How Does the Sci-Tech Finance Pilot Policy Affect the Development of Sci-Tech Industry Clusters?
This paper uses the multi-time point DID method to evaluate the industrial agglomeration development effect of Sci-Tech finance pilot policies,based on panel data of 288 cities from 2004 to 2019.Research has found that the pilot policies significantly enhance the degree of Sci-Tech industry agglomeration by attracting technology talent and enterprises into pilot areas that then gradually accumulate over time.The tests,based on placebo,PSM-DID,and other robust DID estimation methods,all indicate that the technology industry agglomeration effect of the pilot policy is robust;the pilot policies significantly enhance the agglomeration of the Sci-Tech industry through public and market finance channels and their interaction mechanisms.Specifically,the pilot policies use public Sci-Tech finance to guide market Sci-Tech finance,exerting effects including signal transmission-resource allocation effects,risk sharing-financial expansion effects,Sci-Tech achievement transformation-innovation marketization effects,forming a positive interaction between funds,talent,and enterprises,thereby achieving the agglomeration of the Sci-Tech industry.There is a significant heterogeneity in the development level and innovation outcomes of the pilot policies,and the Sci-Tech industrial agglomeration effect is more significant in regions where both of these metrics are high.Therefore,we propose to formulate effective Sci-Tech finance policies to guide the agglomeration through the steady,organic,and coordinated development of the Sci-Tech technology industry within the context of accelerating the building of a financially strong country.
Sci-Tech financepilot policiesSci-Tech industry agglomerationmulti-time point DID method
万方数据
维普
