Abstract
High-tech Zones are widely regarded as an
effective mechanism to promote innovation and development of industrial
clusters and new ventures. As a change in the external institutional
environment, the upgrading of Provincial High-tech Zones promotes the ‘metabolism’
of enterprises in the High-tech Zones. This paper regards the upgrading of
Provincial High-tech Zones as an external policy impact, constructs a
quasi-natural experiment to evaluate the micro-policy effect of upgrading the
Provincial High-tech Zones to the National High-tech Zones. Based on the data
of enterprises in High-tech zones from 2005 to 2014, this paper uses Propensity
Score Matching and Difference-in-Difference methods to analyze the impact of
the upgrading of Provincial High-tech Zones on the total factor productivity of
enterprises and explores the mechanism of action between the two through the
mediation effect model. The results show that the upgrading of Provincial
High-tech Zones distorted the total factor productivity of enterprises.
Besides, compared with state-owned enterprises, the upgrading of Provincial
High-tech Zones has a greater impact on the total factor productivity of
non-state-owned enterprises. From the perspective of the intensity of
government intervention, the higher the intensity of local government
intervention, the greater the distortion effect. Further analysis shows that
this distortion effect comes from adverse selection and moral hazard caused by
information asymmetry between government and enterprises. The research results
of this paper provide a realistic basis for the development of enterprises
located in the newly upgraded National High-tech Zones.
JEL classification numbers: D24 R58.
Keywords: Upgrading of
Provincial High-Tech Zones,Total Factor Productivity of Enterprises, Propensity
Matching Score (PSM), Difference in Difference Method (DID).