Quantitative evaluation of science and technology financial policies based on the PMC-AE index model: A case study of China’s science and technology financial policies since the 13th five-year plan

Abstract

The formulation of science and technology financial policies directly influences the direction of national economic development. Quantitative evaluation of these policies is an important method to reflect the consistency and strengths and weaknesses of policy interrelations. This paper analyzes 16 science and technology financial policy documents issued by the Chinese central government from 2016 to 2022, using text analysis and content analysis to extract keyword frequencies, and constructs 9 primary variables and 34 secondary variables. For the first time, a PMC-AE index model for science and technology financial policies is established, and a quantitative evaluation is conducted on 5 significant policy documents out of the 16. The results show that, from an overall analysis, Policy 1 and Policy 4 are at a good level, while the other three policies are at an excellent level. From the analysis of individual policy PMC-AE indexes, the rankings in descending order are: P2 > P5 > P3 > P4 > P1. Overall, the policies effectively meet the needs of China’s science and technology financial development, with P2, P3, and P5 being at an excellent level, P4 at a good level, and P1 at an acceptable level, mainly reflecting the need for improvement in aspects such as policy synchronization with the current stage, targeted entities, guiding fields, and policy content. It is recommended that Chinese government departments should focus on five aspects in policy formulation: building a talent system for science and technology finance, improving the quality of financial services, coordinating central and local financial policies, protecting intellectual property rights in science and technology finance, and strengthening financial supervision. This will be conducive to the effective implementation of science and technology financial policies.