Zhang, Qingguo
A icle
A s udy on he cons uc ion and dynamic e olu ion o a
Chinese science and echnology inance index
Economies
P o ided in Coope a ion wi h:
MDPI – Mul idisciplina y Digi al Publishing Ins i u e, Basel
Sugges ed Ci a ion: Zhang, Qingguo (2025) : A s udy on he cons uc ion and dynamic e olu ion o
a Chinese science and echnology inance index, Economies, ISSN 2227-7099, MDPI, Basel, Vol. 13,
Iss. 6, pp. 1-24,
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Ci a ion: Zhang, Q. (2025). A S udy on
he Cons uc ion and Dynamic
E olu ion o a Chinese Science and
Technology Finance Index. Economies,
13(6), 159. h ps://doi.o g/10.3390/
economies13060159
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A icle
A S udy on he Cons uc ion and Dynamic E olu ion o a
Chinese Science and Technology Finance Index
Qingguo Zhang
School o Public Finance and Taxa ion, Lanzhou Uni e si y o Finance and Economics, Lanzhou 730000, China;
[email p o ec ed]
Abs ac : This s udy add esses egional dispa i ies and he dynamic e olu ion o China’s
science and echnology inance in eg a ion (STFI) by cons uc ing a composi e index sys-
em using he en opy me hod. Recognizing he limi a ions o subjec i e weigh ing in
adi ional assessmen amewo ks, he en opy app oach was employed o objec i ely
quan i y he con ibu ion weigh s o 23 indica o s ac oss ou dimensions: capi al in es -
men in ensi y, ma ke de elopmen le el, echnological inno a ion e iciency, and public
se ice accessibili y. Analysis o panel da a om 31 p o inces (2010–2020) e eals h ee key
indings: (1) China’s o e all STFI exhibi s a declining end, wi h ma ke de elopmen and
capi al in es men eme ging as p ima y d i e s; (2) egional dispa i ies a e widening, as
e idenced by a 2.3- old inc ease in he coe icien o a ia ion, wi h no hwes e n p o inces
demons a ing he as es g ow h, while sou hwes e n egions lag signi ican ly; and (3) pub-
lic se ices and inno a ion con ibu ions emain unde de eloped, accoun ing o only
15.6% o he composi e index. The en opy-based assessmen amewo k demons a es
supe io disc imina o y powe compa ed o p incipal componen analysis, pa icula ly in
cap u ing egional he e ogenei y. Policy implica ions include calls o in e go e nmen al
coo dina ion mechanisms, na ional ma ke uni ica ion, inclusi e se ice di usion s a egies,
and a ge ed inno a ion in es men s. This esea ch con ibu es a no el quan i iable ool
o e alua ing echnology– inance syne gies while highligh ing sys emic ine iciencies in
China’s inno a ion-d i en de elopmen pa adigm.
Keywo ds: echnology inance; public se ices; en opy me hod; dynamic e olu ion
1. In oduc ion
The 2023 Cen al Financial Wo k Con e ence emphasized he need o e ec i ely ad-
d ess he “ i e majo asks” o inancial sec o e o m, including science and echnology
inance. As a policy agenda aligned wi h he de elopmen o China’s mode n indus ial
sys em and he ad ancemen o new o ms o p oduc i e o ces, science and echnology
inance aces i s o igins back o “ echnology loans” in 1985. I s policy alue lies in es-
ablishing an e icien and smoo h inancing mechanism be ween inancial capi al and
echnological asse s. The co e p inciple is o ensu e a easonable and ai dis ibu ion o
isks and e u ns h oughou he echnological inno a ion p ocess, he eby s imula ing
inno a ion i ali y, ad ancing scien i ic and echnological p og ess, and p omo ing eco-
nomic de elopmen . Howe e , he cohe ence, di e si y, and complexi y o scien i ic and
echnological inno a ion ac i i ies, coupled wi h he b oad applicabili y and lexibili y o
inancial ins umen s, pose nume ous challenges o he o mula ion and implemen a ion o
science and echnology inance policies.
Economies 2025,13, 159 h ps://doi.o g/10.3390/economies13060159
Economies 2025,13, 159 2 o 24
An index sys em o measu ing he de elopmen le el o science and echnology
inance can mul i-dimensionally e lec he cu en cha ac e is ics and e olu ion ends
o science and echnology inance in a coun y o egion. Schola s such as Fang (2015)
ha e pu o wa d a se ies o heo e ical iewpoin s and ope a ional measu es ega ding
he essen ial conno a ion and policy e olu ion o science and echnology inance. They
u he poin ou ha he essence o science and echnology inance is a new economic
pa adigm ha p omo es he deep in eg a ion and agg ega ion o inno a i e elemen s
such as echnological capi al, inno a ion capi al, and en ep eneu ial capi al. I consis s
o h ee closely in e connec ed subsys ems: echnology–economy, inance–economy, and
en ep eneu ship–economy. They also p opose a ecip ocal ela ionship among he s ages
o economic de elopmen , R&D in es men in ensi y, and R&D s uc u e, p o iding a basis
o measu ing he demand o science and echnology inance wi hin a egional scope.
Empi ical esea ch by Jie (2020) and Liu e al. (2020) indica e ha science and echnol-
ogy inance signi ican ly p omo es egional high-quali y de elopmen , bu he e ogeneous
science and echnology inance se ices ha e di e en ia ed in e media y e ec s on high-
quali y de elopmen , wi h public science and echnology inance exhibi ing a comple e
in e media y e ec , while ma ke -based science and echnology inance demons a es
an incomple e in e media y e ec . Xu (2022) and Su (2024) a gue ha he alloca ion o
science and echnology inancial esou ces signi ican ly p omo es high-quali y economic
de elopmen . Spa ial in e ac ion e ec s e eal ha science and echnology inance has a
signi ican nega i e spa ial spillo e e ec on o al ac o p oduc i i y (TFP). The alloca ion
o science and echnology inancial esou ces, h ough he ans o ma ion o scien i ic and
echnological achie emen s, o ces he adjus men o indus ial s uc u e, accele a es he
indus ializa ion p ocess, op imizes he alloca ion o ac o esou ces, and hus signi ican ly
enhances TFP. Geng e al. (2023) and Jiang (2023) emphasize he ole o inance as a key
o ce d i ing echnological inno a ion and indus ial de elopmen . To be e acili a e
echnological inno a ion, i is essen ial o p omo e he mu ual p omo ion and empowe -
men o science and echnology and inance, he eby accele a ing he o ma ion o new
o ms o p oduc i e o ces. Cao and Peng (2024) empi ically in es iga e he inno a ion
spillo e e ec s o science and echnology inance policies and hei spillo e channels.
The esul s show ha science and echnology inance pilo p og ams signi ican ly enhance
he inno a ion le el o supplie s in non-pilo egions h ough wo channels: knowledge
spillo e and demand pull, ansmi ed om clien s o supplie s.
