Abstract: As an important means for the government to promote industrial development and optimize industrial structure, exploring how industrial policies affect resource allocation and resource allocation efficiency is of great significance. On the basis of theoretical analysis, this article makes use of a database composed of the micro transaction data of industrial land, the key industry information in the five-year plan, the nighttime lighting data, and the industrial enterprise databases to explore the impact of industrial policies on local government industrial land transfer behavior. It also examines the impact of industrial policy oriented land transfer on the economic efficiency of industrial land. The estimation based on geographical spatial matching indicates that the land acquisition prices of enterprises in key industries are significantly lower than those in non key industries, and the land area is significantly larger. Compared to the central key industries, the local key industries are subject to a greater impact. The non market-oriented method of transfer is an important but not the only way for local governments to achieve land factor tilt in key industries. The analysis of allocation efficiency based on the nighttime lighting data and the total factor productivity shows that industrial policies can improve the economic output and resource allocation efficiency of industrial land to a certain extent, but they can not fundamentally solve the problem of industrial land resource mismatch in China. The above conclusions provide a practical basis for understanding the effectiveness and limitations of the industrial policies in the process of market-oriented allocation reform of factors.

Key words: key industries, five-year plan, resource allocation efficiency, night light data, causal inference