Scientific And Technological Financial Policies And Regional Innovation Output

Since "Science and Technology Finance" was first written into the national "Thirteenth Five-Year Plan",governments at all levels have continued to improve the institutional environment and issued a number of scientific and technological financial policies to promote regional innovation.In the context of innovation-driven development strategy,it is crucial to study the impact of regional scientific and technological financial policies on regional innovation output.This paper constructs the strength index of the regional scientific and technological financial policies,uses the amount of invention patent applications to measure the regional innovation output,and innovatively uses the provincial panel data and fixed-effects model to quantitatively analyze and empirically study the impact,mechanism and difference of the government scientific and technological financial policies on the innovation output of subordinate regions.The results show that the technological finance policy significantly improves the regional innovation output,especially the substantive innovation output.This conclusion still holds after the robustness test and policy lag test.After the mechanism analysis,it can be seen that scientific and technological financial policies not only directly promotes the regional innovation output,but also improves the innovation environment,and promotes the progress of regional innovation by promoting industrial upgrading.Heterogeneity analysis shows that the efficacy of scientific and technological financial policies mainly acts on applied innovation research,and it performs better in the economically developed regions of the South.The scientific and technological financial policies intensity value derived from the official policy text is less affected by the negative impact of regional innovation behavior,but there may still be measurement errors and omitted variables,leading to endogeneity problems.This paper uses the mean value of policy intensity in regions with similar economic levels as an instrumental variable to estimate,and prove that the benchmark regression results are robust.The final study shows that the scientific and technological financial policies has significantly improved the regional innovation output,and the government’s technological financial policies should target the development of basic research and applied research innovation,and strive to narrow the innovation gap between regions;Continue to strengthen the support standards for innovative entities,concentrate efforts to promote the increase of substantial innovation output,and optimize the allocation of regional resources.