金融经济学研究

国家金融学视角下，现代金融体系理论不断健全，对科技金融生态系统的认识与评价逐步深化。基于生态系统视角并结合粤港澳大湾区科技金融独有特征，构建适用于三维评价的指标体系，分别采用熵值赋权法、耦合协调度模型和共生度评价模型，对大湾区11个城市2012—2020年科技金融生态系统成熟度、耦合协调度、共生模式和共生程度进行综合评价。研究发现，香港、深圳和广州的科技金融发展成熟度位于第一梯队；核心城市金融发展对本市科技金融的贡献度均相对较高；各城市科技金融生态系统耦合度不断提升，其中深圳已接近深度耦合阶段；协调度评价表明，深圳和广州已实现良好协调；大湾区科技金融生态系统仍处于非对称互惠共生阶段。因此，建议大湾区各城市共同构建区域科技金融生态系统、建立多层次直接融资市场、打造高度开放与高协同性的科技金融生态系统等建议。

From a national finance perspective, continuous improvement in the theory of modern financial system has led to a gradually deeper understanding and evaluation of the science and technology financial ecosystem.This study developed an indicator system suitable for three-dimensional evaluation from an ecosystem perspective in combination with the unique characteristics of science and technology finance in the Guangdong-Hong Kong-Macao Greater Bay Area.Then, it performed a comprehensive evaluation of the maturity, coupling coordination degree, and symbiosis model and level of the science and technology financial ecosystem in 11 cities across the Guangdong-Hong Kong-Macao Greater Bay Area from 2012 to 2020 based on the entropy weighting method, the coupling coordination model, and the symbiosis evaluation model, respectively.According to the results of this study, Hong Kong, Shenzhen, and Guangzhou were in the first tier regarding the maturity of the development of science and technology finance.While financial development made a relatively high contribution to science and technology finance in core cities, the coupling degree of science and technology financial ecosystem in various cities was constantly improving, with Shenzhen already reaching the deep coupling phase.The evaluation of coordination degree revealed that both Shenzhen and Guangzhou have reached good coordination.On the other hand, the science and technology financial ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area remained in the asymmetric reciprocal symbiosis stage.Therefore, this study recommended that cities in the Guangdong-Hong Kong-Macao Greater Bay Area work hand in hand to build a regional science and technology financial ecosystem, establish a multi-level direct financing market, and create a highly open and collaborative science and technology financial ecosystem.