科技金融对民营企业投资效率的影响——基于国家科技与金融结合试点城市建设的准自然实验.pdfVIP

摘 要 为了促进科技和金融结合发展，引导社会资本积极参与创新，我国于2011年出 台“促进科技和金融结合试点”政策，在科技与金融结合试点城市建设过程中，试点 城市的科技金融水平和企业的投资水平较非试点城市有一个 “意外”的提高，意味着 一种政策冲击。这种冲击在地区间的差异构成了“准自然实验”，为本文研究科技金 融对民营企业投资效率的影响提供了一个很好的视角。 本文以科技金融和企业投资效率的相关理论为基础，基于我国2003—2016年28 6个地级市面板数据和民营上市公司匹配数据，利用双重差分方法 （DID）评估了科技 与金融结合试点城市建设对民营企业投资效率的影响。实证结果表明科技金融试点城 市建设显著地提高了民营企业投资效率，经过平行趋势检验和安慰剂检验证明了实证 结果的有效性。并且通过PSM-DID检验了结果的稳健性，上述结论仍然成立。最后对 政策效果进行了区域异质性分析。 研究结果表明：科技金融的发展可以显著提高民营企业的投资效率。政策实施效 果在不同地区存在明显差异，具体表现为：相对于中、西部地区，科技金融试点城市 政策对东部地区民营企业投资效率产生了更为显著的影响。 关键词：科技金融，民营企业，投资效率，准自然实验 I Abstract In order topromote 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 ofprivateenterprises. 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 from 2003to 2016 and the matching data ofprivate listed companies,thispaper 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 toverify therob