In e ms o index measu emen , Z. J. Zhou e al. (2022), Co ado and Co ado (2017)
employed he inpu –ou pu me hod o e alua e egional science and echnology inance
e iciency, elucida ing he cha ac e is ics o une en de elopmen in China’s egional science
and echnology inance le els. Alam e al. (2019) and Wang e al. (2021) conduc ed an
empi ical analysis o inancing beha io o R&D in es men in eme ging ma ke s using
he gene alized me hod o momen s, examining he impac o di e ences be ween allied
and non-allied i ms, as well as na ional inancial sys ems, on co po a e inancing beha -
io . Chinese schola Zou e al. (2025), based on he heo y o inancial in e media ion
and a mul i-le el science and echnology inancial se ice sys em, cons uc ed a mul i-
dimensional comp ehensi e index sys em ha includes public science and echnology
inance and ma ke -based science and echnology inance. Thei measu emen esul s indi-
ca e ha China’s science and echnology inance de elopmen index has shown a s eady
g ow h end, wi h public and ma ke -based science and echnology inance ad ancing
in andem. The de elopmen index exhibi s cha ac e is ics o a spiky, igh -skewed, and
hea y- ailed dis ibu ion wi h mul iple peaks, a g adien dec ease and di usion pa e n
ac oss eas e n, cen al, and wes e n egions, and an e olu iona y pa e n o “ as e de el-
opmen in he sou h han in he no h” along wi h une en de elopmen owa ds highe
Economies 2025,13, 159 3 o 24
le els. J. L. Li and Zhou (2024) adop ed a combined app oach o subjec i e and objec i e
weigh ing o measu e China’s science and echnology inance de elopmen le el index. The
esul s e ealed o e all con e gence, spa ial agglome a ion, and spa ial he e ogenei y in
he de elopmen le els o China’s egional science and echnology inance. Lei e al. (2024)
de eloped a comp ehensi e e alua ion index sys em comp ising i e dimensions— inance
and inno a ion en i onmen , science and echnology inance inpu , inancing en i onmen
o echnology en e p ises, egional science and echnology ou pu , and science and echnol-
ogy inance p o i abili y—calcula ed ia he en opy me hod. Hu and Liu (2022) measu ed
science and echnology inance e iciency using he supe -e iciency SBM model, employed
he Dagum Gini coe icien o dissec he spa ial di e ences in science and echnology
inance e iciency, used Ke nel densi y o examine spa ial e olu ion ends, and e ealed
spa ial co ela ion h ough he calcula ion o Mo an’s I. K. Zhou and Guo (2019) used he
composi e en opy me hod o measu e he basic index, inpu index, ou pu index, and
con ibu ion index o science and echnology inance in six cen al p o inces and conduc ed
a dynamic assessmen o he egional dis ibu ion o hese indices.
O e all, cu en academic s udies on science- echnology inance (STFI) p ima ily o-
cus on mac o-le el sys emic amewo ks, in eg a ing c edi /capi al/insu ance ma ke s
h ough a adi ional lens. Howe e , da a limi a ions cons ain analy ical dep h, mani es -
ing wo key gaps: (1) F agmen ed pe spec i es isola e inancial de elopmen om b oade
socio-ecological con ex s, wi h na ow policy- inance de ini ions obscu ing ecosys emic
in e ac ions and yielding biased STFI assessmen s. (2) Exis ing me ics ail o cap u e he
ecip ocal e olu ion be ween inancial inno a ion and echnological p og ess, neglec ing i-
nancial esou ce clus e ing e ec s and index in e nal cohe ence, he eby limi ing analy ical
applicabili y. This s udy ad oca es o mul idimensional amewo ks b idging inancial,
echnological, and socie al dimensions o ad ance STFI heo y and measu emen .
This s udy in es iga es he e o m o China’s science and echnology inance (STFI)
sys em in he con ex o de eloping new quali y-d i en p oduc i e o ces. Building on he
heo e ical amewo k o “ echnology–economy– inance–en ep eneu ship” symbiosis, we
ede ine STFI as an inno a ion-d i en economic pa adigm ha sys ema ically in eg a es
echnological, inancial, and social capi al h ough policy-ins i u ional coo dina ion ac oss
he “basic esea ch– echnology comme cializa ion–indus ial applica ion” chain. This con-
cep ualiza ion ex ends beyond adi ional inancial ins umen app oaches by inco po a ing
public se ice capabili ies and ins i u ional op imiza ion as c i ical ca aly ic elemen s.
To add ess me hodological sho comings, his s udy in oduces wo key inno a ions:
Fi s , a mul idimensional “ inance– echnology–socie y” index is cons uc ed using hie a -
chical en opy weigh ing, wi h he inno a i e inclusion o egional public se ice capaci y
as a c i ical ins i u ional dimension. This ex ends beyond adi ional economic indica-
o s, cap u ing sys emic dispa i ies ac oss Chinese p o inces. Second, analy ical igo
is enhanced by in eg a ing dynamic panel models wi h Dagum Gini decomposi ion o
quan i y spa io empo al he e ogenei y, while panel VAR modeling elucida es long- e m in-
no a ion eedback loops. Theo e ically, he s udy quan i ies how ins i u ional di e en ials
media e esou ce alloca ion e iciency wi hin China’s inno a ion ecosys em. Me hodologi-
cally, he shi om s a ic c oss-sec ional analysis o dynamic e olu iona y modeling wi h
empo al-spa ial in e ac ion me ics p o ides supe io explana o y powe . Empi ically, he
indings e eal pa adoxical ends be ween agg ega e STFI g ow h and inno a ion ou pu
di e gence, suppo ing di e en ia ed go e nance s a egies. Howe e , se e al limi a ions
emain: (1) Po en ial endogenei y conce ns in en opy weigh ing calcula ions may bias
he signi icance o dimensions; (2) Da a a ailabili y cons ain s limi ed indica o selec ion,
pa icula ly excluding mic o-le el i m inno a ion dynamics and quali a i e ins i u ional
ac o s, which could in oduce omi ed a iable bias; (3) P o incial agg ega ion obscu es
Economies 2025,13, 159 4 o 24
signi ican sub- egional a ia ions in echnology adop ion a es. Fu u e esea ch should
inco po a e mixed-me hods app oaches, combining big da a analy ics wi h quali a i e case
s udies o ully cap u e he complexi y o STFI e olu ion.
The emainde o his pape is s uc u ed as ollows. Sec ion 1in oduces he e-
sea ch con ex and policy signi icance, ollowed by a comp ehensi e li e a u e e iew
ha syn hesizes exis ing heo ies and empi ical gaps in STFI s udies. Sec ion 2de ails
he en opy-based me hodology o cons uc ing he STFI, including indica o selec ion
c i e ia and dimensional amewo ks. Spa io empo al ends and egional dispa i ies o
he composi e index a e analyzed in Sec ion 3, while Sec ion 4employs he Dagum Gini
coe icien o quan i y in e -p o incial he e ogenei y. Sec ion 5explo es causal mechanisms
h ough ixed-e ec s eg ession and panel ec o au o eg ession models, examining how
capi al in es men in ensi y and ma ke de elopmen d i e inno a ion e iciency. Policy
implica ions and ecommenda ions a e discussed in Sec ion 6.
2. Mechanism o he Impac o Regional Public Se ice Dispa i ies on
Science and Technology Finance
As a c ucial link in he syne gy be ween go e nmen and ma ke , he collabo a-
i e mechanism be ween public se ice capabili ies and inance plays a decisi e ole in
he alloca ion pa e n and low o inno a ion unds wi hin a egion, p o oundly in lu-
encing en e p ises’ unding sho ages and he ib ancy o hei in es men decisions
(
Z. B. Li e al.,2022
). I is gene ally belie ed ha he supply condi ions o egional public
esou ces enhance he in ensi y and e iciency o science and echnology inance in es men
by c ea ing an ex e nal en i onmen conduci e o he agg ega ion o inno a ion elemen s
and le e aging “gene alized ecip oci y” (Zhu e al.,2023). Speci ically, ad anced esea ch
acili ies, high-quali y educa ional esou ces, abundan da a ese es, and e icien public
se ices wi hin a egion can signi ican ly a ac key inno a ion elemen s such as inno a i e
alen s, unds, and echnologies o clus e in speci ic a eas, p o iding a sus ained sou ce o
powe o echnological inno a ion and indus ial upg ading and o e ing oom o science
and echnology inance in es men o exe i s e ec s.
Meanwhile, op imized alloca ion s a egies o public esou ces play a signi ican ole
in imp o ing he u iliza ion e iciency o inno a ion elemen s. By implemen ing e ined
esou ce alloca ion and sha ing mechanisms, he maximized u iliza ion o inno a ion ele-
men s wi hin he egion can be ensu ed, e ec i ely a oiding esou ce was e and edundan
cons uc ion. This educes inno a ion cos s while p omo ing deep collabo a ion and in e-
g a ion among inno a ion elemen s, o ming a powe ul syne gis ic o ce o inno a ion.
