金融经济学研究

科技金融处于金融强国建设“五篇大文章”的领衔地位，是新质生产力发展的重要推动力。基于2010—2022年中国省级面板数据，检验科技金融发展的新质生产力的生成效应与机制。实证结果表明，科技金融能够显著加快形成新质生产力，其中公共科技金融与市场科技金融对新质生产力的影响存在由负向替代转为正向协同的时变特征。异质性检验结果表明，科技金融对新质生产力的影响存在区域异质性。机制检验表明，科技金融通过提升科技创新突破水平、推动传统产业深度转型升级进而形成新质生产力，同时市场化程度与数字经济发展能够实现生产要素创新性配置，成为充分发挥科技金融促进作用的重要条件。基于此，应着力健全科技金融体系，畅通科技金融催生新质生产力的渠道路径，提升科技金融服务实体经济质效，助推新质生产力蓬勃发展。

Technology finance, a leading theme in the five major articles related to building a financial superpower, is a crucial driving force for the development of new quality productivity.This study tested the generation effect and mechanism of new quality productivity in the development of technology finance based on China's provincial panel data from 2010 to 2022.The empirical results showed that technology finance can significantly accelerate the formation of new quality productivity, where a time-varying characteristic involving a shift from negative substitution to positive synergy is present in the impact of public technology finance and market technology finance on new quality productivity.Heterogeneity tests indicate the existence of two types of heterogeneity: regional and high-quality development of the real economy.The mechanism test revealed that technology finance builds new quality productivity by increasing the level of technological innovation breakthroughs, advancing deep transformation, and upgrading traditional industries, whereas the degree of marketization and development of the digital economy can lead to an innovative allocation of production factors, which becomes a critical condition for realizing the facilitating role of technology finance.This study recommends that efforts should be made to improve the technology financial system, clear the channels and paths of technology finance to generate new quality productivity, enhance the quality and efficiency of technology finance in serving the real economy, and facilitate the dynamic development of new quality productivity.