Technology and Finance Integration Pilot Policies and Regional Innovation : Evidence from China

This study examines how China's place-based pilot policies for integrating science, technology, and finance affect regional innovation. Our DID estimates suggest that pilot policies for combining S&T and finance can causally promote regional innovation. We argue that regional fintech development and an increase in the share of government S&T spending are the underlying mechanisms at play. The promotion effect is more pronounced for the eastern and central regions of China. Our study provides evidence for the positive consequences of pilot policies for integrating science, technology, and finance