关键词: 专精特新, 企业技术创新, 政府补贴, 数字金融

Abstract:    The development of "Specialized, Refined, Distinctive and Innovative" (SRDI) small and medium-sized enterprises (SMEs) and tackling key technological challenges in critical areas are of significant importance for China to build a self-reliant and controllable industrial supply chain. Using the sample of A-share listed companies from 2011 to 2021, this study employed the methods such as the difference-in-differences (DID), propensity score matching-DID (PSM-DID), and instrumental variable (IV) regression to examine the impacts of SRDI certification on corporate technological innovation and its mechanisms. The study found that the certification significantly promotes technological innovation, particularly in SMEs, and this result remains robust after controlling endogeneity. Further analysis revealed that high-intensity government subsidies weaken the policy effect, with this inhibitory effect being more pronounced for medium and large-sized enterprises. In contrast, the development of digital finance alleviates the constraints imposed by the imbalance in traditional finance, thereby enhancing the policy′s impact on technological innovation. The findings of this study will provide theoretical support for the rationality of China′s specialized innovation certification policy system. However, the study suggests that government departments should reconsider the traditional selection mechanism of "self-declaration-expert review-government funding" and promote digital finance as a positive complement to traditional finance to further optimize resource allocation efficiency in the certification process.

Key words: SRDI, corporate technological innovation, government subsidy, digital finance