当代财经 ›› 2024, Vol. 0 ›› Issue (10): 59-72.

• 现代金融 • 上一篇    下一篇

科技金融政策的创新溢出效应——来自供应商-客户关系的证据

曹廷求a,b, 彭文浩a   

  1. 山东大学 a.经济学院 b.(济南)产业金融研究中心,山东 济南 250100
  • 收稿日期:2024-01-20 修回日期:2024-06-20 出版日期:2024-10-15 发布日期:2024-10-16
  • 通讯作者: 彭文浩,山东大学博士研究生,主要从事科技金融、风险投资研究,联系方式pengwh@mail.sdu.edu.cn。
  • 作者简介:曹廷求,山东大学教授,博士生导师,博士,主要从事银行治理、公司金融研究。
  • 基金资助:
    国家社会科学基金重大项目“地方金融运行动态监测及系统性风险预警研究”(19ZDA091)

The Innovation Spillover Effect from Science and Technology Finance Policy: Evidences from the Supplier-Customer Relationship

CAO Ting-qiu, PENG Wen-hao   

  1. Shandong University, Jinan 250100, China
  • Received:2024-01-20 Revised:2024-06-20 Online:2024-10-15 Published:2024-10-16

摘要: 科技金融政策是推动创新驱动发展战略的重要工具,现有研究主要关注政策的直接创新效应,忽视了其可能产生的创新溢出效应。以科技部等五部门分两批实施的“促进科技和金融结合试点”政策为准自然实验,基于2009—2022年中国A股上市公司供应链数据,运用多期双重差分法考察了科技金融政策的创新溢出效应及其溢出渠道。结果表明,试点政策具有创新溢出效应,显著提升了非试点地区供应商的创新水平。溢出渠道分析表明,试点政策的创新效应主要通过知识溢出和需求拉动两种渠道从客户传导到供应商。进一步研究发现,在客户转换成本更高、供应商吸收转化能力更强、知识产权保护更好以及供应商与客户距离更近的样本中,试点政策的创新溢出效应更显著。因此,政府应进一步完善和推广试点政策,通过加强知识产权保护以及鼓励企业间的协同创新等措施,增强政策的创新溢出效应,提高金融服务科技创新的质效。

关键词: 科技金融, 创新溢出, 知识溢出, 需求拉动

Abstract: The financial policy of science and technology is a significant instrument for advancing an innovation-driven development strategy. However, the existing studies have primarily concentrated on the direct impact of the policy on innovation while overlooking the potential for indirect innovation spillovers. The “Pilot Policy of Promoting the Integration of Science, Technology and Finance” implemented by the Ministry of Science and Technology and five other departments in two batches is employed by this study as a quasi-natural experiment to investigate the innovation spillover effect of the science and technology finance policy and its spillover channels with a multi-period difference-in-difference method on the basis of the supply chain data of China’s A-share listed companies from 2009 to 2022. The results indicate that the pilot policy has innovation spillover effect and that the innovation level of suppliers in the non-pilot regions has been significantly enhanced. The spillover channel analysis demonstrates that the innovation effect of the pilot policy is transmitted from customers to suppliers through two main channels: the knowledge spillover channel and the demand-pull channel. Further research indicates that the innovation spillover effects of the pilot policy are more pronounced in the samples with higher switching costs for customers, superior absorption and transformation capacity for suppliers, robust intellectual property protection, and close proximity between suppliers and customers. Consequently, the government should further enhance and promote the pilot policy and enhance the innovation spillover effect of the policy by reinforcing the protection of intellectual property rights and encouraging collaborative innovation among enterprises, so as to improve the quality and efficacy of financial services for science and technology innovation.

Key words: science and technology finance, innovation spillover, knowledge spillover, demand-pull

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