Research On Private Enterprise Investment Under The Background Of Industrial Policy

The concept of supply side reform in 2015 appeared in the eyes of the public for the first time,and then opened the prelude to the adjustment of our country's economic structure.The emergence of a large number of overcapacity and the continued loss of iron and steel,coal,iron ore and other industries,the reason lies in the imbalance of China's industrial structure.The enterprises with high pollution,high consumption and high emission account for relatively high.The enterprises with high added value and low pollution,low consumption and low emission accounted for less.The supply side reform put forward to productivity,to inventory,leverage,cost reduction and fill short board,the elimination of backward production capacity,improve the innovation ability of the development of high value-added industries.Although the proportion of the third industries in China has exceeded 50%,there is still a certain gap with the developed countries in Europe and America,and the future still has great potential for development.The proportion of traditional industries in China's second industry is still high.Compared with Germany,Japan,the United States and other industrial manufacturing powers,the overall level of manufacturing industry is still relatively low,and the gap between enterprises is large.With the opening of the new NPC and CPPCC March 2,2016,planning for the next five years in China's economic development,on the one hand,"13th Five-Year" plan put forward by an average of 6.5%GDP growth target.On the other hand,it lists the key industries that will be developed in the future,such as intelligent transportation,precision medicine,intelligent materials,efficient energy storage and distributed energy system,virtual reality and interactive video.Based on the perspective of "11th Five-Year plan" and "12th Five-Year plan",this paper empirically tests the effect of formal institution-industrial policy and informal institution-political connection on the investment of private enterprises.The study found that,although the industrial policy promotes the level of private enterprises' investment,but reduce the efficiency of investment in private enterprises.However,political connection and industrial policy have a substitution effect on the level of private enterprises' investment and a complementary effect on the investment efficiency,which only reflected in improving the insufficient investment of private enterprises,verifies the resources effect of political connection.In addition,this paper also finds that the those private enterprises with political connection can get relevant information ahead of the industrial policy,which lead to earlier investment,proves the information effect of political connection.