金融学院知识库

                                                        摘  要
      科技与金融的融合，作为推动生产力和现代经济的关键，对引导资本流向新技术、培育新兴产业、创造经济增长点具有重大影响，为我国产业结构转型提供了新机遇。在以数字经济为引领的第四次工业革命背景下，新兴产业的成长决定我国国际竞争力，产业结构优化成为衡量与发达国家经济差距的关键。为推动科技与金融结合，国家实施了一系列政策，如2012年的《促进科技和金融结合试点实施方案》及后续试点地区的选择。本文以2012年为研究节点，采用双重差分法，探讨科技金融结合政策对产业结构优化的影响及机制。
     本研究首先综合梳理了国内外关于科技与金融融合以及产业结构优化的文献，在此基础上，提出了科技和金融结合试点政策对产业结构优化的影响机理，进一步探讨可能的作用机制，并构建了相应假说，为后续实证分析奠定了理论基础。随后，本文构建了相关评价指标体系。其中鉴于新质生产力指标的构建具有鲜明的时代特征，需对测度方法进行创新性探索。最后，基于2008—2021年中国265个地级市的面板数据，本文采用多时点双重差分模型（DID）实证检验了科技金融结合试点政策对产业结构高级化与合理化的影响，并进一步分析了该政策通过新质生产力与创业活跃度发挥作用的传导机制。
      本研究得出以下结论：首先，科技与金融结合的试点政策显著推动了产业结构的高级化，但对其合理化产生了抑制效应，且该效应具有稳定性。其次，异质性分析显示，政策在三线城市、金融发展水平较高以及政府关注度较高的环境中效果更为显著。在政策实施批次上，第二批城市的表现优于第一批城市；而在人力资本水平较低的城市中，政策效果更为明显。再次，作用机制分析表明，新质生产力和创业活跃度是科技与金融结合政策影响产业结构优化的关键机制。试点政策通过提升新质生产力和创业活跃度，促进了产业结构的高级化，但同时也加剧了其不合理化。显然，资源配置失衡、政策导向偏颇、市场环境欠佳以及区域行业差异显著等问题是影响政策效力的主要因素。基于此，本文从构建多层级政策支持体系、深化科技与金融生态系统建设、培育新质生产力和构建创新创业生态体系四个方面提出针对性政策建议，旨在为促进产业结构优化贡献力量。

关键词：科技和金融结合试点政策 产业结构高级化 产业结构合理化 新质生产力

                                                     Abstract
     The integration of technology and finance, serving as a pivotal driver of productivity and modern economy, exerts a profound impact on guiding capital towards new technologies, fostering emerging industries, and creating new growth poles, thereby offering new opportunities for China's industrial structure transformation. Against the backdrop of the fourth industrial revolution led by the digital economy, the growth of emerging industries determines China's international competitiveness, with industrial structure optimization becoming a key metric for gauging the economic gap with developed countries. To promote the integration of technology and finance, the Chinese government has implemented a series of policies, such as the "Pilot Implementation Plan for Promoting the Integration of Science and Technology and Finance" in 2012 and the subsequent selection of pilot regions. This study, taking 2012 as the research cutoff point, employs the difference-in-differences (DID) method to explore the impact and mechanisms of technology-finance integration policies on industrial structure optimization.
     This study first comprehensively reviews the literature on the integration of science and technology with finance, as well as on industrial structure optimization, both domestically and internationally. Based on this review, the study proposes the influence mechanism of the pilot policy for integrating science and technology with finance on industrial structure optimization, further explores potential action mechanisms, and formulates corresponding hypotheses, thereby laying a theoretical foundation for subsequent empirical analysis. Subsequently, this study constructs a relevant evaluation indicator system. Given that the construction of new quality productivity indicators exhibits distinct era-specific characteristics, innovative exploration of measurement methods is required. Finally, using panel data from 265 prefecture-level cities in China from 2008 to 2021, this study employs a multi-time-point difference-in-differences model (DID) to empirically test the impact of the pilot policy for integrating science and technology with finance on the advancement and rationalization of industrial structure, and further analyzes the transmission mechanism through which this policy operates via new quality productivity and entrepreneurial activity.
     The study arrives at the following conclusions: Firstly, the pilot policy significantly promotes the advancement of the industrial structure while exerting an inhibitory effect on its rationalization, with this effect exhibiting stability. Secondly, heterogeneity analysis reveals that the policy is more effective in third-tier cities, regions with higher levels of financial development, and environments with greater government attention. In terms of policy implementation batches, the second batch of cities outperforms the first; moreover, the policy effect is more pronounced in cities with lower human capital levels. Thirdly, mechanism analysis indicates that new-quality productivity and entrepreneurial activity are key mechanisms through which technology-finance integration policies influence industrial structure optimization. While the pilot policy enhances industrial structure advancement by boosting new-quality productivity and entrepreneurial activity, it also exacerbates irrationalization. Clearly, issues such as unbalanced resource allocation, biased policy orientation, suboptimal market environment, and significant regional and industrial disparities are primary factors affecting policy effectiveness. Accordingly, this study proposes targeted policy recommendations from four aspects: constructing a multi-tiered policy support system, deepening the construction of the technology-finance ecosystem, cultivating new-quality productivity, and building an innovation and entrepreneurship ecosystem, aimed at contributing to the optimization of the industrial structure.

Keywords: Pilot Policy For The Integration Of Technology And Finance; Industrial Structure Upgrading; Industrial Structure Rationalization;New Quality Productivity