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How does the sci-tech finance pilot policy drive the intelligent transformation of enterprises?

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  • Yang, Weifeng
  • Cheng, Guangbin

Abstract

This study employs a multi-period difference-in-differences (DID) approach to investigate how China's "Sci-Tech Finance Pilot Policy" affects the intelligent transformation of listed manufacturing firms from 2009 to 2023. Results show that the policy significantly promotes intelligent transformation. The effect occurs through two channels: alleviating capital-labor misallocation and enhancing innovation capability, quality, and efficiency. Heterogeneity analysis reveals that the policy's effects are more pronounced in cities with underdeveloped fintech and non-high-tech industries, as well as capital- and labor-intensive sectors, firms with lower financing constraints, and large enterprises. Additionally, executives with IT or financial backgrounds are found to significantly amplify the policy's impact. We provide micro-level evidence that targeted sci-tech finance instruments can unlock intelligent upgrading in emerging economies.

Suggested Citation

  • Yang, Weifeng & Cheng, Guangbin, 2026. "How does the sci-tech finance pilot policy drive the intelligent transformation of enterprises?," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325025000
    DOI: 10.1016/j.frl.2025.109251
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