This paper examines the effects of industrial policy on firm productivity, using a three‐year panel data set of Thai manufacturing as a case study. A range of industrial policy tools is defined, including tariff measures, subsidies, and investment incentives through the Board of Investment (BOI), which represent the main industrial policy tools used in Thailand. The effect of ‘water in the tariffs’ and partial trade liberalisation undertaken through free trade agreements (FTAs) signed between Thailand and her trading partners is also examined. The key findings concern the role traditional tools, that is trade openness, R&D, and skills upgrading, play in fostering firm productivity. Promoting a conducive environment, especially within domestic competition, is crucial in encouraging firm productivity. Some industrial policy tools are effective in promoting firm productivity, that is providing investment incentives via the BOI and lowering tariff protection. Subsidies, by contrast, tend to degrade firm productivity. Among trade protection measures, the effective rate of protection, which includes water in the tariffs encountered by exporting firms, has the greatest effect on firm productivity. The FTA‐led trade liberalisation fails to add substantial competitive pressure and induce firms to improve productivity. Such statistical insignificance reflects the nature of FTA commitments that Thailand has made so far.

中文翻译：

---

产业政策对企业生产率的有效性：泰国制造业的证据

本文以泰国制造业的三年面板数据为案例研究了产业政策对企业生产率的影响。定义了一系列工业政策工具，包括关税措施，补贴和通过投资委员会（BOI）的投资激励措施，这些措施代表了泰国使用的主要工业政策工具。还研究了泰国与她的贸易伙伴之间签署的自由贸易协定（FTA）所实施的“关税中的水”和部分贸易自由化的影响。关键发现与传统工具（即贸易开放，研发和技能升级）在提高公司生产率中的作用有关。营造有利的环境，尤其是在国内竞争中，对鼓励企业生产率至关重要。一些产业政策工具有效地提高了公司的生产率，即通过BOI提供投资激励并降低关税保护。相比之下，补贴往往会降低企业的生产率。在贸易保护措施中，有效保护率对出口企业的生产率影响最大，有效保护率将水包括在出口公司的关税中。由FTA主导的贸易自由化并没有增加巨大的竞争压力，也没有诱使企业提高生产率。这种微不足道的统计数字反映了泰国迄今作出的自由贸易协定承诺的性质。有效的保护率，其中包括出口企业所遇到的关税中的水，对企业生产率的影响最大。由FTA主导的贸易自由化并没有增加巨大的竞争压力，也没有诱使企业提高生产率。这种微不足道的统计数字反映了泰国迄今作出的自由贸易协定承诺的性质。有效的保护率，其中包括出口企业所遇到的关税中的水，对企业生产率的影响最大。由FTA主导的贸易自由化并没有增加巨大的竞争压力，也没有诱使企业提高生产率。这种微不足道的统计数字反映了泰国迄今作出的自由贸易协定承诺的性质。