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

摘要： 本文对提高财税普惠度是否有利于促进企业生产率以及如何实施财税普惠政策会取得更好的效果这两大基本问题进行了研究。本文通过引入企业逆向选择行为拓展了伯川德行业竞争模型，提出了财税普惠度对企业生产率的影响具有不确定性的假说。本文使用工具变量法和因果中介效应分析框架检验了财税普惠度对企业生产率的影响、影响机制及其行业异质性效应。研究发现：（1）提高财税普惠度能显著提升企业生产率，其三个机制分别为市场竞争效应、逆向选择效应和边际成本效应；（2）提高财政普惠度对高融资依赖度、高增长机会和高创新需求的行业具有更大的正效应，而提高税收普惠度对低融资依赖度、低增长机会和低创新需求的行业具有更大的正效应。本文为政府施行更加精准的财税普惠政策提供了针对性的政策建议，为中国的财税特惠政策向财税普惠政策转型提供了理论和证据支持。

关键词: ］企业生产率, 财税普惠度, 行业特征异质性