Science and Technology Financial Policies and Enterprise Digital Technology Innovation

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-04 DOI:10.1016/j.frl.2025.107646

Xuefeng Shao , Kang Xi , Zijing Chen

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Abstract

As an important part of science and technology innovation, digital technology innovation profoundly impacts economic structure transformation and industrial upgrading. However, few systematic and in-depth analyses have been conducted regarding the specific mechanisms through which science and technology financial policies (STFP) impact digital technology innovation. This study uses panel data of Chinese listed companies from 2005 to 2023 and a difference-in-differences approach to assess the impact of STFP on enterprise digital technology innovation. The results show that STFP significantly promote enterprise digital technology innovation by increasing the share of patient capital. A heterogeneity analysis further reveals that the facilitating effect of STFP is more obvious for enterprises with lower financing constraints and higher degrees of financialization. This study’s results provide empirical support for applying STFP to promote enterprise digital technology innovation in China. These findings have great theoretical and practical significance for promoting financial innovation development in China.

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科技金融政策与企业数字技术创新

数字技术创新作为科技创新的重要组成部分，深刻影响着经济结构转型和产业升级。然而，关于科技金融政策影响数字技术创新的具体机制，鲜有系统深入的分析。本研究采用2005 - 2023年中国上市公司面板数据，采用异中异法评估科技创新绩效对企业数字技术创新的影响。研究结果表明，STFP通过增加患者资本份额，显著促进了企业数字技术创新。异质性分析进一步表明，融资约束程度越低、金融化程度越高的企业，STFP的促进作用越明显。本研究结果为运用科技创新计划促进中国企业数字技术创新提供了实证支持。这些发现对于促进中国金融创新的发展具有重要的理论和现实意义。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance