科技金融政策如何促进城市绿色创新发展——来自“科技和金融结合试点政策”的证据

借助科技和金融结合试点政策“准自然实验”，基于2004—2019年中国内地地级市面板数据，使用双重差分法评估科技和金融结合试点政策对绿色创新的影响。研究发现，试点政策显著促进绿色创新发展，且随着试点政策的不断推进，这种促进作用呈现持续增强的动态演化规律。机制研究结果表明，试点政策对绿色创新的促进作用通过拓展公共科技金融资源和市场科技金融资源得以实现。异质性研究结果表明，创新资源投入越丰富、创新能力越强的城市，这种促进作用越显著。试点政策不仅有助于提升城市绿色创新水平，还有利于提高绿色全要素生产率。研究结论可为试点政策的进一步推广提供有效支撑，并为城市绿色发展提供重要启示。

Has the Science and Technology Finance Promoted Green Innovation?Evidence from the Pilot Policy of Combining Science and Technology with Finance

Green innovation can promote economic development by reducing pollution, saving costs, enhancing enterprise competitiveness, and improving green total factor productivity.Green innovation helps to enhance national comprehensive strength and achieve sustainable economic development, and the importance is self-evident. In order to achieve the “3060” goal of carbon peak and carbon neutral, and promote the construction of ecological civilization, it is necessary for China to involve more enterprises in green innovation. However, there are many problems in China's innovation development in terms of input, external environment, and efficiency; these problems cannot be solved without the comprehensive combination and effective integration of the financial system and the technological innovation system. The purpose of the combination of science and technology with finance is to promote the transformation of technological innovation and its innovation achievements.#br#In order to promote the combination of science and technology with finance, speed up the transformation of scientific and technological achievements, and enhance innovation capacity, the Ministry of Science and Technology led the “pilot project of promoting the combination of science and technology with finance” in 2010, and identified the first batch of pilot cities in December 2011, involving eastern, central and western areas in China. By the end of 2015, there had been nearly 360 relevant policies, pointing out that financial support for technological innovation should be provided from various aspects in the future. Many domestic scholars have found that sci-tech finance can contribute to regional economic development and innovation development. Then there is a question: can sci-tech finance stimulate the vitality of green innovation, promote the development of green innovation, accelerate the realization of the “3060” goal, and promote the construction of ecological civilization? If so, what is the mechanism? If not, what are the obstacles to sci-tech finance driving green innovation and how to counteract the negative effects?#br#In view of this, based on the panel data of prefecture-level cities from 2004 to 2019, this paper uses the difference-in-differences method to investigate whether sci-tech finance can promote the development of green innovation. The results show that the pilot policies significantly promote green innovation, and with the continuous promotion of policies, this promoting effect shows a dynamic evolution law of continuous enhancement. The mechanism study shows that the promotion effect of pilot policies on green innovation is realized by improving public and market financial resources. Heterogeneity study shows that the promotion effect of pilot policies is influenced by regional innovation input and innovation capacity. The richer the innovation input resources are, the stronger the regional innovation capacity is, and the more obvious the promotion effect of pilot policies is. Further research shows that the pilot policies not only improve the level of green innovation in the pilot cities, but also contribute to the further improvement of green total factor productivity.#br#The contributions of this stduy are mainly as follows. To start with, this paper is the first to investigate the pilot policy effect on regional innovation, enriching the research of green innovation and expanding the economic effect evaluation of the pilot policy. Second, in terms of the evaluation method, the pilot policy is an “exogenous shock” to each region, which helps us to effectively investigate the policy effect by using the difference-in-differences method. Compared with other literature on the pilot policy, this paper overcomes the interference of relevant policies on measurement results and obtains cleaner measurement results, which makes the conclusions of this paper more reliable. Third, in terms of policy implications, the research conclusion of this paper shows that if we continue to deepen the combination of science in the future, we can not only improve the level of green innovation, but also contribute to the improvement of green total factor productivity and the realization of green economic development.#br#