Difference-in-differences test for micro effect of technological finance cooperation pilot in China

By establishing difference in differences (DID) and propensity score matching-double difference method (PSM-DID) models, the paper investigates the effect of the two pilot policies which promotes the combination of technology and finance based on the enterprise value with the available data from Shanghai and Shenzhen A-share listed companies in China from 2008 to 2019. Empirical results show that the first and second pilots of technological finance cause a significant increase and decrease in the enterprise value, respectively. These conclusions validate the effectiveness of China's technological finance policy from the enterprise value and provide empirical data support for optimising technological finance policies of the government and high-quality development of enterprises in the new era.