Fu he mo e, sus ained in es men in and inno a ion upg ades o public esou ces a e key
ac o s in s imula ing he i ali y and c ea i i y o inno a ion elemen s. The con inuous
imp o emen o egional in as uc u e and ha dwa e esou ces, he op imiza ion o he
policy en i onmen , and he cul i a ion o an inno a i e cul u e lay a solid ounda ion o
he sus ained p ospe i y o inno a ion ac i i ies, con ibu ing o he o ma ion o a mo e
open, inclusi e, and dynamic inno a ion ecosys em.
The balanced dis ibu ion o public esou ces also has a signi ican impac on he
balanced agglome a ion o inno a ion elemen s. When esou ces a e une enly alloca ed
ac oss a egion, inno a ion elemen s may become excessi ely concen a ed in ce ain
a eas, lea ing o he s ela i ely sca ce. This une en dis ibu ion is no conduci e o he
coo dina ed de elopmen o he egional economy and may hinde he smoo h low and
coope a ion o inno a ion elemen s. The e o e, he balanced alloca ion and dis ibu ion o
public esou ces a e in insic equi emen s o he balanced agglome a ion and ha monious
de elopmen o inno a ion elemen s wi hin he egion.
Economies 2025,13, 159 5 o 24
F om he pe spec i e o he laye ed ne wo k s uc u e cha ac e is ics o echnological
inno a ion, newly added science and echnology inance in es men s end o es ablish
connec ions wi h nodes ha al eady ha e mo e connec ions wi hin he ne wo k, exhibi ing
a beha io ai o “p e e en ial a achmen ” (Pham e al.,2021). This mani es s as key
elemen s such as unds, esou ces, and echnologies being mo e inclined o low o egions
o esea ch ins i u ions ha al eady possess a good esou ce base, ex ensi e coope a ion
ne wo ks, and signi ican in luence. Due o hei cen al posi ion in he inno a ion ne -
wo k, hese en i ies can o en mo e e ec i ely abso b and u ilize new inancial in es men s,
p omo ing echnological inno a ion, knowledge di usion, and indus ial upg ading. The
“p e e en ial a achmen ” o science and echnology inance s ems om he b oade in o -
ma ion channels and s onge in o ma ion p ocessing capabili ies ypically possessed by
nodes wi h nume ous es ablished connec ions, enabling hem o iden i y and seize new
in es men oppo uni ies mo e quickly based on hei in o ma ion ad an age and educe
in o ma ion asymme y and dispe se in es men isks h ough mul i-pa ne collabo a ions.
As he numbe o new connec ions wi hin he ne wo k g ows, he alue and in luence
o science and echnology inance in he ne wo k also inc ease, he eby mo e e ec i ely
in eg a ing in e nal and ex e nal esou ces, os e ing c oss-domain collabo a ion, a ac ing
addi ional esou ce in lows and capi al, and ul ima ely es ablishing a posi i e eedback
loop. Ne e heless, he “p e e en ial a achmen ” cha ac e is ic inhe en in science and
echnology inance u he in ensi ies he non-uni o mi y o capi al dis ibu ion. This
p o ides a heo e ical ounda ion o op imizing he ne wo k en i onmen , p omo ing
equi able compe i ion, and ein o cing policy suppo o unde de eloped egions.
3. Index Cons uc ion
To add ess he challenge o collinea i y in indica o selec ion, his s udy adop s he
en opy me hod o e al e na i e app oaches such as AHP and DEA due o i s signi ican
ad an ages in managing co ela ed a iables. The en opy me hod calcula es objec i e
weigh s based on he in o ma ion en opy p inciple, which quan i ies he deg ee o diso de o
a iabili y wi hin each indica o ’s da a dis ibu ion. This p ocess inhe en ly accoun s o in e -
indica o ela ionships by assigning highe weigh s o indica o s wi h g ea e disc imina o y
powe , he eby educing edundancy caused by collinea a iables. In con as , AHP elies
on subjec i e pai wise compa isons ha may ampli y collinea i y e ec s h ough po en ially
biased judgmen ma ices, especially when e alua ing mul iple in e ela ed dimensions.
While DEA a oids subjec i e weigh ing, i does no inhe en ly add ess collinea i y issues
and may p oduce uns able e iciency on ie s when inpu /ou pu a iables exhibi s ong
co ela ions. The en opy me hod’s da a-d i en no maliza ion p ocess e ec i ely mi iga es
hese limi a ions by ocusing on he ela i e in o ma ion con ibu ion o each indica o ,
ensu ing obus composi e index cons uc ion e en in he p esence o mul icollinea i y. This
me hodological choice aligns wi h bes p ac ices in composi e indica o de elopmen , whe e
collinea i y diagnos ics and objec i e weigh ing a e c ucial o alid empi ical analysis.
3.1. Fundamen al P inciples
3.1.1. Di e si ica ion o Financial In es men
Technology inance exhibi s a di e se na u e o ca e o he inancing needs o he -
e ogeneous inno a ion en i ies (Tian & Xu,2024). In p ac ical applica ions o echnology
inance, based on he di e ences in he a ibu es o in es ing en i ies, in es men sou ces
can be b oadly ca ego ized in o h ee ypes: (i) Ma ke -o ien ed capi al in es men s, such
as en u e capi al, echnology loans, and echnology insu ance, which a e dually egula ed
by he de elopmen le els o bo h he capi al ma ke and egional inance, and cons i u e
he p ima y a ge s o go e nmen echnology inance policies; (ii) Policy-based inancial
Economies 2025,13, 159 6 o 24
in es men s om he go e nmen , including a ious iscal expendi u es speci ic o ech-
nology, loans om policy-based inancial ins i u ions, and ax expendi u es (Zhang,2024).
Go e nmen policy-based inancial in es men s and ma ke -o ien ed capi al in es men s
demons a e ce ain di e ences and complemen a i ies in hei a ge en i ies and e ec-
i eness (Xie & Cai,2025), Isaksson e al. (2016). Addi ionally, in exis ing esea ch on
echnology inance, ela i ely ew schola s ha e ocused on he hi d ype o in es men ,
namely, endogenous co po a e unding based on ee cash low. Despi e i s limi ed scale,
his ype o unding can educe co po a e dependence on he ex e nal en i onmen , en-
hance co po a e isk esis ance, mi iga e in e nal incen i e and mo al haza d issues, he eby
enabling companies o alloca e unds mo e lexibly, inc ease in es men s in ea ly-s age
R&D, and o m an o ganic connec ion wi h exogenous inancing.
3.1.2. Inno a ion E iciency O ien a ion
Inno a ion e iciency is a key indica o o measu ing he e ec i eness o echnology
inance de elopmen . Technology inance accele a es he p ocess o echnological inno a-
ion and p omo es indus ial upg ading and economic g ow h h ough inancial means
(
Zhong e al.,2021
). Emphasizing inno a ion e iciency o ien a ion implies ha indica o
design should ocus on how inancial esou ces p ecisely and e icien ly suppo echnolog-
ical inno a ion ac i i ies, ensu ing ha esou ces low o a eas wi h he g ea es inno a ion
po en ial and ma ke p ospec s. Simul aneously, he e iciency-o ien ed p inciple helps
e eal he a ionali y o esou ce alloca ion, iden i y po en ial esou ce alloca ion issues
by assessing he inpu –ou pu a io o inno a ion ac i i ies, and p o ide a policy basis o
op imizing esou ce alloca ion s a egies. I is e iden ha inno a ion e iciency b idges
e ec i e communica ion be ween echnology inance in es men , go e nmen guidance
policies, and co po a e inno a ion willingness, se ing as he ounda ion o “gene alized
ecip oci y” among di e en en i ies in echnology inance.
