Combination of Technology and Finance Affects the Quality of Corporate Technological Innovation——Evidence from the Pilot Policy for Promoting the Integration of Technology and Finance
Under the impact of the new round of technological revolution and industrial transformation,how to improve the quality of technological innovation of enterprises through the dual empowerment of technology and finance has become a crucial issue for Chi-na's transition towards high-quality development driven by innovation.This study selects China's Pilot Policy for Promoting the In-tegration of Technology and Finance implemented in 2011 and 2016 as a quasi-natural experiment and uses the panel data of listed companies from 2006 to 2022 to empirically analyze the effects and the mechanism of this pilot policy on the quality of technological innovation of enterprises.The results show that it has a significant positive effect on improving quality.After differentiating the sam-ples,it is found that the policy can improve the quality of technological innovation in high-tech enterprises,northern regions and population inflow areas,while the impact is insignificant in non-high-tech enterprises,southern regions and population outflow ar-eas.The mechanism test finds that the combination of technology and finance positively affects the quality of technological innova-tion by reducing the financing constraints of enterprises and enhancing the efficiency of R&D activities.In addition,extended re-search finds that the impact can be extended to the back-end of the innovation chain,enhancing the transformation of scientific and technological achievements.
Technology and FinanceQuality of Technological InnovationFinancing ConstraintsR&D Efficiency
万方数据
