The Impact Of Technology Finance On The Investment Efficiency Of Private Enterprises

In order to promote the integration of technology and finance,and guide social capital to actively participate in innovation,China introduced the "promote the integration of science and technology and finance pilot" policy in 2011.The investment level has an "unexpected" increase compared to non-pilot cities,implying a policy shock.The difference in this impact between regions constitutes a "quasi-natural experiment",which provides a good perspective for the study of the impact of technology finance on the investment efficiency of private enterprises.Based on the relevant theories of science and technology finance and enterprise investment efficiency,based on the panel data of 286 prefecture-level cities in China from2003 to 2016 and the matching data of private listed companies,this paper uses the double difference method(DID)to evaluate the construction of pilot cities combining technology and finance The impact on the investment efficiency of private enterprises.The empirical results show that the construction of the pilot city of science and technology finance has significantly improved the investment efficiency of private enterprises.The parallel trend test and the placebo test have proved the validity of the empirical results.And through the PSM-DID to verify the robustness of the results,the above conclusion is still true.Finally,a regional heterogeneity analysis of the policy effect was conducted.Research shows that the development of technology finance can significantly improve the investment efficiency of private enterprises.The effect of policy implementation differs significantly in different regions,and the specific performance is as follows: Compared with the central and western regions,the policy of science and technology pilot cities has a more significant impact on the investment efficiency of private enterprises in the eastern region.