Research On the Impact of Science and Technology Finance on New Quality Productivity: Analysis Based on Spatial Effect

DOI: https://doi.org/10.62517/jmsd.202512524

Author(s)

Zhongwen Wang

Affiliation(s)

Jiangxi Normal University, Nanchang, Jiangxi, China

Abstract

This study investigates the driving mechanisms and spatial attributes of technology finance’s role in new quality productivity, employing a panel dataset covering 30 Chinese provinces (excluding Tibet) over the period 2012-2022 as the research sample. By utilizing the dynamic Spatial Durbin Model (SDM) and integrating mediating effect analysis with robustness checks, the research explores the influence pathways and spatial spillover effects of technology finance on new quality productivity. The study shows that technology finance has a significant positive direct driving effect on new quality productivity, which remains valid after robustness tests using the spatial autoregressive model (SAR) and spatial error model (SEM). Human capital plays a partial mediating role between technology finance and new quality productivity, indicating that technology finance indirectly empowers new quality productivity by enhancing human capital competitiveness. In terms of spatial effects, the influence of technology finance on new quality productivity exhibits prominent local empowerment but insufficient cross-regional spillover, and new quality productivity shows negative spatial autocorrelation, reflecting inter-regional factor suction effects. The research provides empirical references for optimizing the allocation of technology finance and promoting the coordinated regional development of new quality productivity.

Keywords

Technology Finance; New Quality Productivity; Spatial Spillover Effect; Spatial Econometric Model; Spatial Durbin Model

References

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