科技与金融结合对全要素生产率的影响——基于“促进科技和金融结合试点”准自然实验的经验证据

将科技和金融结合试点政策视为一项准自然实验，基于2005—2017年中国283个城市数据，采用双重差分法评估科技和金融结合试点政策对全要素生产率的影响。结果发现：①科技和金融结合试点政策对全要素生产率具有正向影响且通过了显著性水平检验；②科技和金融结合试点政策主要通过提高城市创新水平和融资能力等途径促进全要素生产率增长，创新水平、融资能力在科技和金融结合试点与全要素生产率间起中介作用；③科技和金融结合试点政策对全要素生产率的影响存在异质性，经济发展水平较高、金融发展水平较高的城市，科技和金融结合试点政策对全要素生产率的影响更大。由此建议，加大金融资源支持力度，缓解企业融资约束，加强政府对创新的支持。

Will the Combination of Technology and Finance Become a New Driving Force For Total Factor Productivity:Empirical Evidence of Quasi Natural Experiment based on"the Pilot of Promoting Science and Technology to Combine with Finance"

This paper considers the pilot policy of integrating technology with finance as a quasi-natural experiment, and uses the data of 283 cities in China from 2005 to 2017 to evaluate the impact of the pilot policy of integrating technology with finance on total factor productivity growth using a differential method.The research conclusions are as follows:①the pilot policies combining technology with finance have a positive effect on TFP growth and pass the significance level test;②the pilot policies of integrating technology with finance mainly promote the growth of total factor productivity by improving the innovation level and financing capacity of cities, and the innovation level and financing capacity play an intermediary role between the pilot policies of integrating technology with finance and the growth of total factor productivity;③the impact of pilot policies combining technology with finance on TFP growth is heterogeneous.Cities with higher levels of economic development and higher levels of financial development have greater impact on TFP growth.This paper proposes to strengthen financial resources to support scientific and technological innovation, ease the financing constraints of enterprises, and strengthen the government's support for innovation.