The Impact of Technology Finance on New Quality Productivity from the Perspectives of Technological Innovation and Talent Aggregation
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Abstract
Based on panel data from 30 Chinese provinces (excluding Tibet, Hong Kong, Macao, and Taiwan) spanning 2011–2023, this study conducts a quantitative analysis focusing on the relationship among technology finance, technological innovation, talent agglomeration, and new-quality productive forces. Findings indicate that technology finance exerts a significant positive impact on new-quality productive forces, a conclusion that remains valid after robustness tests and endogeneity treatment. Mediation analysis reveals that technological innovation and talent aggregation serve as key mechanisms through which fin-tech empowers new-quality productivity enhancement. Threshold effects regression indicates that patent protection levels and industrial structure upgrading exert moderating effects via dual-threshold mechanisms, while human capital exerts moderation through a single-threshold effect. Heterogeneity tests reveal that the impact of fin-tech on new-quality productive forces exhibits marketization level heterogeneity and financial development heterogeneity, with stronger promotional effects observed in regions with high marketization levels and well-developed financial sectors.
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