科技和金融结合试点政策有效吗?——基于双重差分法的研究

Research on Policy Effect the Integration of Technology and Finance: Based on DID Model

于2011年底实施的"促进科技和金融结合试点"政策,旨在推动科技创新支撑和引领经济发展方式转变,自政策实施以来对科技创新产生了什么样的效果需要定量评估。基于双重差分法,利用2003—2015年283个地市的数据研究了科技和金融结合试点政策对技术创新的影响。研究发现:科技和金融结合试点政策显著地促进了试点地区的技术创新,PSM-DID稳健性检验也支持以上结果;由于技术创新的集聚发展特征与大城市在吸引创新要素集聚方面的优势,该试点政策在大城市的效果更好;财政科技投入的引导,是试点政策促进技术创新的路径之一。进一步地,试点政策通过直接效应与中介效应推动了"创新驱动发展"。本文的研究为科技和金融结合试点工作提供了定量支撑,能够为制定科技金融创新政策提供参考。

What effect has it played that the policy of the pilot areas to promote the integration of technology and finance,it is needed to take the quantitative evaluation.Based on DID method,this paper study the impact of the pilot policy on technological innovation by using the data collecting from 283 cities from 2003 to 2015.The results are as follows:the policy of technology and finance pilot has significantly promoted the technological innovation in the pilot areas,PSM-DID robustness test also supports the above results;Because of the characteristics of the agglomeration and the advantages of the large cities in attracting the innovation elements,the effect of the pilot policy in large cities is better;The guidance of financial investment in technology is an important path for the pilot policies to promote technological innovation;in addition,the pilot policy promotes the"innovation-driven development"through direct and mediating effect.This study is helpful to improve the integration work of technology and finance,and could provide some reference value for making the technology financial innovation policy.