科技与金融结合促进了科技型中小企业的高质量发展吗?

Does the combination of technology and finance promote the high-quality development of technology-based SMEs?

本文将中国2011年促进科技与金融结合试点建设作为自然实验,构建了科技与金融结合影响企业高质量发展的理论分析框架。基于2009-2016年地级市和上市公司匹配的面板数据,运用双重差分(DID)、倾向得分匹配双重差分法(PSM-DID)实证检验了科技与金融结合试点建设对企业全要素生产率的影响效果及其机制。实证结果表明,科技与金融结合试点建设显著提升了企业全要素生产率。同时,一系列的稳健性检验保证了该结论的稳健性。机制检验表明,科技与金融结合试点建设通过降低融资约束、促进技术进步、增加人力资本积累,进而提高企业全要素生产率。异质性检验表明,科技与金融结合试点建设对经济发达地区城市的企业全要素生产率的促进作用更加明显,同时对国有企业的影响要大于非国有企业。本文从企业层面出发,研究了城市试点政策的微观影响,不仅为城市试点政策的制定提供了微观理论基础,同时对加快科技与金融结合试点建设,促进企业高质量发展具有重要意义。

This paper takes China's pilot project to promote the integration of science and technology and finance in 2011 as a natural experiment,and builds a theoretical analysis framework for the pilot construction of science and technology and finance integration policies that affects the total factor productivity of enterprises.Based on the panel data of prefecture-level cities and listed companies(small and medium-sized board and GEM)from 2009 to 2016,the difference-in-differences(DID)and propensity score matching-difference-in-differences method(PSM-DID)were used to empirically test the effect and mechanism of the impact thatthe construction of science and technology and finance integration pilot has on the total factor productivity of enterprises.The empirical results show that the pilot construction of science and technology and finance integration has significantly improved the total factor productivity of enterprises.At the same time,a series of robustness tests ensure the robustness of this conclusion.The mechanism test shows that the pilot construction of science and technology and finance integration can improve the total factor productivity of enterprises by reducing financing constraints,promoting technological progress,and increasing human capital accumulation.The heterogeneity test shows that the pilot construction of science and technology and finance integration is more effective in promoting the TFP of enterprises in economically developed cities,and the impact on state-owned enterprises is greater than that of non-state-owned enterprises.This paper studies the micro-impact of city pilot policies,which not only provides a micro-theoretical basis for city pilot policies formulation,but also plays an important role in accelerating the pilot construction of science and technology and finance integration and promoting the TFP of enterprises.