Sci-Tech Finance and New Quality Productivity: A Quasi-Natural Experiment from China's Sci-Tech Finance Pilot Policies

The development of sci-tech finance provides a solution for the realisation of new quality productivity in China. This paper firstly analyses the data of China's A-share listed companies from 2007 to 2022 and applies the entropy method to construct the index system of corporate new quality productivity. Secondly, taking sci-tech finance pilot policy as the node of quasi-natural experiment, the paper constructs a multi-period DID model to quantitatively analyse the impact of sci-tech finance and corporate new quality productivity. Finally, this paper conducts tests such as parallel trend test and placebo test to examine the robustness of the empirical results. The research in this paper provides empirical evidence to promote the development of sci-tech finance, accelerate the formation of corporate new quality productivity, and promote corporate high-quality development.