Research on the Impact of Science and Technology Financial Policy on the Financing Constraints of High-Tech Enterprises: Evidence from China

Abstract

Sustainable development of high-tech enterprises' innovation cannot be separated from sufficient financial support. Based on the background of science and technology financial policy, this paper adopts the high-tech enterprises listed on Chinese A-shares in Shanghai and Shenzhen from 2012 to 2020 as the research samples, and empirically analyzes the impact of the policy of "the Second Pilot Program to Promote the Integration of Science, Technology and Finance" on the financing constraints of high-tech enterprises implemented in 2016 by using the double-difference method. The results show that: (1) the pilot policy does effectively alleviate the financing constraints of high-tech enterprises, and the conclusion still holds after a series of robustness tests. (2) The pilot policy alleviates the financing constraints of high-tech enterprises by expanding financial capital support and reducing corporate financing costs. (3) The heterogeneity analysis shows that the pilot policy has a more significant effect on the alleviation of financing constraints for non-state-owned enterprises, enterprises in the growth period and enterprises in more developed, higher city grade and higher level of scientific and technological talent concentration areas. The results of the study have certain prospective and reference value for promoting the optimization of the financing structure of high-tech enterprises and the future development of science and technology financial policy.