3.1.3. Combina ion o Ma ke D i e and Public Se ice P o ision
Al hough echnology inance is o en unde s ood as a p oduc de ined wi hin a policy
con ex , i s con ingency cha ac e con i ms ha i canno de elop independen ly o he
capi al ma ke . In o he wo ds, he d i ing o ce gene a ed by he sel -imp o emen and
de elopmen o he capi al ma ke cons i u es he p ima y impe us o he o ma ion and
de elopmen o echnology inance, a he han he e e se. The e o e, cons uc ing a
capi al ma ke indica o sys em om a b oade pe spec i e aids in heo e ically cla i ying
he d i e s o echnology inance, he eby p o iding a basis o seeking policy guidance
in e en ion poin s. As China’s capi al ma ke in eg a ion deepens, he dynamic e ec s
o egional inancial ma ke s exe a di ec in luence on echnology inance, e ec i ely
linking go e nmen policy guidance wi h he capi al ma ke (Sheng e al.,2021). In he
e olu ion o egional inancial ma ke s, public se ice p o ision o e s spa ial ca ie s and
inno a ion elemen en i ies p e e ed by inancial en i ies. Thus, his pape ein o ces he
in eg a ion concep o ma ke d i e and public se ice p o ision in indica o cons uc ion,
ensu ing ha he indica o s be e align wi h he en i onmen al beha io al cha ac e is ics
o inno a ion ac i i ies.
3.2. Indica o Selec ion
This pape cons uc s a echnology inance index based on ou dimensions: in es -
men in ensi y, ma ke de elopmen le el, echnological inno a ion e iciency, and social
se ice capaci y. Speci ically:
•
In es men In ensi y (y1) is he ounda ion o echnology inance de elopmen . Ad-
equa e unding suppo s echnological inno a ion, p omo ing he esea ch, de el-
Economies 2025,13, 159 7 o 24
opmen , and applica ion o new echnologies and p oduc s. The speci ic indica o
design inco po a es unding si ua ions om mul iple le els, including go e nmen ,
en e p ises, inancial ins i u ions, and socie y, o e lec he unding supply condi ions
and liquidi y o echnology inance ac i i ies wi hin a egion.
•
Ma ke De elopmen Le el (y2) ocuses on measu ing he ac i i y and ma u i y o
echnology inance. A ma u e and ac i e ma ke p o ides mo e inancing channels
and in es men oppo uni ies o echnological inno a ion. The indica o design
speci ically includes he de elopmen s a us o six sub-ma ke s: inancial ma ke s,
insu ance ma ke s, bond ma ke s, capi al ma ke s, en u e capi al ma ke s, and ech-
nology ma ke s.
•
Technological Inno a ion E iciency (y3) is he co e d i ing o ce o echnology inance
de elopmen . E icien echnological inno a ion accele a es he applica ion and pop-
ula iza ion o new echnologies and p oduc s, he eby enhancing he p oduc i i y
and compe i i eness o he en i e socie y. In his s udy, echnological inno a ion e i-
ciency is assessed h ough i e dimensions: ou pu a e o inno a ion esul s, alue
con e sion capabili y, co po a e p o i abili y, R&D ac i i y le el, and new p oduc
de elopmen a e.
•
Social Se ice Capaci y (y4) is designed based on he p inciples o “gene alized eci-
p oci y” and “p e e ence a achmen ”, encompassing six aspec s: egional mac o ax
bu den le el, public se ice le el, educa ion expendi u e in ensi y, ecological en i-
onmen de elopmen le el, and ene gy consump ion pe uni o GDP. This indica o
e lec s he in e ac i e impac be ween echnology inance ac i i ies and economic-
social de elopmen , as well as imp o emen s in people’s li elihoods.
The speci ic indica o design is p esen ed in Table 1.
Table 1. Cons uc ion Sys em o he STFI Indica o s.
Seconda y Indica o Te ia y Indica o
Symbol
Calcula ion Me hod Di ec ion
Funding In ensi y
(y1)
Go e nmen Science and
Technology Expendi u e
In ensi y
x1
Local iscal expendi u e on science and
echnology/Gene al public budge
expendi u e
+
En e p ise R&D
Expendi u e In ensi y x2
R&D expendi u e o en e p ises abo e a
ce ain size/To al asse s +
Bank Loan In es men
In ensi y x3 Balance o loans om inancial
ins i u ions/GDP +
Social Financing In ensi y x4 To al new social inancing/GDP +
Residen Deposi In ensi y
x5 Residen deposi balance/GDP +
En e p ise Deb In ensi y x6
To al liabili ies o en e p ises abo e a
ce ain size/To al asse s o en e p ises
abo e a ce ain size
−
Ma ke De elopmen
Le el (y2)
Financial Ma ke
De elopmen Le el x7 Financial sec o GDP/To al GDP +
Insu ance Ma ke
De elopmen Le el x8 Insu ance claims paid/GDP +
Bond Ma ke
De elopmen Le el x9 Scale o co po a e bonds/GDP +
Capi al Ma ke
De elopmen Le el x10
Ma ke alue o locally lis ed A-sha e
companies/To al ma ke alue o
A-sha es
+
Economies 2025,13, 159 8 o 24
Table 1. Con .
Seconda y Indica o Te ia y Indica o
Symbol
Calcula ion Me hod Di ec ion
Ma ke De elopmen
Le el (y2)
Ven u e Capi al Ma ke
De elopmen Le el x11 Scale o p i a e equi y and en u e
capi al und in es men s/GDP +
Technology Ma ke
De elopmen Le el x12 T ansac ion olume o he echnology
ma ke /GDP +
Scien i ic and
Technological
Inno a ion E iciency
(y3)
Ou come Ou pu Ra e x13 Numbe o g an ed in en ion
pa en s/Regional popula ion +
Value Con e sion
Capabili y x14 Sales e enue o high- ech
en e p ises/GDP +
En e p ise P o i abili y x15 P o i s o en e p ises abo e a ce ain
size/Owne s’ equi y +
R&D Ac i i y Le el x16
Numbe o en e p ises abo e a ce ain
size engaged in R&D ac i i ies/To al
numbe o en e p ises abo e a ce ain
size
+
New P oduc
De elopmen Ra e x17
Expendi u e on new p oduc
de elopmen by en e p ises abo e a
ce ain size/Sales e enue o new
p oduc s
+
Social Se ice
Capaci y (y4)
Regional Mac o Tax
Bu den Le el x18 Regional ax e enue/Gene al public
budge e enue −
Public Se ice Le el x19 Numbe o public buses and ams in
ope a ion/GDP +
Educa ion Expendi u e
In ensi y x20
Local iscal expendi u e on
educa ion/Gene al public budge
expendi u e
+
Ecological En i onmen
De elopmen Le el x21
G een space a io in u ban buil -up a eas
+
Ene gy Consump ion pe
GDP x22 Elec ici y consump ion/GDP +
Da a Sou ces: Da a on he balance o loans om inancial ins i u ions, o al new social inancing, o al esiden
deposi s, ma ke alue o locally lis ed A-sha e companies, o al ma ke alue o A-sha es, and scale o co po a e
bonds a e sou ced om he Wind da abase; da a on he scale o p i a e equi y and en u e capi al und in es men s
a e sou ced om he iFinD da abase; sales e enue o high- ech en e p ises is sou ced om he China To ch
Yea book; p o i s and numbe o en e p ises abo e a ce ain size engaged in R&D ac i i ies a e sou ced om he
China S a is ical Yea book on Science and Technology; and all o he da a a e sou ced om he China De elopmen
Yea book published by he Na ional Bu eau o S a is ics. A balanced panel da ase comp ising 310 obse a ions
om 31 p o inces and municipali ies in China (excluding Hong Kong, Macao, and Taiwan) was collec ed o he
pe iod 2013–2022. Missing da a we e supplemen ed using linea in e pola ion.
3.3. Index Fi ing
In his pape , a hie a chical syn hesis me hod is employed o i he inal index. Speci i-
cally, he e ia y indica o s a e i s used o i he seconda y indica o s, which a e hen used
o i he inal index. The en opy me hod is u ilized o de e mine he weigh coe icien s o
he indica o s du ing he syn hesis p ocess. The speci ic s eps a e as ollows:
•
Gi en ha he uni s o measu emen o a ious indica o s ac oss subsys ems a e no
uni o m, i is essen ial o elimina e hese disc epancies p io o analysis by conduc ing
in e al o s anda diza ion p ocessing on he da a in o de o add ess he homogenei y
issue o he indica o s. The ini ial da a is s anda dized using he no maliza ion me hod
o uni y he dimensions.
