Author(s)

Zhixuan Li

Corresponding Author

Zhixuan Li

ABSTRACT

The Central Committee of the Communist Party of China proposed in the 14th Five-Year Plan to adhere to innovation-driven development and improve the financial support innovation system. Promoting the integration of technology and finance is the core of achieving innovation-driven development, and is of important and far-reaching significance to the overall development of China. This article focuses on all A-share companies from 2014 to 2019, and analyzes the impact of the second batch of technology finance pilot policies on listed companies with different property rights in the pilot area through the difference-in-difference model (DID). Studies have shown that: (1) Technology and financial policies significantly promote the value-added of listed companies in pilot areas; (2) There are significant differences in the impact of technology and financial policies on enterprises with different property rights, and the impact on non-state-owned enterprises is greater than that on state-owned enterprises. Further research finds that the technology and financial policy have significant positive impacts on the economic development of the pilot areas. After parallel trend testing, it is found that the research results are still robust. In order to further promote the integration of technology and finance, and promote enterprise value-added and economic development, local governments should attach great importance to the assistance of technology finance to non-state-owned enterprises, promote enterprises to expand financing, strengthen innovation, and actively give play to the supportive role of policies to enterprises

KEYWORDS

Technology Finance, Enterprise Value Adde, Economic Growth, Difference-in-Difference Model