How to enhance enterprise innovation through subnational public fiscal and financial collaboration:Evidence from the pilot of sci-tech finance and the reform of subnational debt management
How to improve the synergy between government organizations and market incentives is one of the core issues to give full play to the advantages of China's new national system of scientific and technological innovation and implement the strategy of strengthening the country through science and technology.From the perspective of innovation implementation,subnational fiscal and financial coordination is an important entry point for the coordination between the government and the market,and the collaborative mode determines the supply structure and allocation direction of innovation funds in the jurisdiction,which directly affects whether enterprises have"no money to invest"and"money not to invest".Taking the pilot policy of sci-tech finance and the reform policy of subnational debt management system as examples,this paper analyzes the impact of local fiscal intervention on enterprise innovation from the perspective of policy coordination brought about by institutional optimization according to the basic logic of"system-policy-behavior".According to the basic logic of"system-policy-behavior",this paper analyzes the impact of subnational fiscal intervention on enterprise innovation from the perspective of policy synergy brought about by system optimization.The results of the analysis showed:(1)Subnational fiscal and financial coordination is conducive to enterprise innovation,which is manifested in the significant promotion effect of policy superposition on enterprise innovation.(2)From the perspective of the mechanism,subnational fiscal and financial synergy improves the external financing environment of enterprises and improves the availability of funds through financial marketization,and the investment of government guidance funds strengthens the innovation preference of enterprises and improves the willingness of enterprises to innovate.(3)The differences in factor endowment and factor flow in different regions will affect the innovation promotion effect under the coordination of subnational fiscal and finance.Therefore,this paper puts forward corresponding suggestions from three aspects:standardizing the relationship between subnational fiscal and finance,optimizing the path of subnational fiscal and financial synergy to promote innovative development,and formulating adaptive synergy strategies that match the factor environment.
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