Science and Technology Finance Policy and Corporate Investment Efficiency -- A Quasi-Natural Experiment Based on Pilot Policies for Integrating Technology with Financer

In the context of China's economic transformation and rapid technological advancement, based on the implementation of the "Pilot Policy for Promoting the Integration of Technology and Finance", this paper constructs a panel data of prefecture-level cities in China from 2005 to 2017, and examines the impact and mechanism of science and technology financel policy on the corporate Investment efficiency by using the DID method. The DID method is used to investigate the impact and mechanism of technology financel policy on the corporate Investment efficiency. It is found that the science and technology financel policy significantly improves the corporate Investment efficiency, and this conclusion remains valid after a series of robustness tests such as the parallel trend test, the placebo test, and the Propensity Score Matching-Difference in Differences (PSM-DID) analyses. Further mechanism analysis in this paper reveals that the science and technology finance policy mainly enhances the corporate Investment efficiency by alleviating the corporate financing constraints, promoting the digital transformation of enterprises, and increasing the capitalized R&D investment of enterprises. In addition, the effect of the implementation of science and technology finance policy has a certain degree of heterogeneity, and this policy has a more significant impact on the improvement of investment efficiency of non-state-owned enterprises and large enterprises. This paper delves into the impact of technology finance on the investment behavior of micro-enterprises, providing theoretical support and empirical guidance for the advancement of science and technology finance practices and high-quality economic development.