Science And Technology Financial Policy And Enterprise Total Factor Productivit

China’s economy is in a critical period of structural adjustment and transformation of growth mode.Innovative development and intensive development are the main themes of the new normal period.The improvement of total factor productivity is not only the main basis for measuring the scientific and technological progress of enterprises,but also an important manifestation of a country’s high-quality economic development.Shortage of funds and high financing cost are still the main problems hindering the development of innovative enterprises.To promote the transformation of scientific and technological achievements and enhance the ability of independent innovation,the Ministry of Science and Technology,together with the People’s Bank of China,the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission,launched a pilot policy to promote the integration of science,technology and finance in 2011.Since the implementation of the policy,the pilot areas have actively carried out innovative practice in technology and finance and have successively introduced a number of reform measures.It of great significance to investigate whether the pilot policy has effectively improved the total factor productivity of enterprises,which is important to promote the integration of science and technology and finance and accelerate the construction of a strong manufacturing country.This paper firstly sorts out and summarizes the relevant literature at home and abroad,theoretically analyzes the impact of technology and finance policy on corporate total factor productivity.Secondly,we select industrial firms from 2008 to 2014 are as the research sample,and measure the total factor productivity using the OP method and LP method.Taking the pilot policy of promoting the integration of science and technology and finance implemented in 2011 as a quasi-natural experiment,we construct difference-in-differences model and apply the PSM-DID method to empirically test the impact of the policy on firms’ total factor productivity and its mechanism.Finally,we examine whether the effect is heterogeneous in terms of three dimensions: firms,industries,and regions,and propose corresponding policy recommendations.The study finds,first,that science and technology finance policy significantly increase firms’ total factor productivity,and the findings hold after a series of robustness tests including parallel trend tests,placebo tests,controlling for time trends,and other policy disturbances.Secondly,mechanism analysis shows that the policy can ease corporate financing constraints and improve their innovation capability.Third,heterogeneity analysis finds that the effect is more pronounced in traditional industries,industries with high external financing dependence,and regions with poor institutional conditions,and is greater for non-state firms than for state-owned firms,and for growing-stage firms than for maturing and declining-stage firms.The inspiration of this paper lies in: when further promoting the pilot work of combining science and technology with finance,the "one-size-fits-all" strategy should be avoided.Differentiated policies should be formulated with full consideration of enterprise property rights,life cycle,industry categories and the quality of regional institutional conditions.In addition,we should further promote the market-oriented financial reform,develop market-oriented joint-stock small and medium-sized commercial banks,promote the construction of multi-level capital market,and increase the proportion of direct financing.