Research On The Effects Of China's Equipment Manufacturing Industry Policy

The development of equipment manufacturing has a direct bearing on the transformation of China from a manufacturing country to a manufacturing powerhouse,and more to the sustainable development of China's economy and society.Since the founding of the People's Republic of China,China has always been committed to building a complete and independent industrial system.Over the years,the government has formulated a variety of industrial policies to stimulate the development of equipment manufacturing.This article summarizes the relevant research results of the current equipment manufacturing industry and finds that the current research on the effectiveness does not use the overall equipment manufacturing industry as the research object.The article's first sorts out the industrial policies for the equipment manufacturing industry since the founding of the People's Republic of China,especially the latest industrial policy after 2015.At the empirical level,starting from the macro and micro perspectives,through the panel data model,the industry-level model selects the tax incentive estimate,the national capital share,and the government's R&D as policy indicators,the industrial sales output value as the explanatory variable.The sample is divided into two periods of 2003-2008 and 2009-2016,and the overall analysis of the equipment manufacturing industry is conducted,and whether the policy factors play a role is briefly stated.At the enterprise level,the company's profitability is used as an explanatory variable,and policy variables are added for comparative analysis to test whether the policy variables have an impact on the company.The analysis results show that the industry level reflects that the government's R&D has a significant role in promoting the development of the equipment manufacturing industry.The level of the equipment manufacturing industry in 2009-2016 when the policy was introduced in a dense time period is higher than that in 2003-2008.After the enterprise-level model joins the government's R&D input variable,it's not only promoting the competitiveness of the enterprise,but also has a certain substitution effect on the investment in fixed assets and labor input.Finally,according to the empirical results of this paper,propose policy recommendations.