How Does Sci-tech Finance Policy Enhance Corporate Capacity Utilization?

LIU Lin; SHI Xiaoqing; XU Jiangtao

Volume 41 Issue 4

Jul. 2026

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LIU Lin, SHI Xiaoqing, XU Jiangtao. How Does Sci-tech Finance Policy Enhance Corporate Capacity Utilization?[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(4): 118-132.

Citation:

LIU Lin, SHI Xiaoqing, XU Jiangtao. How Does Sci-tech Finance Policy Enhance Corporate Capacity Utilization?[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(4): 118-132.

LIU Lin, SHI Xiaoqing, XU Jiangtao. How Does Sci-tech Finance Policy Enhance Corporate Capacity Utilization?[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(4): 118-132.

Citation:

LIU Lin, SHI Xiaoqing, XU Jiangtao. How Does Sci-tech Finance Policy Enhance Corporate Capacity Utilization?[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(4): 118-132.

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How Does Sci-tech Finance Policy Enhance Corporate Capacity Utilization?

School of Economics and Management, Shihezi University, Shihezi 832000, China

Received Date: 2026-02-06
Available Online: 2026-09-08
Publish Date: 2026-07-28

Abstract

Abstract

Improving capacity utilization is essential for addressing low-end homogeneous overcapacity, curbing "involutionary" competition, and promoting the high-quality development of the real economy. Using data on Chinese A-share firms listed on the STAR Market, the ChiNext Board, and the former SME Board from 2008 to 2023, this study treats the pilot policy for promoting the integration of science, technology and finance as a quasi-natural experiment, and applies a staggered difference-in-differences (DID) model to examine its impact on corporate capacity utilization and the underlying mechanisms. The results show that the policy significantly improves corporate capacity utilization mainly through three channels: improving financing conditions, promoting sci-tech innovation, and reducing inefficient investment. Heterogeneity analyses indicate that the positive effect is more pronounced among mature firms, firms in labor-intensive and technology-intensive industries, and firms located in regions with stricter environmental regulation and greater market integration. This study extends the literature on finance serving the real economy, and provides empirical evidence and policy implications for improving the sci-tech finance policy system, and fostering a virtuous cycle among technology, industry, and finance.
- sci-tech finance,
- capacity utilization,
- technological innovation,
- structural mismatch between supply and demand

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References(36)

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