金融经济学研究

构建包含金融部门的熊彼特内生增长模型，并基于“促进科技和金融结合”试点政策，从理论和实证层面分析科技金融政策对企业关键核心技术创新的影响。研究发现，科技金融政策显著促进了企业关键核心技术创新，且政策效应随时间的推移逐渐增强。机制分析表明，科技金融政策能够缓解金融摩擦、提高耐心资本占比、优化创新生态环境，进而促进企业关键核心技术创新。异质性分析表明，对于处在成熟期、风险承担水平较高、金融化水平较低、位于知识资本存量较高城市、位于城投债规模较低城市的企业，科技金融政策的促进作用更为明显。研究结论为企业关键核心技术创新的驱动提供了新的分析视角，也可为进一步完善科技金融政策体系提供理论依据和决策参考。

In this study, a Schumpeterian endogenous growth model was developed to include the financial sector; additionally, the impact of fintech policies on the innovation of enterprises' core technologies was analyzed, both theoretically and empirically, based on the pilot policy aimed at promoting the integration of technology and finance.The findings indicated that fintech policies significantly enhanced innovation in enterprises' core technologies, with policy effects strengthening over time.A mechanism analysis showed that fintech policies alleviated financial friction, increased the proportion of patient capital, and optimized the innovation ecosystem, thereby fostering innovation in core technologies.The heterogeneity analysis revealed that the promotional effects of these fintech policies were more pronounced for enterprises in their mature phase and for those with higher risk tolerance and lower levels of financialization located in cities with substantial stock of knowledge capital, as well as in cities with smaller scales of municipal bond issues.The conclusions provide a fresh perspective on the drivers of core technology innovation in enterprises and offer a theoretical basis and decision-making reference for further refining the fintech policy framework.