Research On The Impact Of The Pilot Policy Of Integrating Science,Technology And Finance On The Upgrading Of Industrial Structure

In order to improve the quality of economic development and international competitiveness,China is committed to getting rid of the traditional mode of economic growth and adjusting the industrial structure.The integrated development of science and technology and finance can promote the adjustment and upgrading of industrial structure by promoting the flow of factors among industries,improving the efficiency of resource allocation and optimizing the capital investment structure.In order to promote the combination of science and technology and finance,the state has successively issued a series of policies.For example,in december2010,the pilot implementation plan for promoting the integration of science,technology and finance was issued,and in the second year,16 regions were selected to carry out the pilot work of the integration of science,technology and finance.Based on this,this paper selects 2011 as the policy node,and uses the double difference method to conduct quasi natural experiments in different regions.Study the effect and mechanism of the pilot policy of combining science,technology and Finance on the upgrading of industrial structure in different regions.Therefore,the research of this paper will have certain reference significance for the implementation of relevant policies and exploring the path to promote the upgrading of industrial structure in different regions.First of all,this paper roughly sorts out the relevant literature on the integration of science and technology finance and industrial structure upgrading at home and abroad.Based on this,this paper puts forward the meaning of science and technology finance and industrial structure upgrading.Secondly,this paper also introduces the relevant theories on science and technology finance and industrial structure upgrading,so as to provide some theoretical support for the following empirical research.Based on this,this paper puts forward two possible action paths of science and technology finance combined with pilot policies on industrial structure upgrading,and puts forward hypotheses.Then,using the relevant economic data obtained from China’s statistical yearbook,this paper empirically studies the impact of China’s science,technology and finance pilot policy on the upgrading of industrial structure in different regions from the external perspective of policy implementation.First,this paper uses the traditional double difference model to carry out benchmark regression for the whole sample City,and regression for the eastern region city and the central and western region city respectively,to compare and analyze the impact of the pilot policy of combining science,technology and Finance on the upgrading of industrial structure.The results show that the implementation of the pilot policy of integrating science,technology and finance can significantly promote the upgrading of industrial structure of pilot cities in China.Combined with the empirical results of regional heterogeneity,it is found that the pilot policy has a more obvious promoting effect on the industrial structure upgrading of pilot cities in the eastern region,but has a certain inhibitory effect on the industrial structure upgrading of cities in the central and western regions.Second,after using propensity score matching,this paper carries out double difference regression on the matched sample data again,which is still carried out in different regions.The results show that the policy variable coefficients in the estimation results are basically the same as those in the benchmark regression results,and the coefficient direction and significance level are the same.It can be concluded that the previous conclusions are robust.Thirdly,this paper makes a parallel trend test on the matched sample data.According to the parallel trend test chart,the control group and the experimental group have the same industrial structure change trend before the policy time point,indicating that the results are robust.Fourth,this paper uses the impact mechanism model combined with regional heterogeneity to study whether the technology finance pilot combination policy can affect the upgrading of industrial structure through the two mechanisms of government science and technology investment and improving the level of regional financial development in different regions.The results show that the pilot policy of combining science,technology and finance can promote the industrial structure upgrading of pilot cities in the eastern region through the two mechanisms of government science and technology investment and improving the level of regional financial development,and the effect is obvious.For the central and western cities,the pilot policy of combining science,technology and finance can only promote the industrial structure upgrading of the pilot cities by improving the level of regional financial development,but the path of government science and technology investment has no obvious promoting effect.The reason may be that there are few high-tech industries in the central and western regions,and the development level is low.Once the investment structure of government financial science and technology investment is unreasonable and the allocation of resources is uneven,plus the enterprises that provide assistance do not apply certain funds to the development of high-tech industries and technological innovation,these will lead to the ineffective promotion effect of government financial science and technology investment on the upgrading of industrial structure in the central and western regions,There are even negative effects.From this point of view,a subregional discussion on the effect and path of the pilot policy of combining science,technology and Finance on the upgrading of China’s industrial structure is conducive to a comprehensive and correct analysis of the impact and existing problems of the pilot policy on the upgrading of industrial structure.To sum up,it is of great theoretical and practical significance to study the effect and path of the pilot policy of combining science,technology and Finance on the upgrading of China’s industrial structure in combination with regional heterogeneity.