How Does Sci-Tech Finance Policy Affect the Development of New Quality Productive Forces of Enterprises?

This paper constructs an evaluation index system for enterprises’ new quality productive forces based on China’s sci-tech finance policies from 2006 to 2022 and data from A-share listed companies. It empirically tests the impact of sci-tech finance policies on enterprises’ new quality productive forces and their mechanisms. The study finds that sci-tech finance policies promote the development of enterprises’ new quality productive forces by alleviating financing constraints, promoting enterprise digital transformation, and enhancing enterprises’ independent innovation capabilities. After analyzing sci-tech finance policies using LDA modeling, it was found that platform construction policies, public sci-tech finance policies, and market sci-tech finance policies all have a significant promotional effect on the development of new, quality productive forces. The conclusion is robust across a series of robustness checks and remains significant after addressing potential endogeneity issues. Additionally, the impact of sci-tech finance policies on new quality productive forces is influenced by regional factors, enterprise innovation characteristics, and enterprise nature. The research conclusions provide important insights for sci-tech finance policies supporting the development of new, quality productive forces.