Empirical Study on the Synergistic Effects of the Composite System of Technological Finance in the Technology Industry, Technological Innovation, and Technological Funding

Tao Xue () and Xi Xi
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Tao Xue: Xi’an Jiaotong University
Xi Xi: Xi’an Jiaotong University

Journal of the Knowledge Economy, 2025, vol. 16, issue 2, No 96, 8612-8639

Abstract: Abstract To investigate the synergistic relationship between finance and technology in underdeveloped regions’ economies, this paper introduces, for the first time, the sci-tech industry as a subsystem in the collaborative research of finance and technology. It establishes a composite system synergy model consisting of three categories and 18 elements. These elements include sci-tech innovation and sci-tech funding, which support our analysis of the collaborative relationship between finance and technology. Further analysis of the regression relationships of each subsystem is carried out using the within-group autocorrelation FGLS long panel model. Simultaneously, empirical research has been conducted using economic data from the economically underdeveloped region of Shaanxi Province, China. The model results indicate a low level of synergy between finance and technology in economically underdeveloped regions. Specifically, the time series for sci-tech funding is stable, while those for the sci-tech industry and sci-tech innovation are not. A positive correlation exists between sci-tech innovation and sci-tech funding, as well as between the sci-tech industry and sci-tech funding. Sci-tech innovation is found to propel the development of the sci-tech industry, while sci-tech funding drives the development of sci-tech innovation. Both the sci-tech industry and sci-tech innovation contribute to the development of sci-tech funding. The paper concludes by proposing strategies and recommendations to enhance the collaborative development of finance and technology in economically underdeveloped regions.

Keywords: Finance; Technology; Synergy model; FGLS; Sci-tech industry; Sci-tech innovation; Sci-tech funding (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s13132-024-02242-y

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