The impact of the integration of science, technology, and finance on innovation in listed agricultural enterprises through the lens of digital transformation

Digitisation enables the integration of science, technology and finance, and this trend toward integration can in turn enhance the innovation efficiency of listed agricultural enterprises. By leveraging the quasi-natural experiment of China's 2011 pilot program for technology finance – also known as science, technology, and finance, this paper uses the difference-in-differences (DID) model to demonstrate that the science and technology finance policy positively impacts the innovation levels of agriculture-related listed enterprises. That said, the policy's effect varies across different regions and enterprise sizes. Furthermore, moderating-effect analysis reveals that the digitalisation level of agriculture-related listed enterprises is a critical factor, while the evolutionary game model elucidates this factor's underlying mechanism. Based on these findings, policy recommendations are proposed to further develop science and technology finance platforms for agricultural-related listed enterprises.