Economies 2025,13, 159 15 o 24
Table 2. S a is ics o egional STFI.2
Yea No heas No h Eas Sou h Cen al No hwes Sou hwes
2013 0.095 0.205 0.135 0.120 0.081 0.109 0.083
2014 0.092 0.195 0.122 0.109 0.080 0.120 0.079
2015 0.105 0.227 0.153 0.126 0.095 0.129 0.089
2016 0.119 0.242 0.173 0.149 0.111 0.133 0.099
2017 0.152 0.269 0.248 0.206 0.173 0.155 0.144
2018 0.133 0.247 0.195 0.158 0.129 0.129 0.134
2019 0.145 0.243 0.212 0.180 0.154 0.146 0.121
2020 0.145 0.250 0.213 0.180 0.156 0.134 0.119
2021 0.147 0.257 0.224 0.183 0.172 0.142 0.129
2022 0.131 0.254 0.246 0.196 0.190 0.127 0.127
A e age 0.126 0.239 0.192 0.161 0.134 0.132 0.112
Fu he analysis was conduc ed using he Dagum Gini coe icien o examine in e -
egional dispa i ies. The o e all Dagum Gini coe icien is composed o he wi hin-g oup
Gini coe icien (Gw), he be ween-g oup Gini coe icien (Gb), and he ans a ia ion
densi y Gini coe icien (G ). The con ibu ion a e e e s o he p opo ion o he o e all Gini
coe icien a ibu ed o Gw, Gb, o G . The esul s in Table 3 e eal signi ican a ia ions
in he comp ehensi e science, echnology, and inance (STF) index among egions, wi h
an a e age o e all Gini coe icien o 0.3684. The o e all dispa i y showed li le dec ease
om 2013 o 2022. The da a indica e ha he p ima y con ibu o o he o e all dispa i y,
wi h a con ibu ion a e o 67.32%, is he la ge di e ence be ween egions. The second
la ges con ibu o is he ans a ia ion densi y among egions, wi h a con ibu ion a e
o 22.24%. In con as , wi hin- egion dispa i ies a e ela i ely small, accoun ing o only
10.44%. These indings sugges ha he de elopmen o STF in China is cha ac e ized by
in e - egional imbalance and ela i e in a- egional balance. F om a dynamic pe spec i e,
he o e all dispa i y in he STF index among di e en egions in China emained ela i ely
s able om 2013 o 2022, wi h a sligh inc ease o 12.39% o e he decade.
Table 3. Dagum Gini Coe icien and Con ibu ion Ra es.
Yea Gini Coe icien Con ibu ion Ra e (%)
To al Gw Gb G Gw Gb G
2013 0.347 0.041 0.239 0.066 11.747% 69.077% 19.176%
2014 0.346 0.040 0.237 0.069 11.672% 68.502% 19.826%
2015 0.338 0.038 0.210 0.089 11.352% 62.293% 26.355%
2016 0.365 0.041 0.239 0.085 11.142% 65.563% 23.295%
2017 0.365 0.039 0.230 0.096 10.761% 62.971% 26.267%
2018 0.387 0.040 0.237 0.110 10.443% 61.102% 28.455%
2019 0.395 0.037 0.269 0.088 9.497% 68.226% 22.277%
2020 0.382 0.035 0.270 0.078 9.114% 70.516% 20.370%
2021 0.369 0.034 0.265 0.069 9.296% 71.898% 18.806%
2022 0.390 0.036 0.284 0.069 9.363% 73.022% 17.615%
A e age 0.3684 0.0381 0.248 0.0819 10.44% 67.32% 22.24%
The decomposi ion o he wi hin-g oup Gini coe icien in Figu e 5shows ha he
No heas egion has a ela i ely low a e age wi hin-g oup Gini coe icien , mos ly below
0.1, indica ing a ela i ely balanced de elopmen o STF among p o inces in his egion
and good coo dina ion wi hin he egion. In con as , he No h China and Sou h China
egions ha e highe wi hin-g oup Gini coe icien s, wi h a e ages abo e 0.4 and 0.3, e-
spec i ely, sugges ing signi ican dispa i ies in STF de elopmen le els among p o inces
Economies 2025,13, 159 16 o 24
(municipali ies) wi hin hese egions and poo coo dina ion. Fo example, wi hin No h
China, he a e age STF index o Beijing and Shanxi om 2013 o 2022 was 0.628 and
0.110, espec i ely, highligh ing subs an ial in a- egional de elopmen di e ences. Fu -
he mo e, Figu e 5 e eals ha he wi hin-g oup Gini coe icien s o he No heas , No h
China, No hwes , and Sou hwes egions exhibi ed a dec easing end om 2013 o 2022,
indica ing a educ ion in in a- egional imbalances in STF de elopmen . Howe e , he
wi hin-g oup Gini coe icien s o he Eas China, Cen al China, and Sou h China e-
gions showed an inc easing end, sugges ing a ise in in a- egional imbalances in STF
de elopmen .
0.159
0.146
0.081
0.053 0.048
0.112 0.095
0.094 0.1
0.163
0.249
0.229
0.193
0.212
0.178 0.161 0.143
0.136 0.131
0.177
0.089
0.196
0.19
0.227 0.218
0.188 0.156
0.075 0.091 0.074
0.362
0.393 0.394
0.366 0.388
0.424
0.426 0.412 0.401
0.434
0.254
0.198
0.344
0.391 0.407
0.437
0.383
0.352
0.32
0.228
0.122
0.096
0.131 0.15
0.202
0.271 0.272
0.236
0.237 0.222
0.144
0.161 0.182
0.222 0.217
0.243 0.25 0.235
0.277 0.267
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.4
0.45
0.5
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
In a-g oup decomposi ion o he Gini coe icien
No heas Eas Cen al No h Sou h No hwes Sou hwes
Figu e 5. Decomposi ion o Wi hin-G oup Dagum Gini Coe icien .
5. Fu he Discussion
The “2023 China Pa en Su ey Repo ” e eals insu icien unding as one o he
mos c i ical ac o s hinde ing pa en comme cializa ion in China. A key policy objec i e
o science and echnology inance is o in oduce esou ces, including unding, ha a e
compa ible wi h scien i ic and echnological inno a ion ac i i ies. Capi al, especially long-
e m and s a egic in es men s, no only e ec i ely alle ia es he ee cash low cons ain s
du ing he inno a ion p ocess, enabling mo e decision-making p ojec s o ecei e inancial
suppo , bu also enhances he isk ole ance o en e p ises in inno a ion ac i i ies h ough
isk-sha ing mechanisms, he eby indi ec ly imp o ing inno a ion e iciency. Fu he mo e,
he alue o ien a ion o science and echnology inance enables i o demons a e he abili y
o main ain a s able s a egic di ec ion when esponding o economic luc ua ions, he eby
educing en e p ises’ sensi i i y o ma ke ola ili y and helping hem adhe e o es ablished
s a egic pa hs, a oiding sho -sigh ed decisions igge ed by ma ke luc ua ions. This
is also a c ucial gua an ee o imp o ing en e p ise inno a ion e iciency. In summa y,
in es men in science and echnology inance se es as a i al sa egua d o enhancing he
e iciency o scien i ic and echnological inno a ion.
