关键词: “去产能”政策, 制造业, 高质量发展, 全要素生产率

Abstract: Since the 18th National Congress of the Communist Party of China, China has actively adjusted its economic structure to promote the economic transformation from highspeed development to highquality development. As an important part of structural adjustment, the governance of overcapacity is of great significance to promote the orderly and healthy development of related industries. However, scholars are far from reaching a consensus in the necessity and effectiveness of industrial policies. Drawing on China's decapacity policy, this paper analyzes its effect on total factor productivity and profit of manufacturing listed companies from the perspective of the effectiveness of restrictive industrial policy with differenceindifference method. The results show that the impact of decapacity policy on the performance of listed companies presents a Ushaped relationship with different kinds of robustness tests: in a short time, decapacity policy has a negative impact on corporate performance; but in the long run, it is conducive to the improvement of corporate performance. In addition, by using different TFP calculation methods, changing the measurement of core explanatory variables and random grouping operation, the estimated results are still robust. This indicates that the restrictive industrial policy may be an effective policy tool to redress market failure and promote highquality development.

Key words: decapacity policy, manufacturing industry, high quality development, TFP  ,