TECHNOLOGY–FINANCE INTEGRATION PILOT POLICY AND THE VALUE OF TECHNOLOGY-BASED SMEs: THE MODERATING ROLE OF CORPORATE GOVERNANCE STRUCTURE

Abstract

The integration of technology and finance has emerged as a vital mechanism for promoting innovation and economic growth among technology-based small and medium-sized enterprises (SMEs). This study examines how China’s Technology–Finance Integration Pilot Policy (TFIPP) influences firm value among technology-based SMEs and investigates the moderating effects of corporate governance structure: board size, CEO duality and female board representation. We utilize panel data covering 3,121 firm–year observations of Chinese technology-based SMEs from 2009 to 2021. Our analysis employs a difference-in-differences (DID) framework that exploits the staggered implementation of TFIPP across different regions, beginning with pilot programs in 2011 and expanding in 2016. Results demonstrate that TFIPP implementation significantly increases firm value. The econometric approach incorporates firm and year fixed effects, propensity score matching and placebo tests to address endogeneity concerns, with results remaining robust across multiple validation tests. Governance structure substantially moderates this relationship: larger boards, higher female representation and CEO duality enhance firms’ capacity to capitalize on policy benefits. Heterogeneity analysis reveals that firms in economically developed Eastern regions and non-state-owned enterprises benefit more substantially from these policies. These findings contribute to the literature on financial innovation and corporate governance by demonstrating that internal governance mechanisms actively shape policy effectiveness rather than merely receiving external benefits. The research provides practical implications for policymakers designing technology–finance integration initiatives and for business leaders seeking to optimize governance structures for policy leverage.

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