技术改造补贴如何推动工业智能化发展？

吴浪　石军伟

（中南财经政法大学）

摘要：在新一轮科技革命和产业变革背景下，工业智能化被视为培育新质生产力、推动制造业高质量发展的关键载体。本文基于2012—2022年中国A股上市制造业企业数据，运用多维固定效应面板模型，并结合工具变量等方法，系统考察政府技术改造补贴对企业工业智能化发展的影响及其作用机制。研究发现，其一，技术改造补贴通过三重传导机制——融资约束缓释、企业家关注强化和技术创新激励效应，协同赋能企业工业智能化发展。其二，政策效应呈现结构性差异：成长期企业的融资约束缓释效应更强，小规模企业凭借组织敏捷性展现出更高的关注敏感度，而大型企业与国有企业在技术创新层面更具执行力。其三，企业所处区域营商环境构成重要情境变量，优越的法治与市场环境，不仅为技术改造政策提供了“落地之基”，更成为其发挥“赋能之效”的制度杠杆，凸显出制度质量对政策工具实效的系统性调节作用。研究结果从机制与情境双维度揭示了产业政策促进新质生产力发展的微观基础，为补贴政策制定提供一定参考。

关键词：新质生产力；工业智能化；技术改造；政府补贴；创新驱动

作者简介：吴浪，中南财经政法大学经济贸易学院博士，武汉，430073；石军伟，中南财经政法大学经济贸易学院教授、博士生导师。

引用格式：吴浪,石军伟.技术改造补贴如何推动工业智能化发展?[J].经济与管理研究,2026,47(2):19-37.

How do Technological Transformation Subsidies Drive the Development of Industrial Intelligence？

WU Lang, SHI Junwei

(Zhongnan University of Economics and Law, Wuhan 430073)

Abstract: Industrial intelligence (II), defined as the integration of next-generation digital technologies into production and firm management, has become a central vehicle of China’s new quality productive forces (NQPFs). The transition toward II is inherently costly and uncertain, requiring substantial upfront investment. Consequently, many manufacturing firms postpone or underinvest in intelligent upgrading, raising a critical policy question of whether and how government intervention can effectively catalyze II development.

This paper focuses on the impact of government technical transformation (TT) subsidies on accelerating firms’ II upgrading and its underlying mechanisms. Although TT policies have long aimed to promote equipment renewal, process upgrading, and digital retrofitting, systematic micro-level evidence on their role in facilitating II development remains limited. Using panel data from Chinese A-share listed manufacturing firms from 2012 to 2022, this paper constructs a firm-year TT subsidy measure based on detailed project-level records from the CSMAR database. Policy identification is ensured by combining keyword extraction from national policy documents, local implementation rules, and field materials with manual verification, retaining only subsidy items directly linked to equipment renewal, process upgrading, digital system deployment, and intelligent manufacturing adoption. Firms’II is captured by a composite index that integrates both investment-based and capability-based dimensions, reflecting the multidimensional nature of intelligent upgrading.

Empirical findings indicate that TT subsidies robustly increase firms’ II levels. Mechanism analysis reveals three main channels. First, TT subsidies enable lumpy and partially irreversible intelligent investments by easing financing constraints, improving liquidity, raising expected returns, and reducing the effective costs of II upgrading. Second, TT subsidies elevate entrepreneurial and managerial attention to intelligent transformation, reinforcing strategic commitment, internal coordination, and upgrading priorities. Third, TT subsidies stimulate technological innovation, enhancing absorptive capacity, and facilitating the effective integration of intelligent technologies into products and production processes.

Policy effects display clear heterogeneity. Financing-related impacts arethe strongest for growth-stage firms; attention-driven effects are more pronounced among small firms; and innovation-driven effects are concentrated in large firms and state-owned enterprises. Institutional conditions further shape policy effectiveness: regions with higher rule-of-law and marketization levels can amplify the positive impact of TT subsidies on industrial intelligence.

Overall, this paper provides micro-level evidence that TT policies promote II upgrading and support the formation of NQPFs. The findings imply that TT policies should be tailored to firms’ lifecycle stages and capabilities, coordinate fiscal subsidies with financial support and managerial guidance, and be complemented by continuous improvements in institutional quality to transform short-term policy inputs into sustained upgrading outcomes.

Keywords: new quality productive forces; industrial intelligence; technical transformation; government subsidy; innovation-driven development

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