关键词: 高质量发展, 创新, 科技金融, 融资约束, 财政科技投入

Abstract:     China′s economy is experiencing a transition from a phase of rapid growth to a stage of high-quality development, and the economic growth mode is changing from being pushed by nature resources to being pulled by innovation. Innovation has become an effective way to enhance an enterprise′s market competitiveness, and finance played a decisive role in this process. Thus, the combination between finance and technology is the most effective way to promote an enterprise′s technological innovation and improve its competitiveness. However, the influencing role of science and technology finance remain controversial. The strong connection between the measurement of technological finance and macro-economic variables leads to serious endogeneity issues. The policy of "promoting the pilot integration of technology and finance" issued in 2011 by the Ministry of Science and Technology and other competent departments provides us with an excellent cooperation opportunity to examine the relationship between science and technology finance and firm innovation.
   Based on the policy of "promoting the pilot integration of technology and finance" implemented in batches in 2011 and 2016, this paper studied the role of the policy in promoting high-quality corporate development from the perspective of innovation. We found that: firstly, the policy of science and technology finance significantly promotes the substantive innovation of enterprises rather than strategic innovation. The results are robust after a battery of tests, including placebo tests, controls for other policy effects and introduction of alternative explanatory variables. Secondly, the results of mechanical tests on financing constraints showed that the policy of science and technology finance can guide banks to increase technological credit support, establish specialized institutions, and support enterprises to raise funds in the multi-level capital market to promote corporate innovation. And the results of mechanical tests on government spending on science and technology show that science and technology finance policy can promote corporate innovation through innovation-related tax incentives and innovation subsidies. The cross-sectional analyses showed that the policy of science and technology finance has a more significant impact on non-state-owned enterprises and high-tech enterprises. Finally，the policy of science and technology finance promote high-quality development of enterprises through innovation.
    This paper contributes to the literature from three aspects. First, we use difference-in-difference (DID) model to solve potential endogenous issues based on the policy of "promoting the pilot integration of technology and finance", which was implemented in batches in 2011 and 2016 to examine the impact of technology and finance on corporate innovation. Second, this paper extended the literature on the influencing factors of corporate innovation. Although a lot of literature have examined the determines of innovation, the role of science and technology finance on corporate innovation has been unclear. This paper confirms the essential role of technology and finance in enterprise innovation, and sorts out the channels through which the technology finance policy affects corporate innovation from the perspectives of financing constraints and financial technology investment, helps to clarify the effect of the technology finance policy in practical and in academic and enriches the existing literature on research on the mechanism of technological finance′s impact on corporate innovation. Third, this paper confirms that science and technology finance have significantly positive effect in promoting high-quality economic development, and provides a reliable theoretical basis for the comprehensive promotion of technology and finance integration policies.

Key words: high-quality development, innovation, science and technology finance, financial constraint, financial investment in science and technology