金融经济学研究

基于2008—2020年省级面板数据，构建科技金融、实体经济高质量发展指数，检验科技金融对实体经济高质量发展的影响及其机制。实证结果表明，科技金融通过扩大实体经济规模、提升科技含量、优化产业结构与改善生态环境，显著促进实体经济高质量发展；利用不同稳健性检验方法、科技和金融结合试点政策等内生性检验方法的回归结果仍然支持该结论。公共科技金融、市场科技金融均存在显著的促进效应，但公共科技金融对市场科技金融存在一定替代效应。异质性检验表明，科技金融的促进效应存在由东部至中西部递减且随时间推移不断增强的时变特征。机制分析表明，市场化对科技金融促进实体经济高质量发展起正向调节作用，且市场化水平高的地区促进效应更明显。研究结论对中国在建设金融强国过程中综合利用科技金融、推进市场化进程促进实体经济高质量发展具有重要启示。

Using provincial panel data from 2008 to 2020,this study constructed a high-quality development index for science and technology finance(sci-tech finance)and the real economy to examine the impact of sci-tech finance on the high-quality development of the real economy and the mechanisms underlying this effect.The empirical results show that sci-tech finance significantly promotes the high-quality development of the real economy by expanding its scale, improving technological content, optimizing the industrial structure, and improving the ecological environment.Both public and market sci-tech finance have significant promoting effects; however, public sci-tech finance has a substitution effect on market sci-tech finance.A heterogeneity test found that the positive effect of sci-tech finance was time-varying(increasing over time)and decreased from the eastern to the mid-western regions.The mechanism analysis revealed that market-orientation plays a positive moderating role in the relationship between sci-tech finance and high-quality development of the real economy; the positive effect of sci-tech finance was found to be more pronounced in regions that were more market-oriented.The findings have important implications for the comprehensive use of sci-tech finance in becoming a financial power and promoting marketization to stimulate high-quality development of the real economy.