金融学院知识库

   改革开放以来，我国经济发展取得显著成就，但传统以资源要素投入与资本扩张驱动的粗放型增长路径逐渐显现边际效益递减现象。党的二十大明确指出高质量发展是全面建设社会主义现代化国家的首要任务。高质量发展成为重大的战略命题。作为现代化经济体系的核心动能，科技创新通过提升全要素生产率、优化产业结构、培育新兴增长极等多重路径，持续赋能经济社会高质量发展。金融的作用也不容小觑，2023年10月第六次中央金融工作会议系统阐释了金融体系的功能定位，强调金融作为现代化经济循环的枢纽系统，需着力构建服务实体经济、防控金融风险、深化金融改革的良性发展格局。并且，在会议上提出的金融的五篇大文章，科技金融位居首位，表明了科技金融在金融体系中的突出地位。科技金融值得关注的是，科技金融作为科技创新与金融资本深度融合的新型业态，正通过资源配置优化、风险分散机制和创新激励机制，成为驱动经济高质量增长的重要引擎。而黄河流域生态保护与高质量发展战略作为国家区域协调发展的顶层设计，为沿黄九省区破解发展瓶颈、培育新质生产力提供了战略指引。该战略既强调生态环境保护的基础性作用，也突出创新驱动发展的核心地位，其中科技金融体系的完善对于破解流域内创新要素配置低效、产业转型升级滞后等突出问题具有关键作用。因此，从理论与实证研究视域系统考察科技金融对黄河流域经济高质量发展的影响机制具有重要意义。

   本研究旨在明晰科技金融与黄河流域区域经济高质量发展间的内在联系，以黄河流经的九个省区作为研究样本展开深入探究。首先，对科技金融与经济高质量发展的概念予以精准界定，梳理归纳国内外关于科技金融与经济增长的相关文献资料，夯实研究的理论基础。其次，以金融发展理论和技术创新理论为依托，从理论层面系统剖析科技金融对经济高质量发展的作用路径与影响机制，为后续研究提供理论指引。再次，选取九省区2011-2022年的面板数据，运用熵值法测算科技金融发展指数以及经济高质量发展总指数，以此衡量相关指标，并对黄河流域经济高质量发展与科技金融发展现状展开详细描述与深入分析，掌握研究对象的实际情况。最后，通过构建普通面板模型与中介效应模型开展实证研究，从实证视角检验科技金融对黄河流域经济高质量发展的影响效果与作用机理，并进行稳健性检验，确保研究结果的可靠性与准确性。本研究得出如下结论：（1）科技金融对黄河流域地区经济高质量发展具有显著的正向推动作用，但在不同区域间呈现出显著的异质性特征。（2）产业结构升级在科技金融促进经济高质量发展的过程中发挥着重要的中介作用，科技金融通过这一中介机制实现对经济高质量发展的促进。基于上述研究结论，本文提出了一系列针对性建议，包括深化产业结构升级、充分释放科技金融效能、强化区域间科技创新合作等。期望通过持续完善科技金融体系，有效提升其对区域创新的促进作用，全方位助力黄河流域地区经济实现高质量发展。

  Since the reform and opening-up, China's economic development has achieved remarkable accomplishments. However, the traditional extensive growth model driven by resource inputs and capital expansion has gradually shown diminishing marginal returns. The 20th National Congress of the Communist Party of China explicitly identified high-quality development as the paramount task for building a modern socialist country, elevating it to a critical strategic priority. As the core driver of a modern economic system, scientific and technological innovation empowers high-quality economic and social development through multiple pathways, including enhancing total factor productivity, optimizing industrial structures, and fostering new growth engines. The role of finance is equally significant. The sixth Central Financial Work Conference in October 2023 systematically elucidated the functional positioning of the financial system, emphasizing finance as a pivotal hub for modern economic circulation. It called for building a sound development framework that serves the real economy, prevents financial risks, and deepens financial reforms. Notably, "science and technology finance" topped the "Five Priorities" outlined at the conference, underscoring its prominence in the financial system. As an emerging integration of technological innovation and financial capital, science and technology finance is becoming a vital engine for high-quality economic growth by optimizing resource allocation, dispersing risks, and incentivizing innovation. The Yellow River Basin Ecological Protection and High-Quality Development Strategy, a national blueprint for regional coordination, provides strategic guidance for nine provinces and autonomous regions along the Yellow River to overcome development bottlenecks and cultivate new productive forces. This strategy highlights both the foundational role of ecological conservation and the core status of innovation-driven development. Within this context, improving the science and technology finance system is crucial for addressing inefficiencies in innovation resource allocation and industrial transformation across the basin. Thus, systematically investigating the mechanisms through which science and technology finance influences high-quality economic development in the Yellow River Basin holds significant theoretical and empirical value.

   This study aims to clarify the intrinsic relationship between science and technology finance and high-quality economic development in the Yellow River Basin, focusing on the nine provinces and autonomous regions traversed by the Yellow River. First, it precisely defines key concepts and reviews domestic and international literature on science and technology finance and economic growth to establish a theoretical foundation. Second, leveraging financial development theory and technological innovation theory, it systematically analyzes the pathways and mechanisms by which science and technology finance drives high-quality development. Third, using panel data from 2011 to 2022, it employs the entropy method to calculate indices for science and technology finance development and high-quality economic development, providing a detailed analysis of their current status in the region. Finally, through panel regression and mediating effect models, it empirically tests the impact and mechanisms of science and technology finance on high-quality development, with robustness checks ensuring reliability.

Key findings include: (1) Science and technology finance significantly promotes high-quality economic development in the Yellow River Basin, though with notable regional heterogeneity. (2) Industrial structure upgrading plays a critical mediating role in this process. Based on these conclusions, the study proposes targeted recommendations, such as deepening industrial restructuring, enhancing the efficacy of science and technology finance, and strengthening interregional innovation collaboration, to optimize the science and technology finance system and advance high-quality development in the Yellow River Basin.