Does Technology and Finance Enhance the Innovation Capacity of High-tech Industries?

Based on the data of 30 provinces and cities from 2013 to 2020, this paper uses the entropy method to construct the regional technology financial development index from three dimensions of public technology financial resources, market technology financial resources and technology financial environment, and empirically tests the influence of science and technology finance on the innovation ability of high-tech industry. The study finds that the financing ability and cultivation ability of science and technology finance can significantly promote the development of the innovation ability of high-tech industry. The influence of science and technology finance on the innovation ability of high-tech industry has the regional heterogeneity and the heterogeneity of enterprise ownership background, which has a better effect on promoting the innovation ability of high-tech industry in the eastern region and the private background. The influence of science and technology finance on the innovation ability of high-tech industry has the threshold effect of absorption ability. When the threshold value is crossed, the promotion effect of science and technology finance on the innovation ability of high-tech industry will be further enhanced.