Does Science and Technology Finance Policies Increase Entrepreneurial Activities in Cities: Quasi-Natural Experiment Based on the Pilot Policy of Combining Science and Technology With Finance
In recent years, the global economy has been faced with high uncertainties. As economic development enters the new normal stage, China faces the dual challenges of declining demographic dividend and unbalanced regional economic development, and the structural contradictions in employment and regional problems have become increasingly prominent. In this context, how to effectively foster people's entrepreneurial enthusiasm in order to better stimulate job creation and drive high-quality economic development has become particularly critical. Science and technology finance serves as the first chapter of the "five chapters" of boosting China's strength in finance, and the system of science and technology innovation and financial innovation can promote inclusive economic and social development, but there is still a lack of research on how it affects entrepreneurial activities in cities. Therefore, it is of great significance to explore the internal logic between the two.Based on the panel data of 280 cities at the prefecture level or above from 2004 to 2021, this paper considers the pilot policy of combining science and technology with finance as a quasi-natural experiment and uses the difference-in-differences (DID) method to investigate the influence and mechanism of science and technology finance policies on entrepreneurial activities in cities. It is found that science and technology finance policies significantly improve entrepreneurial activities in cities. This conclusion is still valid after a series of robust tests, and this effect is dynamic and sustained. The mechanism test shows that science and technology finance policies enhance entrepreneurial activities in cities by attracting scientific and technological talents, boosting financial development, driving scientific and technological innovation and expanding consumption potential. Heterogeneity analysis shows that the influence of science and technology finance policies on entrepreneurial activities is more significant in cities in the eastern region, cities with a higher degree of marketization, and service industries, especially non-producer services. The analysis of economic consequences shows that the entrepreneurial effect generated by science and technology finance policies can be effectively transformed into an employment creation effect, but this effect is mainly reflected in the tertiary industry.This paper expands the existing literature in the following two aspects. First, this study integrates science and technology finance policies with entrepreneurial activities in cities and empirically tests the entrepreneurial effects of the pilot policy, thereby expanding the research on the economic impact of science and technology finance policies. Second, it examines the differential impact of entrepreneurial effects of these policies in different cities based on geographic location, marketization level, and industry types, deepening the research of their interaction and providing supportive evidence for further advancement in science and technology finance policies and improving and deepening the construction plan.
science and technology finance policyentrepreneurial activityscientific and technological innovation
NETL
NSTL
万方数据
