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Theories and Methods of Science of Science

The Mechanism Analysis and Empirical Verification of Science  and Technology Finance Empowering High-level Science and  Technology Self-reliance and Self-improvement 

Wang Wei1, 2 , Liu Mingjun2 , Zhang Yening3 , Wang Shuo4 

(1.School of Economics and Management, Shenyang Institute of Technology, Shenyang 113122, China; 2.Inter⁃ national Finance Institute, Liaoning University, Shenyang 110036, China; 3.School of Economics, Shenyang  University, Shenyang 110044, China; 4.Shenyang Huanggu Innovation Development Research Center, Shenyang  110032, China)

Abstract: In the process of achieving high-level science and technology self-reliance and  self-improvement, science and technology finance continues to play the role of capital empower⁃ ment as the primary driving force. By analyzing the mechanism of the role of science and technol⁃ ogy finance in high-level science and technology self-reliance and self-improvement and con⁃ ducting empirical tests, it establishes a theoretical connection between them, and deepens re⁃ search on the science and technology finance system and operation. On the one hand, based on  the characteristics of public, market, and social science and technology finance, establish a di⁃ rect connection between the "trinity" of science and technology finance and high-level science  and technology self-reliance. On the other hand, an indicator system for high-level science and  technology self-reliance should be constructed from five aspects. Calculate the level of science  and technology finance development. Using data from 30 provinces in China from 2013 to 2022 as the research sample, an empirical test was conducted using a panel fixed effects model. The  results indicate that science and technology finance has a significant promoting effect on highlevel science and technology self-reliance and self-improvement. It provides full lifecycle finan⁃ cial support for technological innovation activities, while also dispersing the research and devel⁃ opment risks of innovation entities and the risks of investors. Thereby it encourages innovation  entities to carry out innovation activities, improves innovation efficiency, optimizes innovation  environment, and further helps achieve high-level science and technology self-reliance and  self-improvement. From the perspective of its mechanism of action, science and technology fi⁃ nance can promote the aggregation of innovative talents by optimizing resource allocation and in⁃ novation environment. It also promotes the clustering of high-tech enterprises by forming loca⁃ tion advantages, integrating industrial chains, and building innovative ecosystems. Both further  activate factors such as funding and technology, enhance the independent innovation capability  of key technologies, and provide strong support for achieving high-level science and technology  self-reliance and self-improvement. The above impacts exhibit heterogeneity at both regional  and market-oriented levels. Therefore, it is necessary to further improve the science and technol⁃ ogy finance system, increase its innovation services, and supplement differentiated and marketoriented measures for cultivating innovative talents and technology innovation enterprises, in or⁃ der to strengthen the positive impact of it on high-level science and technology self-reliance  and self-improvement. 

Key words: science and technology finance; high-level science and technology self-reliance  and self-improvement; science and technology innovation; agglomeration effect