Technology Finance Policy And Financing Constraints Of Sci-Tech Enterprise

The process of integrating finance and technology has entered a "period of full integration and deepening ".In recent years there has been one technical and financial policy after another.In December 2010,the ministry of science and technology,together with the central bank,the China securities supervisory commission,the pre-merger banking supervisory commission and the China insurance supervisory commission,launched a pilot program to promote scientific,technological and financial integration.In 2011,the first pilot cities were identified.In 2016,the 5departments worked together again to drive the second round of pilots.Pilot policies give priority to reducing restrictions on funding for science and technology based on small and medium technology.Therefore,the analysis of policy impact focuses on the study of how pilot policies affect financing constraints on enterprises.However,there are large differences in the pilot areas in terms of economic,scientific,technical and financial development,with different types of development and starting points,which will lead to some differences in experimental effects.How effective are the two sets of pilot policies? Will the first pilot policies continue to be shown? How does the effectiveness of testing policies vary from institution to institution? What recommendations can be used to develop and implement pilot policy? These are the issues that the article focuses on.This thesis uses two sets of external pilot policies to promote the complementarity of science,technology and finance in 2011 and 2016,to conduct quasi-natural experiments,and to measure the impact of incentives for the integration of pilot policies on the financial constraints of local science and technology based small and medium-sized enterprises through the multi-time cluster method.According to data from the council of small and medium-sized technology-based enterprises,this thesis uses business life cycle theory asymmetric information,financial development theory and theory,pilot two in-depth discussions on the whole policy for small and medium-sized technology-based enterprises of financing constraints,and propose a hypothesis,The regional policy pilot to improve marketing,to ease constraints on project financing,and to improve the growth capacity of enterprises,this influence will be reinforced at one level.Politics.The results of the pilot project indicate that the pilot policy combining science and technology funding has effectively alleviated the financial constraints faced by science and technology based small and medium-sized enterprises,and has extended and simplified access to finance for enterprises,and the adoption of the second round of policies has reinforced this impact.The analysis of impact mechanisms suggests that improving the growth capacity of technology-based smes reinforces the role of pilot policies in mitigating financing constraints on firms,and that the impact of pilot policies on these financing constraints is greatest in firms with higher growth capacity.The pilot policy will improve the effectiveness of the allocation of credits through better marketing in the pilot regions,thus reducing the financial constraints faced by technology-based smes;Heterogeneous for the analysis of the effects of policy,enterprise,the scientific and technical content of the business life cycle,the existence of a strong link between the effects of policies on the technological development of small and medium-sized enterprises in the broad scope and high technology content,in the policy tests for small and medium enterprises in the process,discrimination at the enterprise level persists.Finally,based on the findings of the study,the thesis makes policy recommendations to further encourage experimental construction that combines science,technology and finance,for local governments to focus on facilitating the construction of market systems and for policy implementation to be consistent with company size.