财经理论与实践2025，Vol.46Issue(4)：2-10,9.DOI:10.16339/j.cnki.hdxbcjb.2025.04.001
科技金融政策的数字创新效应与传导机制研究
A Study on the Digital Innovation Effects and Transmission Mechanisms of Science and Technology Finance Policies
摘要
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 inno-vation 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 im-pact 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.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Key words
science and technology finance/digital innovation/optimization of credit term structure/multi-period difference-in-differences(DID)分类
管理科学引用本文复制引用
刘自强,陈雅楠,周旭..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,2025,46(4):2-10,9.基金项目
宁夏哲学社会科学和文化艺术领军人才培养工程项目 （）
宁夏重点研发计划项目(2023ZRKX0063) （2023ZRKX0063）