Economies 2025,13, 159 17 o 24
5.1. Fixed E ec s Model
To in es iga e he impac o unding in es men on he e iciency o scien i ic and
echnological inno a ion, he ollowing eg ession model is es ablished:
yi =α+βxi +θ+ϕ+ε(1)
whe e:
α
ep esen s he cons an e m;
yi
deno es he e iciency o scien i ic and echno-
logical inno a ion in p o ince i in yea , ep esen ed by he seconda y indica o y3 alue
men ioned ea lie ;
xi
is a ec o g oup, ep esen ed by he seconda y indica o s o unding
in es men in ensi y (y1), ma ke de elopmen le el (y2), and public se ice capaci y (y4)
men ioned ea lie ; and ep esen indi idual ixed e ec s, ime ixed e ec s, and esiduals,
espec i ely. The s ep-by-s ep eg ession esul s a e shown in Table 4. The eg ession esul s
indica e a signi ican posi i e co ela ion be ween science and echnology inance in es -
men and he e iciency o scien i ic and echnological inno a ion. Inc easing in es men in
scien i ic and echnological inno a ion helps o imp o e i s e iciency. Among he o he
a iables, he impac o ma ke de elopmen le el y2 on echnological inno a ion e iciency
is signi ican in h ee ou o ou eg ession g oups, gene ally p o ing i s posi i e e ec on
echnological inno a ion e iciency. Howe e , he public se ice capaci y indica o y4 ails
o pass he signi icance es in mos cases, indica ing ha public se ice capaci y canno
in luence he o e all le el o science and echnology inance by imp o ing he e iciency o
scien i ic and echnological inno a ion, and i s speci ic pa h should be explo ed sepa a ely
om he pe spec i e o gene alized ecip oci y.
Table 4. S ep-by-S ep Reg ession Resul s o Model (1).
−1−2−3−4−5−6
y3 y3 y3 y3 y3 y3
Cons an −
0.075 ** (
−
7.594)
−
0.026 (
−
1.700)
0.007 (0.161) −
0.066 ** (
−
3.780)
0.100 * (2.337)
0.152 ** (5.145)
y1 0.640 ** (22.723) 0.336 ** (10.457) 0.269 ** (4.533) 0.336 ** (11.229)
0.135 * (2.429)
y2 0.464 ** (15.271) 0.460 ** (4.757) 0.455 ** (16.023) 0.127 (1.266)
y4 −0.007(−0.250) −0.246 **
(−3.816) 0.022 (0.809) 0.090 (1.062)
L. y1 0.320 ** (8.769)
L. y2
0.443 ** (12.931)
L. y4 0.183 (−3.556)
Indi idual
Fixed E ec s
- - Con olled - Con olled Con olled
Time Fixed
E ec s - - - Con olled Con olled Con olled
Sample Size 310 310 310 310 310 279
Adjus ed R20.625 0.786 0.826 0.816 0.862 0.076
- alues in pa en heses. * indica es p< 0.1, ** indica es p< 0.05.
Using a panel model, he eg ession esul s a e shown in Table 5. Consis en wi h he
conclusions in Table 4, a signi ican posi i e co ela ion is also obse ed be ween y3 and y1,
indica ing ha he conclusions o he ixed e ec s model a e obus .
Table 5. Panel Model Reg ession Resul s.
(1) (2) (3) (4) (5) (6)
y3 y3 y3 y3 y3 y3
POOL Mode FE Mode RE Mode POOL Mode FE Mode RE Mode
In e cep −0.026 (−1.700) 0.070 * (2.281) 0.003 (0.140) −
0.075 ** (
−
7.594)
0.007 (0.346) −0.035 * (−2.038)
y1 0.336 ** (10.457) 0.269 ** (4.533) 0.298 ** (7.227) 0.640 ** (22.723)
0.387 ** (6.314)
0.517 ** (11.252)
Economies 2025,13, 159 18 o 24
Table 5. Con .
(1) (2) (3) (4) (5) (6)
y3 y3 y3 y3 y3 y3
POOL Mode FE Mode RE Mode POOL Mode FE Mode RE Mode
y2 0.464 ** (15.271) 0.460 ** (4.757) 0.480 ** (11.200)
y4 −0.007 (−0.250) −0.246 **
(−3.816) −
0.066 (
−
1.732)
R2(wi hin) 0.219 0.259 0.237 0.071 0.125 0.111
Sample Size 310 310 310 310 310 310
- alues in pa en heses. * indica es p< 0.1, ** indica es p< 0.05.
5.2. VAR Model
The VAR model o e s he ad an age o no being heo y-dependen and does no
equi e p io cons ain s on a iables. In his s udy, he SPSSau so wa e was used o ana-
lyze i e indica o s: he comp ehensi e index o science and echnology inance, unding
in es men in ensi y, ma ke de elopmen le el, e iciency o scien i ic and echnological
inno a ion, and social se ice capaci y using he VAR model. To ensu e he absence o
collinea i y among a iables, we pe o med G ange causali y es s and linea i y assess-
men s o each o he i e indica o s. The de ailed es esul s a e p esen ed in Appendices B
and C, which con i m he non-exis ence o collinea i y among he a iables. The au oma ic
o de de e mina ion p inciple is ha he smalle he in o ma ion c i e ion (such as AIC),
he be e . As shown in Table 6, he AIC c i e ion sugges s a 16 h-o de model, he BIC
c i e ion sugges s a 6 h-o de model, he FPE c i e ion sugges s a 16 h-o de model, and
he HQIC c i e ion sugges s a 16 h-o de model. Among he ou c i e ia, he minimum
alue is 6 h o de ; he e o e, SPSSau ul ima ely cons uc s he VAR model based on he 6 h
o de . The o ecas pe iod is 12 pe iods. The esul s in Table 7show ha he eg ession
coe icien s be ween he changes in y1 (science and echnology inance in es men ) and y3
(e iciency o scien i ic and echnological inno a ion) ha e all passed he signi icance es .
Mo eo e , he AR oo plo in Figu e 6shows ha all eigen alues a e wi hin he uni ci cle,
i.e., all poin s a e inside he ci cle, indica ing ha he VAR model is s able.
Table 6. Au oma ic Lag De e mina ion o he VAR.
Lag AIC BIC FPE HQIC
0−27.303 −27.241 0.000 −27.278
1−28.177 −27.801 0.000 −28.026
2−28.715 −28.026 0.000 −28.439
3−29.089 −28.086 0.000 −28.687
4−29.385 −28.069 0.000 −28.858
5−29.738 −28.109 0.000 −29.086
6−30.222 −28.280 * 0.000 −29.444
7−30.518 −28.263 0.000 −29.615
8−30.747 −28.179 0.000 −29.718
9−30.822 −27.941 0.000 −29.668
10 −31.112 −27.917 0.000 −29.832
11 −31.518 −28.009 0.000 −30.113
12 −31.592 −27.770 0.000 −30.061
13 −31.727 −27.592 0.000 −30.071
14 −32.147 −27.699 0.000 −30.365
15 −32.461 −27.700 0.000 −30.554
16 −32.616 * −27.542 0.000 * −30.584 *
* ep esen s he o de o he i em.
Economies 2025,13, 159 19 o 24
Table 7. VAR Model Resul s o Y3–Y1.
Y3
Cons an 0.295 ** (5.415)
L1 Y1 −0.332 ** (−3.757)
L2 Y1 −0.284 ** (−3.135)
L3 Y1 0.304 ** (3.374)
L4 Y1 −0.158 (−1.746)
L5 Y1 −0.246 ** (−2.707)
L6 Y1 −0.379 ** (−4.270)
nobs 304
ll 2608.395
AIC −16.141
SC −14.246
HQIC −15.383
- alues in pa en heses. ** indica es p< 0.05.
Figu e 6. AR Roo Plo .
In addi ion, a G ange causali y es was conduc ed o examine he di ec ional ela-
ionship be ween a iables y1 and y3, as p esen ed in Table 8, indica es a p- alue = 0.000
(<0.05). The e o e, he null hypo hesis is ejec ed, which means ha y3 is he G ange cause
o y1.
Table 8. G ange es esul o Y3–Y1.
