Can Technology-Finance Policies Promote Collaborative Innovation in Enterprises?

This study examines the impact of the "Promoting Technology-Finance Integration" pilot policies, implemented in 2011 and 2016, on collaborative innovation in enterprises. Utilizing a multi-period difference-in-differences (DID) model and a dataset of listed companies from 2003 to 2023, the study identifies the causal effects of these policies. The findings indicate that the pilot policies significantly enhance collaborative innovation, primarily through two mechanisms: alleviating financing constraints and reducing risk exposure. These results underscore the crucial role of technology-finance policies in fostering corporate innovation and provide empirical evidence to support policy optimization aimed at strengthening enterprise competitiveness and innovation capacity.