科技金融政策如何影响企业专业化分工——来自“促进科技和金融结合试点”政策的证据

江西财经大学学报 ›› 2026, Vol. 0 ›› Issue (2): 48-59.

• 科技赋能产业发展专题 • 上一篇下一篇

科技金融政策如何影响企业专业化分工——来自“促进科技和金融结合试点”政策的证据

沈伟鹏¹, 刘胜², 顾乃华¹

1.暨南大学产业经济研究院,广东广州 510632;
2.广东外语外贸大学粤港澳大湾区研究院,广东广州 510006

收稿日期:2025-06-10 修回日期:2026-01-07 出版日期:2026-03-25 发布日期:2026-03-31
通讯作者: 刘胜,广东外语外贸大学副教授,经济学博士,主要从事产业经济研究,联系方式gdufsliusheng@126.com。
作者简介:沈伟鹏,暨南大学博士研究生,主要从事数字经济与产业经济研究;顾乃华,暨南大学教授,博士生导师,管理学博士,主要从事生产性服务业研究。
基金资助:
教育部人文社会科学研究青年基金项目“数字产业集群政策赋能专精特新企业创新发展的机理及路径研究”（25YJC790056）; 广东省哲学社会科学规划青年项目“新质生产力赋能广东专精特新企业高质量发展的机理与路径研究”（GD25YYJ04）

How Do Technology Finance Policies Affect the Specialized Division of Labor among Enterprises: Evidences from the Policy of Promoting the Integration of Science and Technology with Finance Pilot Program

Shen Wei-peng¹, Liu Sheng², Gu Nai-hua¹

1. Jinan University, Guangzhou 510632;
2. Guangdong University of Foreign Studies, Guangzhou 510006, China

Received:2025-06-10 Revised:2026-01-07 Online:2026-03-25 Published:2026-03-31

摘要/Abstract

摘要： 构建高效协同的产业链分工体系是畅通全国统一大市场的必然要求。将“促进科技和金融结合试点”政策作为准自然实验,基于2009—2022年沪深A股上市公司数据,借助多时点双重差分模型评估了科技金融政策对企业分工水平的影响。研究发现,科技金融政策能显著提升企业专业化分工水平。机制分析表明,科技金融政策可以通过两条路径引导企业专业化分工：一是依托政策带来的信息交互效应,强化企业与供应链伙伴的资金融通及信息交流,体现为“信息传递机制”;二是借助金融体系创新等政策实践,降低以搜寻成本和融资成本为代表的外部交易成本,体现为“交易成本机制”。异质性分析显示,金融发展水平较低地区、竞争性行业及数字化转型程度较低的企业样本,科技金融政策对其专业化分工的促进作用更为明显。因此,应持续推进科技和金融的深度融合,完善差异化的科技金融政策,强化科技金融、数字金融与产业政策协同联动,以更好发挥超大规模市场分工深化的优势。

关键词: 科技金融, 企业专业化分工, 双重差分模型, 信息传递, 交易成本

Abstract: Building an efficient and collaborative industrial chain division system is an inevitable requirement for unblocking the unified national market. Taking the policy of“promoting the combination of science, technology and finance”as a quasi-natural experiment and based on the data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2022, this study uses the difference-in-differences model to evaluate the impact of science and technology finance policies on the division of labor level of enterprises. The research finds that science and technology finance policies can significantly improve the level of specialized division of labor of enterprises. The mechanism analysis shows that science and technology finance policies can guide the specialized division of labor of enterprises through two major paths. One is relying on the information interaction effect brought by the policies to strengthen the financial and information exchanges between enterprises and their supply chain partners, which is reflected in the“information transmission mechanism”. The other is seeking help through policy practices such as financial system innovation to reduce external transaction costs represented by searching costs and financing costs, which is reflected in the“transaction cost mechanism”. The heterogeneity analysis shows that the samples of enterprises located in the regions with a low level of financial development, in the competitive industries, or with a lower degree of digital transformation, the promoting effect of science and technology finance policies on their specialized division of labor is more obvious. Therefore, we should continue to promote the deep integration of technology and finance, improve the differentiated technology and finance policies, strengthen the synergy between technology and finance, digital finance, and industrial policies, so as to better leverage the advantages of deepening division of labor in the super large scale market.

Key words: science and technology finance, specialized division of labor in enterprises, double difference model, information transmission, transaction cost

中图分类号:

F279.23
F832

沈伟鹏, 刘胜, 顾乃华. 科技金融政策如何影响企业专业化分工——来自“促进科技和金融结合试点”政策的证据[J]. 江西财经大学学报, 2026, 0(2): 48-59.

Shen Wei-peng, Liu Sheng, Gu Nai-hua. How Do Technology Finance Policies Affect the Specialized Division of Labor among Enterprises: Evidences from the Policy of Promoting the Integration of Science and Technology with Finance Pilot Program[J]. Journal of Jiangxi University of Finance and Economics, 2026, 0(2): 48-59.

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科技金融政策如何影响企业专业化分工——来自“促进科技和金融结合试点”政策的证据

How Do Technology Finance Policies Affect the Specialized Division of Labor among Enterprises: Evidences from the Policy of Promoting the Integration of Science and Technology with Finance Pilot Program

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