H0 F Value pValue d 1 d 2
‘y1’ is no he G ange cause o ‘y3’ 5.028 0.000 ** 6 291
** indica es ha he esul ejec s H0 a he 1% signi icance le el.
The o hogonal impulse esponse unc ion e lec s he impac o a one-uni change
in unding in es men le el on o he a iables. A la ge absolu e alue implies a g ea e
impac , while a alue close o 0 implies a smalle impac . Acco ding o he esul s in
Figu e 7, he o hogonal impulse esponse o unding in es men le el y1 on he e iciency o
scien i ic and echnological inno a ion y3 is posi i e o all bu he 2nd o de , indica ing ha
changes in science and echnology inance in es men ha e a posi i e long- e m e ec on
he e iciency o scien i ic and echnological inno a ion. Figu es 8and 9show he a iance
decomposi ion esul s o unding in es men le el y1 and he e iciency o scien i ic and
echnological inno a ion y3, espec i ely. A la ge a iance decomposi ion alue implies a
g ea e in luence p opo ion, while a alue close o 0 implies minimal in luence. Acco ding
Economies 2025,13, 159 20 o 24
o he conclusions in Figu e 8, he in luence o unding in es men le el y1 on he e iciency
o scien i ic and echnological inno a ion y3 does no show a endency o app oach ze o
wi hin he obse ed pe iods; ins ead, he a iance decomposi ion alue inc eases wi h he
numbe o pe iods, indica ing ha he e ec o unding in es men in ensi y is long-las ing.
Figu e 7. Impulse Response Plo o Funding Le el (y1).
Figu e 8. Va iance Decomposi ion o Funding Le el (y1).
Figu e 9. Va iance Decomposi ion o Technological Inno a ion E iciency (y3).
Economies 2025,13, 159 21 o 24
6. Conclusions and Policy Recommenda ions
6.1. Main Conclusions
The supply condi ions o egional public esou ces enhance he in ensi y and e iciency
o science and echnology inance (STF) in es men by c ea ing an ex e nal en i onmen
conduci e o he agglome a ion o inno a ion elemen s and le e aging “p e e ence a ach-
men ” o med h ough “gene alized ecip oci y”. In oducing he pe spec i e o egional
public se ice di e ences helps deepen he unde s anding o he dynamic e olu ion o
he STF in es men index. Fu he analysis, s uc u ing he China STF index ac oss ou
dimensions— unding in ensi y, ma ke de elopmen le el, echnological inno a ion e -
iciency, and social se ice capaci y— e eals ha China’s o e all STF composi e index
exhibi s a declining end wi h luc ua ions, peaking in 2016. Among he wo-dimensional
indica o s ac oss he ou dimensions, echnological inno a ion e iciency s ands ou as
he mos signi ican con ibu o o he e ec i eness o STF de elopmen . The la -peaked
and hick- ailed dis ibu ion obse ed in he ke nel densi y es con i ms he e olu ion
end o STF de elopmen om low-le el equilib ium o high le els, albei wi h an inc ease
in in e -p o incial dispa i ies. The public se ice capaci y among p o inces emains ela-
i ely s able, wi h he peak and ail shi ing le wa d o e all, indica ing a na owing gap
be ween egions. Regionally, he STF composi e index a ies signi ican ly, wi h highe
le els o de elopmen in No h and Eas China, he as es g ow h a e in Cen al China,
and he slowes g ow h in No hwes China. Fu he examina ion o he impac o und-
ing in es men on echnological inno a ion e iciency, using bo h ixed-e ec s and VAR
models, e eals a signi ican posi i e co ela ion, indica ing ha inc eased STF in es men
con ibu es o enhancing i ms’ inno a ion e iciency.
6.2. Policy Recommenda ions
In ligh o he inding ha echnological inno a ion e iciency is he mos in luen ial
componen o he STF index, policy e o ms should be u he s eng hened and policy
cohe ence enhanced. The cu en ou pu -o ien ed e alua ion mechanism should be ad-
jus ed and shi ed owa ds an applica ion-o ien ed e alua ion mechanism o echnological
inno a ion. The c ea ion o high- alue in ellec ual p ope y (such as co e pa en s, well-
known adema ks, and quali y copy igh s) should be boos ed, p omo ing he high-quali y
de elopmen o inno a ion-d i en economies, b and economies, cul u al indus ies, niche
economies, and he digi al economy, wi h a ious o ms o in ellec ual p ope y se ing
as co e suppo s. The mechanism o he ans o ma ion and applica ion o in ellec ual
p ope y should be s eng hened o accele a e he con e sion o inno a ion ou comes
in o eal p oduc i i y, os e ing powe ul new d i e s o he de elopmen o eme ging
p oduc i e o ces.
(1) To add ess he issue o inc easing in e -p o incial de elopmen imbalances, he mecha-
nism o he low o essen ial ac o s should be smoo hed, acili a ing he c oss- egional
low o key p oduc ion ac o s such as capi al, alen , and echnology, educing ad-
minis a i e ba ie s and geog aphical es ic ions, and ensu ing ha esou ces a e
e icien ly alloca ed acco ding o ma ke laws. Na ional iscal in es men in science
and echnology in No hwes China unde he sha ed iscal esponsibili ies should
be inc eased. Regional collabo a ion should be s eng hened o join ly p omo e he
e o m o he STF sys em and mechanisms, o ming a a o able si ua ion o comple-
men a y ad an ages and esou ce sha ing.
(2) Gi en he minimal changes in public se ice capaci y, he public se ice sys em should
be con inuously op imized, combining uni e sal and a ge ed se ices o enhance
egional public se ice e ec i eness. The cons uc ion o science and echnology
se ice ins i u ions a all le els should be coo dina ed, s anda diza ion pilo s should
Economies 2025,13, 159 22 o 24
be p omo ed, and digi al suppo should be s eng hened. A na ional p o ec ion in o -
ma ion pla o m should be es ablished, en iching open da a esou ces, suppo ing he
cons uc ion o independen da abases, and ensu ing da a secu i y. A uni ied public
se ice pla o m o small and medium-sized en e p ises and s a ups should be buil
o enhance he pla o m’s in o ma ion se ice capabili ies. E o s should be in ensi ied
o op imize uni e si y disciplines, ocusing on cul i a ing high-le el and in e na ional
alen s, and imp o ing he alen e alua ion and i le app aisal mechanisms.
(3) To align wi h egional he e ogenei y in inno a ion ecosys ems, policy ailo ing should
emphasize con ex ual adap a ion ac oss geog aphic s a a. While ou analysis con-
i ms ha unding in es men posi i ely impac s echnological inno a ion e iciency,
s a egic deploymen equi es nuanced egional calib a ion. Fo example, coas al
egions wi h ma u e en u e capi al ma ke s may p io i ize deepening p i a e equi y
in eg a ion and in ellec ual p ope y comme cializa ion pa hways, whe eas inland
p o inces acing iscal cons ain s would bene i om decen alized expendi u e
amewo ks o empowe local go e nance in a ge ing s a egic sec o s. Fiscal in-
s umen s should incen i ize i ms o enhance endogenous R&D capaci y h ough
p og essi e ax c edi s ied o p e-comme cializa ion inno a ion s ages, while si-
mul aneously es ablishing isk-sha ing mechanisms o ca alyze ea ly-s age equi y
pa icipa ion. Long- e m capi al alloca ion mus b idge egional di ides ia di e en-
ia ed incen i e s uc u es: coas al a eas could implemen co-in es men pla o ms
aligning en u e capi al wi h indus ial upg ade agendas, while inland egions equi e
iscal ans e s a ge ing in as uc u e gaps ha limi echnology di usion.
Funding: This esea ch was suppo ed by he Gansu P o incial So Science P ojec , P. R. China
(23JRZA411).
Ins i u ional Re iew Boa d S a emen : No applicable.
In o med Consen S a emen : No applicable.
Da a A ailabili y S a emen : The da a suppo ing his s udy canno be made publicly a ailable due
o p i acy conce ns. Howe e , quali ied esea che s may eques access o anonymized da ase s by
con ac ing he co esponding au ho a [email p o ec ed].
Con lic s o In e es : The au ho decla es no con lic s o in e es .
