科技金融政策促进了地区创新水平提升吗?——基于“促进科技和金融结合试点”的准自然实验

Does Science and Technology Finance PoliciesPromote Regional Innovation? Quasi-natural Experiment Based on the Pilot Policy of Combining Science and Technology with Finance

文章以我国2011年设立的"促进科技和金融结合"试点作为准自然实验,基于2006-2016年286个城市的面板数据,采用PSM-DID方法系统评估了科技金融政策对于地区创新水平的影响。研究发现:总体上,促进科技和金融结合显著提升了试点地区的创新水平,这一结论在考虑了识别假设条件和一系列其它可能干扰估计结果的因素后依然成立;进一步研究发现,促进科技和金融结合对创新的促进作用主要存在于地方政府效率、初始创新水平相对较高的地区,而试点设立对于高等级和低等级城市的创新水平提升均具有积极显著的影响,相对而言,低等级城市试点对创新绩效促进作用更大;此外,影响机制检验结果表明,试点地区通过地方金融发展效率改善、政府科技支出占比提高促进地区创新水平的提升。基于以上研究结论,本文提出进一步提升地区创新水平的政策建议。

Taking the pilot policy of combining Technology with Finance which set up in China in 2011 as a quasi-natural experiment, this paper uses PSM-DID method to systematically examine the impact of Technology Finance Policies on regional innovation. The research finds that the pilot policy has a significant positive effect on the level of regional innovation, conclusion is still valid when considering the identification of hypothetical conditions and a series of other factors which may interfere with the estimation results;Furthermore, it is found that the innovation effect is mainly reflected in the districts which have high efficiency of local government and high innovation level;The innovation effect does not differ significantly among cities of different levels;The innovation effect is mainly achieved through improving the efficiency of local financial development and increasing the proportion of local science and technology expenditure. Based on the above conclusions, this paper draws some policy implications for promoting regional innovation.