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| 科技金融政策促进企业技术创新研究——基于中国高科技企业的准自然实验 |
| Research on Science and Technology Finance Policy Promoting Enterprise Innovation: A Quasi-Natural Experiment Based on Chinese High-Tech Enterprises |
| 投稿时间：2024-09-25 |
| DOI：10.16018/j.cnki.cn32-1499/c.202501009 |
| 中文关键词: 科技金融政策 企业技术创新 高科技企业 多期双重差分 |
| 英文关键词: science and technology finance policy enterprise innovation high-tech enterprises time-varying difference-in-differences |
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| 摘要点击次数: 35 |
| 全文下载次数: 25 |
| 中文摘要: |
| 以“促进科技和金融结合试点”政策的出台作为准自然实验，借助2009—2020年中国高科技企业数据，通过多期双重差分法实证检验科技金融政策影响企业技术创新的成效与机制。结果发现:科技金融政策对企业技术创新具有显著促进作用；机制分析表明，缓解融资约束和强化内部治理是科技金融政策促进企业技术创新的重要渠道；异质性分析显示，科技金融政策的技术创新效应在非国有企业、小规模企业以及低行业竞争度企业中更为明显；价值效应考察发现，科技金融政策对企业技术创新的促进作用可带来企业价值的提升。研究有助于从企业技术创新视角理解科技金融政策的微观经济效应，并为日后优化科技金融政策提供一定实践指导。 |
| 英文摘要: |
| Using the implementation of the "Pilot Program for Promoting Integration of Science, Technology and Finance" as a quasi-natural experiment, this study empirically examines the effectiveness and mechanisms of science and technology finance policy on enterprise innovation using data from Chinese high-tech enterprises during 2009—2020 through a difference-in-differences approach. Results show that the policy significantly promotes enterprise innovation. Mechanism analysis reveals that alleviating financing constraints and strengthening internal governance are key channels through which the policy promotes innovation. Heterogeneity analysis indicates that the innovation effects are more pronounced in non-state-owned enterprises, small-scale enterprises, and enterprises in less competitive industries. Value effect analysis finds that the policy's promotion of innovation leads to increased enterprise value. This study contributes to understanding the microeconomic effects of science and technology finance policy from an innovation perspective and provides practical guidance for future policy optimization. |
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