The Impact of the SRDI policy on the Rate of Technology Commercialization: Empirical Evidence from China’s Listed SMEs

Against the backdrop of economic transformation and industrial upgrading, enhancing the commercialization of technological achievements is essential for fostering innovation-driven development. As a key policy initiative aimed at supporting technology-oriented small and medium-sized enterprises (SMEs), the SRDI policy warrants rigorous investigation regarding its impact on firms’ technology commercialization rate (TCR). This study utilizes panel data from listed companies on China’s SME Board, STAR Market, and ChiNext from 2016 to 2024. It adopts a propensity score matching difference-in-differences (PSM-DID) methodology is employed to identify the causal impact of the SRDI policy on TCR and to explore the underlying transmission mechanisms. The results indicate that the SRDI policy significantly enhances firms’ TCR, primarily through the optimization of human capital (HC) and the promotion of. Industry–Academia–Research (IAR) Collaboration. These findings provide empirical evidence and practical insights for improving resource allocation efficiency and refining support mechanisms under the SRDI framework.