关键词: ］企业生产率, 财税普惠度, 行业特征异质性

Abstract: In 2015，the Central Committee of the Communist Party of China and the State Council issued directives for deepening the reform of institutional mechanisms and accelerating the implementation of the innovationdriven development strategy，expressly stating the need to enhance the support strength of inclusive fiscal and tax policies Since the 19th National Congress，China has been rapidly advancing the modernization of its national governance system and capabilities，with an increasing call from market entities for a fair，free，and open competitive market environment This implies a significant need for China to transition from targeted fiscal and tax policies to more universally beneficial policies However，before the implementation of such inclusive fiscal policies，two primary issues require further exploration: first，whether enhancing the inclusiveness of fiscal and tax policies contributes to an increase in corporate productivity；and second，how the implementation of inclusive fiscal policies can be optimized for better outcomes This paper endeavors to address these crucial questions
Initially，this paper integrates the “adverse selection effect” mechanism into the Bertrand competition model to capture the proactive behavior of firms seeking government subsidies，proposing a hypothesis that the impact of fiscal and tax inclusiveness on corporate productivity is uncertain，thereby extending the existing theoretical models Drawing on the China Industrial Enterprises Database from 2003—2013，and using instrumental variable methods alongside a causal mediation analysis framework，we empirically test the effects of inclusive fiscal and tax policies on corporate productivity，potential mechanisms，and industryspecific heterogeneity The findings indicate that，on average，increasing the inclusiveness of fiscal and tax policies significantly enhances corporate productivity through three mechanisms: market competition effects，adverse selection effects，and marginal cost effects Moreover，enhancing fiscal inclusiveness has a more pronounced positive effect on industries with high dependency on financing，growth opportunities，and innovation needs，while increasing tax inclusiveness benefits industries with lower financing dependency，growth opportunities，and innovation needs，showcasing clear industry heterogeneity
This paper provides targeted policy recommendations for the government to implement more precise inclusive fiscal policies，suggesting that fiscal and tax inclusiveness should be selectively enhanced according to the different characteristics of industries to avoid a onesizefitsall approach，thereby achieving more effective policy outcomes Furthermore，it offers theoretical and empirical support for Chinas transition from targeted fiscal policies to a more inclusive fiscal policy framework

Key words:  , corporate productivity；fiscal and tax inclusiveness；industry heterogeneity