Does Financial Technology Stimulate Innovation in High-Tech Industries? A Study based on Provincial-level Empirical Evidence from China
Keywords:
Digital Finance; High-tech Industry; Innovation Output; Digitization.Abstract
Against the backdrop of the rapid development of financial technology, it provides diversified and flexible financing channels for high-tech industries and creates an ecosystem favorable for innovation. This paper explores the impact of financial technology on innovation in high-tech industries based on provincial-level panel data from 2011 to 2020. The results reveal that (1) Financial technology plays a crucial role in promoting innovation in high-tech industries, but its impact varies at the regional level. The influence of financial technology on innovation in high-tech industries is more significant in the eastern region than in the central and western areas. (2) Among different dimensions of financial technology, coverage breadth and usage depth have a positive impact on innovation in high-tech industries, while the digitization of inclusive finance services has a limited effect on promoting innovation. (3) The improvement of marketization level and increased financial regulatory spending further drive the innovation activities between financial technology and high-tech industries.
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