Science and Technology Finance Policy and New Quality Productive Forces Development
Finance is the bloodstream of the national economy,an essential component of the country's core competitive-ness,and is correlated with the overall situation of Chinese-style modernization.Against the backdrop of the new round of sci-entific and technological revolution and the deepening of industrial transformation,fully exerting real economy of financial serv-ices and subsequently developing the new quality productive forces constitute the internal requirements for promoting the high-quality development of the domestic economy and coping with external risks and challenges.This paper clarifies the impact of science and technology finance policy on the development of new quality productive forces,which holds great practical signifi-cance for enhancing the system of financial support for sci-tech innovation and activating the potential of finance to enable high-quality development.Promoting the development of new quality productive forces through the construction of science and technology financial system is the inherent requirement and important focus of high-quality economic development.Based on the theory of produc-tivity and the connotation of new quality productive forces,this paper constructs the new quality productivity development index of Chinese cities.After matching it with the panel data of prefecture-level and the related cities from 2009 to 2021,this paper employs the Generalized Difference-in-Difference method to investigate the influence and its action of the policy of"promoting the pilot integration of science and technology and finance"on the new quality productive forces.The study discovers that the policy has significantly facilitated the improvement of new quality productive forces in the pilot cities.The above conclusions are well substantiated after the validity test,transformation of the core explanatory variable and explained variable,control vari-able,instrumental variable method,dual machine learning method,and exclusion of other policy influences are carried out.This is of considerably practical and theoretical significance for exerting the productive forces development momentum of the science and technology finance strategy.From the perspective of total factor productivity improvement,this paper further delib-erates on the mechanism of the policy to promote technological progress,enhance technical efficiency and scale efficiency.The path analysis reveals that science and technology finance policy gradually gives rise to new industries,new models,and new driving forces by reducing the cost of factor search,optimizing the efficiency of input transfer,strengthening cooperation,and promoting knowledge spillover,ultimately facilitating the development of urban new quality productive forces.The heterogeneity analysis in this paper shows that the effects of the combination of technology and finance policies are different in cities with different business environments,different degrees of capital mismatch,and different levels of develop-ment.We should deepen the financial supply-side structural reform,identify the combination point of science and technology and finance so as to constantly improve the quality and efficiency of services for new quality productive forces.Based on the a-bove analysis,this paper offers the following policy suggestions.
Science and Technology Finance PolicyNew Quality Productive ForcesFinancial Supply-Side Structural ReformHigh-quality Development
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万方数据
