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How Does Sci–Tech Finance Policy Affect the Development of New Quality Productive Forces of Enterprises?

Year: 2025

Type: article

Abstract: This paper constructs an evaluation index system for enterprises’ new quality productive forces based on China’s sci-tech finance policies from 2006 to 2022 and data from A-share listed companies. It empirically tests the impact of sci-tech finance policies on enterprises’ new quality productive forces and their mechanisms. The study finds that sci-tech finance policies promote the development of enterprises’ new quality productive forces by alleviating financing constraints, promoting enterprise digital transformation, and enhancing enterprises’ independent innovation capabilities. After analyzing sci-tech finance policies using LDA modeling, it was found that platform construction policies, public sci-tech finance policies, and market sci-tech finance policies all have a significant promotional effect on the development of new, quality productive forces. The conclusion is robust across a series of robustness checks and remains significant after addressing potential endogeneity issues. Additionally, the impact of sci-tech finance policies on new quality productive forces is influenced by regional factors, enterprise innovation characteristics, and enterprise nature. The research conclusions provide important insights for sci-tech finance policies supporting the development of new, quality productive forces.

Source: International Journal of High Speed Electronics and Systems

DOI: 10.1142/s0129156425408873

Authors: Hanyun Lei, Haiyan Wang, Jiapeng Liu

Institutions: Xinjiang University of Finance and Economics, Zhejiang Wanli University

Language: English

Topic: Innovation Policy and R&D

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDGs: Industry, innovation and infrastructure, Decent work and economic growth

Open Access status: hybrid

Funder: National Social Science Fund of China