Sci-TechFinance,High-Quality Economic Development and Common Prosperity:An Empirical Analysis Based on Threshold Effect
As a new economic paradigm to promote the deep integration of innovation elements,science and technology(Sci-Tech)finance has boosted the progress of science and technology,better exerted the inclusive nature of finance,and injected the vitality of the age for the realization of common prosperity.Based on the theoretical analysis,this paper calculates the index of common prosperity level and the level of high-quality economic development of 30 provinces and municipalities in China from 2006 to 2021 with the entropy method,measures the efficiency value of science and tech-nology finance by using super-efficiency DEA,and examines the relationship between science and technology finance and common prosperity by adopting fixed effect and threshold effect models.The study has the following findings.First,there is a"U"-shaped relationship between sci-tech finance and common prosperity,and 0.438 is the inflection point of science and technology financial efficiency.Second,the high-quality development of the economy presents a double-threshold effect in the relationship between sci-tech finance and common prosperity,and the impact of sci-tech finance on common prosperity turns from negative to positive when the level of high-quality development of the econo-my crosses the second threshold value of 0.155.Finally,the paper offers suggestions on realizing common prosperity by optimizing the inputs and accelerating the outputs of sci-tech finance,implementing differentiated policies,rationally ad-justing the industrial structure,and enhancing the guarantee mechanism.
sci-tech financecommon prosperityhigh-quality economic developmentscientific and technological innova-tionfinancial services