Financial Technology and the Economic Performance of High-tech Industries: A Comprehensive Research based on Econometric Model
DOI:
https://doi.org/10.54097/hbem.v9i.9319Keywords:
Digital Finance; High-tech Industries; Firm Performance; Technological Innovation.Abstract
High-tech industries play a pivotal role in driving the high-quality economic development of contemporary China. Financial technology, characterized by innovation as its core driver, offers indispensable support and strategic direction for the advancement of high-tech industries. Applying the Peking University Digital Financial Inclusion Index from 2011 to 2020, this paper explores the correlation effects of financial technology on the economic performance of high-tech industries (EPHI). The result reveals that: (1) digital finance enhances EPHI. (2) in terms of decomposition terms, both the coverage breadth and usage depth of digital finance have a significant positive impact on EPHI. (3) reginal heterogeneity studies show that digital finance increases EPHI in developed provinces more significantly. (4) technology innovation plays a part in mediating the process of digital finance to enhance EPHI. This paper adds new empirical evidence to the long-term government policy for the development of high-tech industries.
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