科技金融政策对企业新质生产力的影响——基于多期DID模型的实证检验

The Impact of Science and Technology Financial Policy on Enterprise New Quality Productive Forces—An Empirical Examination Based on a Multi-Period DID Model

摘要: 新质生产力具有高科技、高效能、高质量的特征，其发展离不开创新引导与核心要素协调发展。然而，现有研究对新质生产力驱动因素的探讨尚不充分，尤其是科技金融政策的作用被忽视。鉴于此，本文构建新质生产力指标体系，尝试以科技和金融结合试点为准自然试验，采用多期DID模型考察科技金融政策对新质生产力的作用机理，并创新性使用Word2Vec算法量化新质生产力中的数据、算法要素水平，拓展了新质生产力的研究边界。

Abstract: Characterized by high technology, high efficiency, and high quality, the advancement of new quality productive forces relies on innovation-driven guidance and coordinated development of core elements. However, existing research remains insufficient in exploring the driving factors of new quality productive forces, particularly overlooking the role of sci-tech finance policies. To address this gap, this study constructs an indicator system for new quality productive forces. Using the Sci-Tech Finance Pilot Program as a quasi-natural experiment, we employ a multi-period DID model to investigate the mechanisms through which sci-tech finance policies influence new quality productive forces. Innovatively, we apply the Word2Vec algorithm to quantify the levels of data and algorithmic elements within new quality productive forces, thereby expanding the research boundaries of this emerging field.