The Impact of Industrial-Financial Collaboration on Enterprise Innovation: Research on DID Based on Dual Machine Learning

Currently, corporate innovation has become a key driver of economic growth and a critical factor in enhancing core competitiveness, which is of great significance for achieving sustainable economic development. Our research is based on panel data from A-share-listed manufacturing companies in China between 2012 and 2022, employing a multi-time point Difference-in-Differences (DID) model and a DID model extended with the Dual Machine Learning (DML) estimation method for empirical testing. We investigate the underlying mechanisms and analyze corporate heterogeneity. The findings reveal that the pilot policy of industry–finance collaboration has a significant positive impact on corporate innovation, particularly for companies facing severe financing constraints, intense market competition, and relatively small scales. Additionally, the study finds that the pilot policy promotes corporate innovation through three channels: reducing information asymmetry, increasing local government fiscal subsidies, and enhancing corporate access to bank credit. Finally, we provide recommendations for the government, enterprises, and financial institutions to further leverage and enhance the effectiveness of the industry–finance collaboration pilot policy in boosting corporate innovation.