试点政策促进了科技和金融结合吗?——基于双重差分倾向得分匹配的实证检验  

Research on the Pilot Policy Promote the Integration of Sci-tech and Finance:Empirical Analysis Based on PSM-DID

作　　者：邹克 郑云丹 刘熹微 ZOU Ke;ZHENG Yundan;LIU Xiwei(Key Laboratory of Sei-tech Finance,GDUF,Guangzhou 510521,China;School of Business,SYSU,Guangzhou 510275,China;School of Management,HIE,Xiangtan 411100,China)

机构地区：[1]广东金融学院科技金融重点实验室,广东广州510521 [2]中山大学管理学院,广东广州510275 [3]湖南工程学院管理学院,湖南湘潭411100

出　　处：《中国软科学》2022年第7期172-182,共11页China Soft Science

基　　金：国家社科基金一般项目“不平衡不充分发展的统计测度研究”(18BTJ008);广东省科技计划项目“广东省科技金融与大数据分析重点实验室”(2017B030301010);湖南省教育厅科研青年项目“科技金融促进长株潭区域三高四新协同创新研究”(21B0662)。

摘　　要：新一轮科技革命和产业变革深入发展,实现科技自立自强,夯实创新在我国现代化建设全局中的核心地位,亟待加快科技金融体系化建设。以首批促进科技和金融结合试点政策作为准自然实验,利用2003—2018年274个城市数据,在测度城市科技和金融结合水平的基础上,使用双重差分倾向得分匹配方法评估了试点政策促进科技和金融结合的效果。研究发现:试点政策有利于弥补市场失灵、形成政策引导与资金撬动效应并承担创新风险,显著提高了试点城市的科技和金融结合水平,不同类型的稳健性检验表明结果十分稳健;政策效果的区域异质性在统计学意义上不显著,基期效应使试点政策对中、西部影响幅度更大;通过政策科技金融、市场科技金融及其交互效应促进了试点城市科技与金融结合水平更快地提升。研究结果对科技金融政策完善和深度融合具有重要参考价值。A new round of scientific and technological revolution and industrial transformation is developing in depth, realizing self-reliance and self-improvement in science and technology, consolidating the core position of innovation in the overall modernization of China, and urgently accelerating the construction of scientific and technological financial system. Taking the pilot policy of integration of sci-tech and finance as a quasi-natural experiment, based on the data of 274 cities from 2003 to 2018, this paper measures the integration level of technology and finance of cities, and further uses the PSM-DID method to evaluate the promotion effect of pilot policies on the integration level of sci-tech and finance. The results showed that: the pilot policy is conducive to make up for market failure, form policy guidance and capital crowding effect, share innovation risk, significantly improves the integration level of sci-tech and finance of pilot cities, the other regression results are also robust;there is no obvious regional heterogeneity, but due to the base period effect, the pilot policy has a greater impact on the central and western regions;the pilot policy mainly promotes the integration level of sci-tech and finance of the pilot cities through policy sci-tech finance, market sci-tech finance and the interaction between them. This study has a good reference value for the efficient combination and policy-making of Sci-tech and finance.

关 键 词：科技和金融结合 科技金融 科技金融政策 PSM-DID方法 

分 类 号：F832[经济管理—金融学]