科技金融政策的创新溢出效应——基于知识溢出与生产网络的双重视角

Innovation Spillover Effects of Sci-Tech Finance Policy--A Dual Perspective Based on Knowledge Spillover and Production Networks

本文以2011年科技部等五部门实施的“促进科技和金融结合试点”政策为准自然实验,基于2007-2015年我国215个城市的面板数据,采用双重差分法检验了试点政策的创新溢出效应及其溢出渠道。研究发现,试点政策具有创新溢出效应,显著提高了省内非试点城市的创新水平。溢出渠道检验表明,试点政策的创新效应主要通过知识溢出和生产网络两个渠道从试点城市传导到省内非试点城市。进一步分析发现,在与试点城市地理距离更近、交通基础设施更完善的省内非试点城市中,试点政策的创新溢出效应更明显。

Taking the“pilot policy of promoting the integration of science,technology and finance”as a quasi-natural experiment,this paper examines the innovation spillover effects of the pilot policy and its spillover channels using the Dfference-in-Differences method based on the panel data of 215 cities in China in the period of 2007-2015.The study finds that the pilot policy has innovation spillover effects,significantly increasing the innovation level of non-pilot cities within the province.The spillover channel test shows that the innovation effects of the pilot policy are mainly transmitted from the pilot cities to the non-pilot cities within the province through knowledge spillovers and production networks.Further analysis reveals that the innovation spillover effects of the pilot policy are more pronounced in non-pilot cities within the province which are geographically closer to the pilot cities and have better transport infrastructure.