Abstract: China’s economy is undergoing a transformation in recent years, how to promote high-quality economic development has become a concern of the government and academia. As an important support to motivate technology innovation and promote high-quality economic development, the role of technology finance input should not be ignored. From the perspective of the participants of technology finance input, this paper divides the technology finance input into government technology appropriation, enterprise R&D investment, and financial institution technology loan, and explores the mechanism of each participant’s technology finance input affecting the high-quality economic development. Based on this, the effect and mechanism of the impact of technology finance input on the high-quality economic development of each participant are examined empirically using the provincial panel data from 2004 to 2020 in China. This study finds that the technology finance input of all participants significantly contributes to high-quality economic development, and the promotion effect of enterprise R&D investment is the biggest, followed by government technology appropriation, and the promotion effect of financial institution technology loan is the smallest. There is a significant heterogeneity of innovation talent concentration and finance concentration in the impact of technology finance input on the high-quality economic development of each participant. The promotion effect of technology finance input on high-quality economic development is more significant in both high innovation talent concentration and low finance concentration areas. The mechanism test shows that the government technology appropriation and the financial institution technology loan mainly promote high-quality economic development through substantive innovation, while the enterprise R&D investment mainly promotes high-quality economic development through strategic innovation. These conclusions provide policy insights for China to further strengthen the supporting role of technology finance input and achieve high-quality economic development.

摘要： 近年来，中国经济正在经历转型，如何推动经济高质量发展成为政府和学界共同关注的热点问题。科技金融投入作为激励科技创新、推动经济高质量发展的重要支撑，在其中的作用不容忽视。本文从科技金融参与主体的视角出发，将科技金融投入划分为政府科技拨款、企业研发投入和金融机构科技贷款，并深入探究各参与主体的科技金融投入对经济高质量发展的影响机理。在此基础上，采用2004—2020年中国省级面板数据，实证检验各参与主体的科技金融投入对经济高质量发展的影响效应与作用机制。研究发现，各参与主体的科技金融投入均显著促进经济高质量发展，且企业研发投入的促进作用最大，政府科技拨款次之，金融机构科技贷款的促进作用最小。各参与主体的科技金融投入对经济高质量发展的影响均存在显著的创新人才集聚和金融资源集聚异质性。在高创新人才集聚和低金融资源集聚地区，科技金融投入对经济高质量发展的促进作用均更显著。机制检验结果表明，政府科技拨款和金融机构科技贷款主要通过实质性创新促进经济高质量发展，企业研发投入则主要通过策略性创新促进经济高质量发展。以上结论为强化科技金融投入支撑作用、推动经济高质量发展提供政策启示。