“双循环”下科技金融对企业全要素生产率的影响——基于国家科技金融试点政策的准自然实验

Technology Finance and Total Factor Productivity of High-tech Enterprises Under the Strategy of ’Double Cycle’: Evidence from the Pilot Policy on Technology Finance

在“双循环”新发展格局下,研究科技金融政策如何通过作用于企业全要素生产率打通国内大循环,从而促进国内国际“双循环”新发展格局的建立,具有一定的现实意义。在企业异质性模型的基础上引入科技金融,探讨了科技金融政策对企业全要素生产率的影响,并就其可能的影响机制进行分析。基于双重差分倾向得分匹配法的实证结果表明,科技金融政策能够显著提升企业全要素生产率以及生产集中度。影响机制的相关分析显示:科技金融政策通过缓解企业融资约束、激励企业创新,能促进企业全要素生产率及其集中度的提升;并且这一促进作用对国有企业与成长期企业更为明显。研究结果为进一步促进科技金融发展、提升企业生产效率以及实现企业间均衡发展等提供经验与启示。

Under the new development pattern of“double cycle”, it is of great practical significance to accurately understand and evaluate the effect of the implementation of science and technology finance policy on the total factor productivity of enterprises. Based on the enterprise heterogeneity model, this paper introduces the financial factors of science and technology,discusses the impact of financial policies on total factor productivity, and analyzes its possible mechanism. The empirical results based on the difference-in-difference propensity score matching method show that the science and technology financial policy can significantly improve the productivity and production concentration of enterprises;the relevant analysis of the impact mechanism shows that the science and technology financial policy promotes the total factor productivity and its concentration by alleviating the financing constraints of enterprises and stimulating the innovation of enterprises. And this promoting effect is more obvious to state-owned enterprises and growing enterprises. The research results not only reveal the influence mechanism and economic benefits of sci-tech finance policy on the total factor productivity of enterprises, but also provide experience and enlightenment for further promoting the development of sci-tech finance, improving the production efficiency of enterprises and realizing the balanced development among enterprises.