| 科技金融政策的数字创新效应与传导机制研究 |
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| 引用本文：刘自强1，陈雅楠1，周旭2.科技金融政策的数字创新效应与传导机制研究[J].财经理论与实践,2025,(4):2-10 |
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| 中文摘要:依据2006—2022年沪深A股上市公司数据，运用多期双重差分法研究了科技金融政策的数字创新效应。结果表明：科技金融政策可以通过优化信贷期限结构和增加研发投入来促进企业数字创新，尤其在数字化流程创新方面的促进作用最明显。异质性分析表明，科技金融政策第一批试点城市的数字创新效应更强，而且政策对成长期、成熟期、低金融化程度以及合作意识强的企业具有更显著的促进作用。鉴于此，建议优先在创新潜力较大的城市扩大试点范围，根据企业特点采取差异化的政策措施。 |
| 中文关键词:科技金融 数字创新 信贷期限结构优化 多期双重差分 |
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| A Study on the Digital Innovation Effects and Transmission Mechanisms of Science and Technology Finance Policies |
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| Abstract:Based on the data of A-share listed companies in Shanghai and Shenzhen from 2006 to 2022, this study examines the impact and mechanism of science and technology finance policies on corporate digital innovation using the multi-period difference-in-differences (DID) method. The findings indicate that science and technology finance policies promote corporate digital innovation through two primary channels: optimizing the credit maturity structure and increasing R&D investment. Among different types of digital innovation, the policies have the strongest impact on digital process innovation. Heterogeneity analysis reveals that the digital innovation effect of the first batch of pilot policies is more pronounced. Moreover, the policies have a significantly greater impact on firms in the growth and maturity stages, those with low financialization levels, and those with a strong collaborative orientation. In view of this, it is recommended that priority be given to expanding the scope of the pilots in cities with higher innovation potential, and that differentiated policy measures be adopted according to the characteristics of enterprises. |
| keywords:science and technology finance digital innovation optimization of credit term structure multi-period difference-in-differences (DID) |
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