive manufacturing pollution to emerging clean high-tech manufacturing industry,and encourage the manufacturing industry to realize the green transformation and adjustment of industrial structure.This paper further analyzes the impact mechanism of government subsidy policies from the micro,meso and macro levels,and finds that local government subsidy policies can effectively promote the green transformation of manufacturing structure from the micro,meso and macro levels by affecting the flow and accumulation of production resources.(2)Overall,the green transformation of China’s manufacturing industry presents a fluctuating upward trend,with obvious characteristics of stage and regional heterogeneity.Specifically,the green efficiency of manufacturing industry is similar to the "W" fluctuation characteristics,the clean transformation level of manufacturing industry is increasing year by year,while the advanced transformation performance of manufacturing industry first decreases slowly and then increases rapidly,which is generally "U" characteristics.From the perspective of regional heterogeneity,the green transformation level of China’s manufacturing industry presents the characteristics of decreasing from the eastern,central and western regions.(3)The scale of local government subsidies,direct subsidies and indirect subsidies can effectively stimulate the green transformation of manufacturing industry,but the incentive elasticity of "inclusive" tax preference indirect subsidies is significantly higher than that of "competitive" direct subsidies,and local government subsidies have obvious dynamic incentive effects of heterogeneity in region,enterprise scale and government governance ability,The promotion incentive mechanism of local officials is an effective path for local government subsidies to support the green transformation of manufacturing industry,while the rent-seeking incentive of local government officials is an important channel to hinder the green transformation of manufacturing industry.(4)The green transformation of China’s manufacturing industry shows obvious spatial aggregation characteristics in inter provincial spatial regions.The scale of local government subsidies,direct subsidies and indirect subsidies stimulate the green transformation of manufacturing industry have significant spatial spillover effects,and the spatial effects of incentives for the green transformation of manufacturing industry should be unequal in different regions of China,On the whole,it shows the spatial correlation characteristics of the incentive effects of "high-high" and "low-low" typical "highlands" and "depressions".(5)There is an optimal and appropriate range for the scale of local government subsidies,direct subsidies and indirect subsidies to stimulate the positive role of green transformation of manufacturing industry,but the government "inclusive" indirect subsidies and "competitive" direct subsidies have their own advantageous expenditure range.The level of regional economic development and government governance ability have a significant threshold adjustment effect of structural mutation between local government subsidies and green transformation of manufacturing industry,and the scale of local government subsidies,direct subsidies and indirect subsidy policy tools show significantly differentiated threshold structural mutation adjustment characteristics.(6)The only way to boost the green transformation of China’s manufacturing industry is to accurately locate the objects supported by local government subsidy policies,increase the support of local government subsidies for scientific and technological innovation,adjust and optimize the scale and structure of local government subsidy expenditure,clarify the role of local government in the green transformation of manufacturing industry,and pay attention to the energy and environmental problems in the transformation of manufacturing industry.