数字新基建背景下科技和金融结合试点政策的效应评估

Effects Assessment on Pilot Policy of Combining Science and Technology with Finance inthe Context of New Digital Infrastructure

金融科技创新和新型数字基础设施建设相辅相成、互为驱动。基于2011—2018年中国内地31个省份的相关数据,以2011年和2016年实施的促进科技和金融结合试点政策为准自然实验,运用PSM-DID方法深入考察数字新基建背景下科技和金融结合试点政策对金融科技创新的净效应、异质性、影响机制以及结合试点政策对创新驱动发展战略的推动作用。研究发现,科技和金融结合试点政策对实验组地区金融科技创新水平具有明显推动作用,对金融科技创新的动态边际影响效应呈即时性态势;结合试点政策对金融科技创新的正面效应与财政科技投入和技术创新的异质性相关;结合试点政策对金融科技创新的促进作用主要体现在优化金融资源配置方面;结合试点政策也可以通过中介效应实现创新驱动发展战略。以上结论对提高数字新基建背景下金融科技创新水平、创新驱动中国经济高质量发展提供了理论和实证依据。

Fintech innovation and new digital infrastructure are mutually reinforcing and driving each other.Based on relevant data of 31 provinces,autonomous regions and municipalities in China from 2011 to 2018,taking pilot policy of combining science and technology with finance implemented in 2011 and 2016 as quasi-natural experiment,this article uses differences in differences-propensity score matching to analyze the net effect,heterogeneity and influence mechanism of pilot policy of combining science and technology with finance on Fintech innovation under the background of new digital infrastructure,as well as the role of pilot policy of combining science and technology with finance in promoting innovation-driven development strategy.The results are as follows:compared to the control group,pilot policy of combining science and technology with finance plays a significant role in promoting Fintech innovation in experimental area;the dynamic marginal impact effect shows that,dynamic marginal effect of pilot policy of combining science and technology with finance on Fintech innovation is an inverted U-shaped state of first strengthening and then weakening;the heterogeneity factor test shows that,positive effect of pilot policy of combining science and technology with finance on Fintech innovation is related to the heterogeneity of technology innovation and government investment in science and technology,in other words,the promotion effect of pilot policy of combining science and technology with finance on the level of Fintech innovation is more obvious in the regions with larger financial expenditure on science and technology and more effective invention patent authorization;the impact mechanism test shows that,promoting effect of pilot policy of combining science and technology with finance on Fintech innovation is reflected in optimizing financial resource allocation;the mediating effect model shows that,innovation-driven development strategy can also be achieved through mediating effect.The research conclusions of this paper provide the following policy implications for promoting Fintech innovation in the context of new digital infrastructure,creating a new engine for economic development under the new normal,and implementing the innovation-driven development strategy:first,by deepening the pilot policy of combining science and technology with finance,further create a favorable policy environment for local implementation of Fintech innovation,vigorously promote the docking of scientific and technological resources with financial resources,and encourage innovation policies in the field of technology and finance to be first tried in pilot area,to explore and summarize pilot experiences that can be replicated and promoted,improve the overall level of Fintech work,and implement the strategy of innovation-driven development;second,focus on promoting innovation mode and mechanism of government investment in science and technology,optimize the structure of the government financial investment of science and technology,give full play to the guiding role of government funds,make the market plays a decisive role in the allocation of resources,encourage business investment interacts with government investment,and build a diversified and multi-channel system of government investment in science and technology;third,give full play to the role of banking financial institutions in promoting Fintech innovation and make up for the shortage of financial resources for tech innovation,provide diversified financing channels for science and technology,innovative enterprises,alleviate the financing constraints of enterprise innovation,to fully stimulate the vitality of financial factors.