科技金融政策赋能新质生产力提升的驱动机制——基于“科技和金融结合试点”的经验证据

The Driving Mechanism of Technology and Finance Policies Empowering the Improvement of Urban New Quality Productivity--Based on the Empirical Evidence of the“Technology and Finance Integration Pilot”

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摘要科技金融作为中央金融工作会议提出的“五篇大文章”中的首要篇章,是推动因地制宜发展新质生产力的核心驱动力和关键战略要素。基于2009-2022年中国285个地级市的面板数据,运用熵值法构建科学、系统的新质生产力指标体系,并采用多期渐进双重差分模型(DID),对科技金融政策实施效果进行系统评估,并重点考察其动态影响路径。研究结果表明:科技金融政策显著提升了新质生产力,并且通过平行趋势检验、安慰剂检验等多项稳健性检验;机制分析表明,科技金融政策主要通过创业驱动效应以及数字赋能效应间接促进新质生产力的提升;异质性分析表明科技金融政策对新质生产力的提升效应存在城市区位、城市位置以及城市市场潜力异质性,即东中部地区、沿海地区以及市场潜力较大地区的政策效应更强。本研究不仅在理论上为科技金融与区域要素禀赋的深度耦合提供了微观机制解释框架,也在实践上为破解新质生产力培育过程中的“索洛悖论”提供了可行的政策启示与制度方案。 As the primary chapter of the“Five Major Articles”proposed at the Central Financial Work Conference,technology finance is the core driving force and key strategic element for promoting the development of new quality productive forces tailored to local conditions.Based on panel data from 285 prefecture level cities in China from 2009 to 2022,a scientific and systematic indicator of new quality productivity was constructed using the entropy method,and a multi period progressive double difference model was used to systematically evaluate the dynamic impact of technology finance pilot policies on new quality productivity.Research has shown that technology finance policies have significantly improved new quality productivity and passed multiple robustness tests;Mechanism analysis shows that technology finance policies mainly promote the improvement of new quality productivity through entrepreneurial driving effects and digital empowerment effects;Heterogeneity analysis shows that the effects of technology finance policies exhibit significant geographical gradient differences and market potential threshold characteristics.This study provides a micro mechanism deconstruction for the deep coupling between technology finance policies and regional factor endowments,and provides decision-making references for solving the“Solow paradox”in the cultivation of new quality productivity.

作者何香玲何秋洁陈国庆 HE Xiang-ling;HE Qiu-jie;CHEN Guo-qing(School of Economics,Xihua University;School of Finance,Jincheng College)

机构地区西华大学经济学院成都锦城学院金融学院

出处《当代金融研究》 2025年第8期1-17,共17页 Journal of Contemporary Financial Research

基金国家社会科学基金一般项目“知识嵌入性视角下科技驱动产业集群升级的模式差异与路径选择研究”(18BJY097) 达州市社科联重点研究基地数学与金融研究中心项目“新质生产力对达州金融高质量发展的效应测度”(SCMF202505) 甘孜州哲学社会科学重点研究基地川西北生态经济发展研究中心项目“川西北绿色金融与生态产业协同发展研究”(CXBSTJJ202504) 成都市哲学社会科学研究中心人与自然和谐共生的美丽城市建设研究中心项目“新质生产力与成都公园城市生态产品价值实现协同发展研究”(MLCS2025ZC15)。

关键词科技金融政策新质生产力创业驱动效应数字赋能效应 Technology Finance Policy New Productive Forces Entrepreneurship Effect Digital Empowerment Effect

分类号 F061.5 [经济管理—政治经济学]