科技和金融结合试点政策对经济高质量发展的影响

Research on the Influence of the Pilot Policy of Combining Science,Technology and Finance on High quality Economic Development

借助中国2011年设立的科技和金融结合试点政策作为准自然实验,基于中国城市面板数据,采用双重差分法评估科技和金融结合试点政策对试点地区经济高质量发展的影响效应。研究发现:科技金融政策显著促进了试点地区的经济高质量发展水平,并且通过PSM-DID方法、安慰剂等一系列检验后该结论依然稳健;随着试点政策的不断深化,地区经济高质量发展的促进效应存在持续增强的动态演化规律;科技金融政策为东部地区和高等级城市带来的高质量发展效应显著强于中西部地区和一般等级城市;进一步的机制检验表明:提高区域创新水平和产业结构水平是科技金融政策推动经济高质量发展的两种有效路径。

With the aid of China’s pilot policy of combining science and technology with finance established in 2011 as a quasi-natural experiment,and based on the urban panel data in China,this paper uses the double dif⁃ference method to evaluate the impact of the pilot policy of combining science and technology with finance on the high-quality economic development in the pilot areas.It is found that:The policy of sci-tech finance has significant⁃ly promoted the high-quality economic development level in the pilot areas,and the conclusion is still stable after a series of tests such as PSM-DID method and placebo;with the deepening of the pilot policy,the promotion effect of high-quality development of regional economy has a dynamic evolution law of continuous enhancement;the high quality development effect of sci-tech finance policy for the eastern region and high-grade cities is significantly stronger than that of the central and western regions and general-grade cities.Further mechanism test shows that im⁃proving the level of regional innovation and industrial structure are two effective ways for sci-tech finance policy to promote high-quality economic development.