【摘要】 科技金融作为“五篇大文章”之首，肩负着为关键核心技术突破高效配置资源的使命。以2007—2023年中国A股上市公司为样本，构建多时点双重差分模型，考察“促进科技和金融结合试点”政策影响企业关键核心技术突破的机制和效应。研究发现：第一，试点政策显著促进了企业关键核心技术突破，该结论经过一系列稳健性检验后依然成立。第二，机制检验表明，试点政策通过发挥“融资约束缓解效应”和“人才集聚效应”对企业关键核心技术突破产生影响。第三，异质性检验表明，试点政策促进关键核心技术突破的效果对于成长期和成熟期企业以及中西部地区的企业更加突出。研究结论对完善科技金融政策、实现关键核心技术突破、促进科技自立自强以及实现经济高质量发展具有重要参考价值。更多还原

【Abstract】 As the top of the “Five Great Articles”, Sci-tech finance shoulders the mission of the core key technology breakthrough through efficient resource allocation. This article takes Chinese A-share listed companies from 2007 to 2023 as samples, constructs a multi-period difference-in-difference(DID)model, and examines the mechanism and effect of the Pilot Policy of Combining Science and Technology with Finance on the breakthrough of key core technologies in enterprises. It has found that, firstly, pilot policies have significantly promoted enterprises to achieve breakthrough in key core technologies, and this conclusion still holds after a series of robustness tests. Secondly, the mechanism test indicates that pilot policies have an impact on key core technological breakthrough by alleviating financial constraints and leveraging the human capital agglomeration. Thirdly, heterogeneity analysis indicates that the impact of pilot policies is more significant for growth and mature enterprises, enterprises in the central and western regions. The conclusions have important reference value for improving policies of sci-tech finance, achieving breakthrough in key core technologies, promoting technological self-reliance and self-improvement, and achieving high-quality economic development.更多还原