重庆大学学报（社会科学版）2026，Vol.32Issue(2)：87-100,14.DOI:10.11835/j.issn.1008-5831.jg.2026.01.006
技术市场规模扩张提升高技术产业金融支持效率研究
A study on how the expansion of technology market scale improves the financial support efficiency of high-tech industries
摘要
Abstract
The Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development explicitly calls for accelerating high-level self-reliance and self-strengthening in science and technology,promoting the agglomeration of innovation resources toward enterprises,and deepening the integration of the innovation chain,industrial chain,capital chain,and talent chain—thereby providing strategic guidance for enhancing the efficiency of financial support to high-tech industries.While it is widely acknowledged in both academic and industrial circles that improved financial support efficiency contributes to the expansion of the technology market,the reverse relationship remains insufficiently examined and requires systematic empirical validation.A critical barrier lies in information asymmetries among key stakeholders in high-tech finance,including government agencies,financial institutions,and high-tech enterprises,particularly concerning the valuation of technological assets,R&D progress,and the commercialization of research outcomes.These asymmetries result in inefficient allocation,misallocation,or even arbitrary deployment of financial resources,perpetuating entrenched financing constraints.Meanwhile,sustained policy support has driven a significant expansion of China's technology market,generating an expansion effect that may serve as a new pathway to mitigate these financing challenges.This study investigates this dynamic from an integrated meso-micro perspective,linking the functional mechanisms of the technology market with the financing needs of high-tech enterprises.It delineates the theoretical pathways through which technology market scale expansion enhances financial support efficiency,constructs an evaluation framework for such efficiency,and employs a super-efficiency SBM model combined with a two-way fixed effects model to analyze provincial panel data from 2013 to 2022.The empirical results confirm a significantly positive effect of technology market expansion on financial support efficiency,a finding robust to multiple sensitivity checks.Heterogeneity analysis reveals that the magnitude of this effect diminishes progressively from economically developed to less developed and underdeveloped regions.Furthermore,industrial structure upgrading strengthens the positive impact of market expansion,while collaborative innovation serves as a key mediating mechanism through which market growth improves financial efficiency.Policy implications suggest that governments should prioritize technology market development,implement differentiated regulatory and incentive policies,and actively foster industry-university-research collaboration and structural transformation to amplify the market's expansion effect.By embedding the technology market's expansion effect into the complex ecosystem involving financial services and technological innovation across multiple stakeholders,this study extends the theoretical understanding of how markets mediate financial resource allocation in high-tech sectors.Practically,it offers empirical grounding for policymakers to harness market-driven forces and provides actionable insights for financial institutions and enterprises seeking to leverage the policy dividends associated with technology market growth.关键词
技术市场规模/高技术产业/金融支持效率/提升机理/双固定效应模型Key words
technology market size/high-tech industry/efficiency of financial support/improvement mechanism/double fixed effect model分类
管理科学引用本文复制引用
陈伟,卢钰萍,林晖桐..技术市场规模扩张提升高技术产业金融支持效率研究[J].重庆大学学报（社会科学版）,2026,32(2):87-100,14.基金项目
国家社会科学基金项目"普惠托育服务供需匹配机制构建及对策研究"(24CGL135) （24CGL135）
福建省科技厅创新战略项目"福建省数字金融赋能专精特新企业全球价值链跃迁的协同机制研究"(2025R0067) （2025R0067）
福州社会科学基金重点项目"链主企业技术驱动视角下金融机构助力培育福州农业特色产业研究"(2023FZB10) （2023FZB10）
