Stimulating effects of intelligent policy on the performance of listed manufacturing companies in China

Based on the pilot projects of intelligent manufacturing of the Ministry of Industry and Information Technology of the People’s Republic of China and the annual data reported by listed companies, this paper studies the effect of China's intelligent policy on the performance of listed manufacturing companies by using the panel data of relevant enterprises from 2011 to 2017, as well as the mechanism of impact. Our empirical tests, using the difference-in-difference method, shows that intelligent policy can significantly improve the economic performance of manufacturing enterprises by guiding enterprises to optimize their intelligent management, strengthening investment in intelligent equipment and promoting collaborative manufacturing. Further empirical tests show that the impact of intelligent policy on economic performance is different in time. In the later selected pilot enterprises, the impact of intelligent policy on their economic performance is more significant; there is regional heterogeneity in the effects of intelligent policy: in regions with low intelligence, the positive impact of intelligent policy on the economic performance of manufacturing industry is more significant. Based on these conclusions, relevant intelligent policy suggestions are put forward.