Whether Science and Technology Finance Policy Ease Firms' Financing Constraints?: –Empirical Evidence from Chinese GEM Listed Companies

The financing constraint is becoming more and more obvious to the high-quality development of entrepreneurial enterprises, and how to solve this problem has become the focus of theoretical and practical research. Given this, this paper assesses the performance of science and technology finance policy on alleviating the financing constraints of entrepreneurial firms in the pilot regions using a quasi-natural experiment based on the data of GEM listed companies from 2009 to 2020 using the Difference-in-Difference(DID) method. The results show that : (1) The implementation of the policy significantly alleviates the financing constraints of entrepreneurial enterprises. (2) The policy effect of the science and technology finance policy increases significantly from the third year of implementation, indicating that there is a time lag effect of the policy on alleviating the financing constraints of entrepreneurial enterprises. (3) Science and technology finance policy can significantly alleviate the financing constraints of mature entrepreneurial enterprises, but the implementation effect on Startup in the growth stage is not obvious.