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

Author

Listed:
  • Tao Xue

    (Xi’an Jiaotong University)

  • Xi Xi

    (Xi’an Jiaotong University)

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.

Suggested Citation

  • Tao Xue & Xi Xi, 2025. "Empirical Study on the Synergistic Effects of the Composite System of Technological Finance in the Technology Industry, Technological Innovation, and Technological Funding," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 8612-8639, June.
    • Handle: RePEc:spr:jknowl:v:16:y:2025:i:2:d:10.1007_s13132-024-02242-y
    DOI: 10.1007/s13132-024-02242-y
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