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| 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" |
| Feng Rui1,Ma Qingshan2,Liu Chuanming1 |
| （1.School of Economics, Central University of Finance and Economics，Beijing 100081,China;2.School of Economics, Zhongnan University of Economics and Law,Wuhan 430073,China） |
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Abstract 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.
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Received: 06 November 2020
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| Cite this article: |
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Feng Rui,Ma Qingshan,Liu Chuanming. 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"[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2021, 38(11): 27-35.
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| URL: |
| http://www.kjjb.org/EN/10.6049/kjjbydc.2020110188 OR http://www.kjjb.org/EN/Y2021/V38/I11/27 |
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