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| Can the Science and Technology Financial Policy Improve the Agglomeration Level of Scientific and Technological Talents:An Empirical Analysis Based on Multi-period DID |
| Xie Wendong |
| （School of Public Economics and Administration，Shanghai University of Finance and Economics，Shanghai 200433,China） |
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Abstract Nowadays, the world is experiencing great changes, and China is facing the increasingly complex domestic and international environment. China's economic development needs stronger and lasting scientific and technological (S&T) support, which puts forward more urgent requirements for S&T innovation. The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China proposed to "adhere to the core position of innovation in the overall situation of China's modernization and take S&T self-reliance and self-improvement as the strategic support for national development". As an indispensable core element in the development of modern science and technology and high-tech industries, S&T talents have become one of the key elements in promoting the high-quality development of China's economy and play an important role in promoting regional technology research and development and improving the transformation ability of technological achievements.#br#Although China has a large number of talents, there is a lack of elites in the field of science and technology and China is facing many bottleneck problems. Without a talent advantage, it is impossible to have a technological advantage, innovation advantage, or industrial advantage. S&T talent is the key force of regional technological innovation, and financial capital is important for technological innovation. For a long time, the financing difficulties faced by Chinese technology-based small and medium-sized enterprises have been the main constraint on improving their S&T innovation ability and an important reason for the lack of regional S&T talents. In order to break the financing barriers of enterprises, enhance their independent innovation capability, transform the economic development model and build an innovative country in an all-round way, the Ministry of Science and Technology of China implemented the pilot policy of combining science and technology with finance (PCSTF) in 16 regions of China in 2011. PCSTF aims to promote the development of the technology industries byintegrating technology and finance, helping enterprises overcome financing constraints and improving their independent innovation capabilities. Then, can the PCSTF's implementation improve the agglomeration level of S&T talents? What is the mechanism for PCSTF to promote the agglomeration level of S&T talents? It has significant practical implications to answering these questions for furthering the agglomeration effect of S&T talents, improving regional independent innovation capability, and realizing China's transformation from demographic dividend to talent dividend. Therefore, this paper takes PCSTF as a quasi-natural experiment and uses the panel data of 281 cities in China from 2004 to 2019 and the difference-in-difference (DID) method to evaluate the impact and mechanisms of PCSTF on the agglomeration level of S&T talents.#br#The research results show that, firstly, PCSTF can significantly improve the agglomeration level of S&T talents in pilot cities, and the conclusion is still robust after using PSM-DID, placebo tests and other robustness tests. Secondly, the mechanism tests reveal that the PCSTF improves the agglomeration level of S&T talents in pilot cities primarily through government intervention effects, structural upgrading effects and innovation-driven effects. Finally, the agglomeration effect of PCSTF on S&T talents shows the law of marginal utility increase in cities with different administrative levels.#br# Compared with previous literature, the contributions of this article are mainly reflected in three aspects. First, from the standpoint of research, for the first time, the policy effect of PCSTF is focused on the agglomeration level of S&T talents, which broadens and enriches the assessment of PCSTF and related research on S&T talent agglomeration. Second, in terms of identification strategy, this paper identifies the net effect of PCSTF on the agglomeration level of S&T talents in the DID estimation framework.At the same time, with considerartion of the non-randomness of the selection of pilot cities, PSM-DID is further used to correct potential selection bias with a variety of methods, such as placebo testing;for robustness testing, the conclusions of the research are more reliable. Third, in the empirical analysis, the mediation effect model is used to explore the conduction mechanism of PCSTF affecting the agglomeration level of S&T talents, which is helpful to further clarify the internal logic and transmission path. Furthermore, the differential impact of PCSTF on the agglomeration level of S&T talents in cities with different administrative levels is considered, and the conclusions can provide empirical evidence for the further diffusion of PCSTF.#br#
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Received: 15 August 2021
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