Appendix A. En opy Value and Weigh Coe icien o Indica o s
(2013–2022)
Indica o X1 X2 X3 X4 X5 X6 X7 X8 X9 X10 X11 X12 X13 X14 X15 X16 X17 X18 X19 X20 X21 X22
2022
p
31.45% 19.90% 5.99% 24.37% 14.11% 4.19% 9.49% 4.12% 0.78% 37.50% 23.63% 24.49% 52.55% 13.69% 0.68% 28.64% 4.44% 6.52% 30.28% 17.38% 0.89% 44.93%
s
0.9059 0.9405 0.9821 0.9271 0.9578 0.9875 0.9416 0.9746 0.9952 0.7691 0.8545 0.8492 0.8065 0.9496 0.9975 0.8946 0.9837 0.9856 0.9329 0.9615 0.998
0.9004
2021
p
28.86% 20.19% 6.28% 24.11% 15.16% 5.41% 7.82% 4.62% 1.41% 31.66% 32.58% 21.90% 61.55% 16.96% 0.38% 11.18% 9.92% 6.73% 30.58% 15.12% 1.09% 46.49%
s
0.917 0.9419 0.9819 0.9307 0.9564 0.9844 0.9455 0.9678 0.9902 0.7796 0.7732 0.8475 0.7909 0.9424 0.9987 0.962 0.9663 0.9865 0.9388 0.9697 0.9978
0.9069
2020
p
30.96% 21.59% 6.48% 21.96% 14.06% 4.95% 6.83% 4.35% 1.44% 34.15% 27.29% 25.95% 62.45% 17.38% 0.46% 12.08% 7.63% 4.85% 30.06% 15.14% 0.92% 49.02%
s
0.9083 0.936 0.9808 0.935 0.9583 0.9853 0.9522 0.9695 0.9899 0.7608 0.8089 0.8183 0.7751 0.9374 0.9983 0.9565 0.9725 0.989 0.932 0.9658 0.9979
0.8892
2019
p
38.63% 25.09% 8.49% 3.32% 16.99% 7.49% 6.19% 4.92% 1.40% 36.05% 25.69% 25.76% 62.50% 17.90% 2.76% 13.78% 3.07% 4.73% 31.98% 13.99% 0.99% 48.32%
s
0.9019 0.9363 0.9784 0.9916 0.9569 0.981 0.9531 0.9627 0.9894 0.7269 0.8054 0.8048 0.7676 0.9334 0.9897 0.9488 0.9886 0.9893 0.9276 0.9683 0.9978
0.8906
2018
p
36.94% 25.15% 9.49% 5.07% 16.61% 6.75% 5.84% 3.47% 2.20% 30.87% 32.44% 25.17% 60.45% 19.87% 0.43% 14.93% 4.31% 5.27% 28.88% 15.12% 1.30% 49.43%
s
0.9049 0.9353 0.9756 0.987 0.9573 0.9826 0.956 0.9739 0.9835 0.7675 0.7557 0.8105 0.7865 0.9298 0.9985 0.9472 0.9848 0.9883 0.9357 0.9663 0.9971
0.89
2017
p
35.13% 24.17% 10.73% 4.55% 16.79% 8.64% 5.37% 3.46% 1.29% 31.20% 31.40% 27.28% 61.79% 22.26% 0.57% 11.76% 3.62% 5.90% 26.70% 12.85% 1.63% 52.91%
s
0.9135 0.9405 0.9736 0.9888 0.9587 0.9787 0.954 0.9703 0.989 0.7329 0.7312 0.7664 0.7814 0.9213 0.998 0.9584 0.9872 0.9877 0.9445 0.9733 0.9966
0.89
2016
p
33.05% 23.75% 10.11% 6.79% 17.03% 9.27% 5.93% 4.12% 1.32% 31.52% 32.24% 24.87% 48.24% 28.83% 1.06% 15.26% 6.61% 6.88% 24.95% 15.37% 2.12% 50.67%
s
0.9149 0.9389 0.974 0.9825 0.9562 0.9761 0.9518 0.9665 0.9893 0.744 0.7382 0.798 0.8462 0.908 0.9966 0.9513 0.9789 0.9857 0.9483 0.9681 0.9956
0.895
2015
p
30.28% 22.60% 9.87% 8.37% 19.21% 9.67% 6.18% 4.66% 1.53% 28.68% 35.64% 23.31% 51.43% 18.82% 0.94% 16.41% 12.40% 8.38% 24.55% 12.46% 2.17% 52.44%
s
0.9205 0.9407 0.9741 0.978 0.9496 0.9746 0.9436 0.9574 0.986 0.7379 0.6743 0.7869 0.7847 0.9212 0.9961 0.9313 0.9481 0.9826 0.9491 0.9741 0.9955
0.8912
Economies 2025,13, 159 23 o 24
Indica o X1 X2 X3 X4 X5 X6 X7 X8 X9 X10 X11 X12 X13 X14 X15 X16 X17 X18 X19 X20 X21 X22
2014
p
33.36% 20.69% 11.32% 7.16% 19.23% 8.24% 6.67% 4.95% 0.61% 30.69% 35.69% 21.39% 43.95% 15.69% 0.50% 12.95% 26.92% 14.04% 22.12% 11.95% 2.08% 49.82%
s
0.9174 0.9488 0.972 0.9823 0.9524 0.9796 0.9332 0.9505 0.9939 0.6927 0.6425 0.7857 0.7631 0.9155 0.9973 0.9302 0.8549 0.9695 0.9519 0.974 0.9955
0.8917
2013
p
34.51% 19.88% 11.79% 6.76% 18.66% 8.40% 9.49% 6.11% 1.29% 38.21% 18.36% 26.55% 49.13% 17.44% 0.49% 14.78% 18.16% 13.11% 19.40% 14.73% 6.28% 46.48%
s
0.9175 0.9525 0.9718 0.9838 0.9554 0.9799 0.9239 0.951 0.9897 0.6935 0.8527 0.787 0.7549 0.913 0.9976 0.9263 0.9094 0.972 0.9585 0.9685 0.9866
0.9007
p: Weigh coe icien ; s: En opy alue.
Appendix B. Pea son Co ela ion Tes
A e age Value S and De ia ion y1 y2 y3 y4 Y
y1 0.324 0.137 1
y2 0.110 0.131 0.179 ** 1
y3 0.132 0.111 0.191 ** 0.133 ** 1
y4 0.306 0.120 −0.191 ** −0.277 ** −0.363 ** 1
Y 0.162 0.107 0.187 ** 0.256 ** 0.218 ** −0.287 ** 1
** indica es p< 0.01. The Pea son es esul s show ha he absolu e alue o he co ela ion coe icien be ween
he a iables is less han 0.6, and he e is no p oblem o collinea i y o he a iables.
Appendix C. Collinea i y Diagnosis
I em VIF Tole ance
y1 4.135 0.242
y2 3.566 0.060
y3 4.138 0.123
y4 1.535 0.651
Y 3.204 0.028
The esul s o collinea i y analysis indica ed ha he VIF alues we e all less han 10, sugges ing ha he e was no
signi ican collinea i y p oblem among he a iables.
No es
1
F om he o igin, he ho izon al axis a e as ollowed: Beijing; Guangdong; Shanghai; Zhejiang; Jiangsu; Tianjin; Anhui; Hubei;
Shandong; Chongqing; Hunan; Jiangxi; Hebei; Shaanxi; Henan; Fujian; Sichuan; Ningxia; Heilongjiang; Liaoning; Jilin; Guizhou;
Hainan; Gansu; Shanxi; Guangxi; Xinjiang; Yunnan; Qinghai; Inne Mongolia; Tibe .
2
No heas China: Liaoning, Jilin and Heilongjiang; No h China: Inne Mongolia, Shanxi, Hebei, Tianjin and Beijing; Eas China:
Fujian, Jiangxi, Shandong, Anhui, Jiangsu, Zhejiang and Shanghai; Sou h China: Guangxi, Hainan and Guangdong; Cen al
China: Henan, Hunan and Hubei; No hwes China: Qinghai, Xinjiang, Gansu, Ningxia and Shanxi; Sou hwes China: Tibe ,
Yunnan, Guizhou, Sichuan and Chongqing.
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Disclaime /Publishe ’s No e: The s a emen s, opinions and da a con ained in all publica ions a e solely hose o he indi idual
au ho (s) and con ibu o (s) and no o MDPI and/o he edi o (s). MDPI and/o he edi o (s) disclaim esponsibili y o any inju y o
people o p ope y esul ing om any ideas, me hods, ins uc ions o p oduc s e e ed o in he con en .
