Did Technology And Finance Pilot Policies Boost Economic Growth?

Since the global financial crisis in 2008,the world’s major economies have started a slow economic recovery process,accompanied by the undercurrent of anti-globalization and unilateralism,the global GDP growth rate continues to decline.Now,with the impact of COVID-19,countries around the world face the risk of both a quantitative stalling of growth and a decline in the quality of development.Our country’s economy as an important part of the world economy,the economy in the world economy influence,the current economic development of our country has entered the new normal,has been in the high speed into high-speed economic growth,changes in the rate of economic growth is facing,structure optimization and power shift three big problem,and the key to solve the above problem is to promote economic development mode shift to innovation,Science and technology as the "first productive force" and finance as the "first thrust" of economic development,the deep integration of science and technology and finance is undoubtedly an effective measure to promote scientific and technological innovation.Therefore,how to comprehensively and systematically explain the impact of sci-tech finance on the high-quality development of China’s economy and society is particularly important.Therefore,based on the panel data of 248 prefecture-level cities from 2013 to 2018,this paper takes the second pilot policy on the integration of science and technology and finance as a quasi-natural experiment,and uses the difference in difference(DID)method to study the impact of the pilot policy on the economic growth of pilot cities.It is found that the pilot policies have a significant promoting effect on the economic growth of the pilot cities,and the policy effects show heterogeneity in terms of region and scale.The pilot policies have a significant promoting effect on the economic growth of the eastern cities of China,but not on the central and western regions.The effect of pilot policies on the economic growth of pilot cities shows an N-type nonlinear effect of first promoting,then inhibiting and then promoting.Further research shows that the pilot policies have spatial spillover effect,and the pilot policies show a lag promoting effect on the economic growth of the surrounding cities.The above conclusions remained robust after the use of parallel trend test,placebo test,differential propensity score matching(PSM-DID)and other methods for robustness tests.Further,to explore the policy effect the reasons of the heterogeneity and spatial spillover effects,through the mechanism analysis shows that the pilot policy impact on pilot cities economic growth as the financial development level and gradually increase with the increase of government expenditure level of science and technology,the pilot policy can pass on science and technology innovation pilot city economic growth.Theoretically,it is the first time to study the economic growth effect of the second pilot policy of science and technology and finance,which enrichis relevant literature and has important reference significance for the deep integration of science and technology and finance.In terms of methods,the dual difference method alleviates the endogeneity problem of classical linear regression,and the causal mediation effect model corrects the deviation caused by the traditional mediation effect model,making the estimation result more accurate.