科技创新是发展的第一动力，是实现经济高质量发展的关键。创新活动需要资金支持，但传统金融体系制约了创新的发展。数字金融可以缓解技术创新带来的金融挑战。研究数字金融与技术创新的协调关系，可以深入探讨数字金融在技术创新中的驱动作用，以及数字金融领域技术创新的支撑作用。Technological innovation is the first driving force behind development and the key to achieving high-quality economic development. Innovation activities require financial support, but traditional financial systems constrain the development of innovation. Digital finance can alleviate the financial challenges faced by technological innovation. Studying the coordinated relationship between digital finance and technological innovation can deeply explore the driving role of digital finance in technological innovation, as well as the support of technological innovation in the field of digital finance.
1. Introduction
The traditional economic model that relies on resource endowment is gradually being watered down with the implementation of an innovation-driven strategy. Economic growth fueled by technological innovation is more competitive and sustainable. However, financial issues that stymie the development of technological innovation are common in innovation activities, such as insufficient financial support and information asymmetry caused by the inadequate development of traditional financial markets [
1]. As a result, it is critical to improve financial support services to foster technological innovation [
2,
3].
Digital technology innovation in the financial sector has led to the emergence of digital inclusive finance [
4], an emerging financial service model [
5] and a key guarantee for the sustainable advancement of technological innovation [
6]. It provides new financial services such as mobile payment, credit, insurance, and financing by utilizing the new generation of information digital technology [
7], and frees financial businesses from the constraints of “people” and “physical departments”. In order to better match the target customer groups and improve the efficiency of capital allocation [
8,
9], it also broadens the scope and use-depth of finance, enhances user experience and access to finance [
10], and removes barriers that traditional finance faces when supporting innovative activities.
From the standpoint of regional development, the various resource endowments in various regions will result in varying development levels, creating an unbalanced but closely connected spatial pattern. Friedmann [
18] used the “core–periphery” theory to explain regional economic development’s spatial relevance. He believes that the different development speeds of different regions will lead to a widening gap and form a spatial pattern, with the faster-developing areas as the core and the slower-developing areas as the periphery. The two types of regions are closely related to each other: the core regions concentrate the important elements needed for development to achieve industrial clusters and have an impact on the peripheral regions through the trickle-down effect; the marginal regions rely on the core regions to make progress. In 1991, Krugman [
19] further revealed that the main factor of the “core–periphery theory” is the endogenous comparative advantage of each region: the core region generally has more material and human capital, which drives the development of the peripheral areas via the radiation effect. In terms of the spatial relationship of the coupling coordination between digital finance and technological innovation, building a network in different regions to form a cross-regional collaborative innovation model can reduce potential risks [
20], promote the digital flow of financial resources, and stimulate more innovative output [
21]. On the one hand, the interaction and coupling of financial institutions and innovation departments within the region can raise the level of digital finance and technological innovation; on the other hand, the spatial connection and spillover effect caused by the movement of elements between regions can further couple and coordinate digital finance and technological innovation.
2. Coupling Coordination of Digital Finance and Technological Innovation
The influence of digital finance on technological innovation
近年来，数字金融与科技创新的关系一直是人们讨论和研究的话题。现有文献理论证明，数字金融可以促进技术创新。移动支付等数字金融服务可以通过简化贷款审批来推动创新，从而改善小企业获得信贷的机会并推动创新
The relationship between digital finance and technological innovation has been a topic of much discussion and research in recent years. The existing literature has theoretically proved that digital finance can promote technological innovation. Digital finance services such as mobile payments can drive innovation by simplifying loan approval, which improves the access of small businesses to credit and drives innovation [22]。数字化建设可以辅助企业深度整合资源，激发开放式创新. Digital construction can assist enterprises in deeply integrating resources to stimulate open innovation [23]，数字金融可以引导社会资金流动，促进高新技术产业升级，为技术创新提供良好的技术溢出条件，提升区域技术创新水平, and digital finance can guide the flow of social funds to promote the upgrading of high-tech industries, which can provide good technology spillover conditions for technological innovation and improve the level of regional technological innovation [12]].同时，数字金融可以缓解创新企业的融资难，为创新活动提供资金，提高资本配置效率，缓解创新企业融资约束 Meanwhile, digital finance can alleviate the financing difficulties of innovative enterprises and provide funds for innovative activities to improve the efficiency of capital allocation, easing the financing constraints of innovative enterprises [24,25]。. Lin B等 et al. [26]也以融资约束为中介变量，得出数字金融可以通过缓解融资约束来促进绿色创新的结论。一些学者研究了数字金融向技术创新的传导机制。例如，赵红艳等 also used financing constraints as intermediary variables to conclude that digital finance can promote green innovation by alleviating financing constraints. Some scholars have studied the transmission mechanism of digital finance to technological innovation. For example, Zhao Hongyan et al. [27]实证研究了数字金融在促进协同创新中的重要作用，梳理了信用规模、社会消费和产业升级的传导机制。朱金辉等 empirically studied the significant role of digital finance in promoting collaborative innovation and sorted out the transmission mechanisms of credit scale, social consumption, and industrial upgrading. Jinhui Zhu et al. [28]认为，数字普惠金融对促进农业企业技术创新的影响机制包括企业数字化、融资约束和市场效率。数字金融还可以通过促进居民工资收入 concluded that the impact mechanisms of digital financial inclusion to promote agricultural enterprises’ technological innovation include enterprise digitization, financing constraints, and market efficiency. Digital finance can also influence technological innovation by promoting residents’ wage income [29]、产生收入效应, generating income effects [30]、改善消费信贷, improving consumer credit [31]、刺激消费需求, stimulating consumer demand [32\32,33], and other factors. Furthermore, digital finance can stimu201233]等因素来影响技术创新。此外，数字金融可以刺激绿色技术创新late green technology innovation [34\u2012,35]。李光勤. Guangqin Li [36]研究了数字经济在提高工业绿色创新效率中的直接作用和空间溢出效应。此外，潘文荣等 examined the direct role and spatial spillover effect of the digital economy in improving the efficiency of industrial green innovation. In addition, Wenrong Pan et al. [37]证明了数字经济与创新之间的非线性关系。
科技创新对数字金融的影响
关于技术创新对数字金融的影响，相关文献鲜有。林亮和李彦 demonstrated the non-linear relationship between the digital economy and innovation.
The influence of technological innovation on digital finance
There are few relevant documents on the impact of technological innovation on digital finance. Lin Liang and Yan Li [38]总结了区域创新生态系统对数字经济的影响，证明了区域创新对数字经济的正向空间溢出效应。陈晓晖等 concluded the impact of the regional innovation ecosystem on the digital economy, proving the positive spatial spillover effect of regional innovation on the digital economy. Xiaohui Chen et al. [39]基于 analyzed the role of fintech on the digital economy and its internal impact mechanism based on the CRITIC方法分析了金融科技对数字经济的作用及其内在影响机制，认为金融科技可以通过促进技术创新来加速中国数字经济的发展。
耦合协调
关于数字金融与技术创新的交互耦合关系的研究较少。邹欣悦和王旺
method, believing that fintech can accelerate the development of China’s digital economy by promoting technological innovation.
Coupling coordination
There have been few studies on the interactive coupling relationship between digital finance and technological innovation. Zou Xinyue and Wang Wang [
2]
利用空间同步模型实证研究了数字金融与技术创新的相互作用。大多数学者选择采用耦合协调度（ used the spatial simultaneous model to empirically study the interaction between digital finance and technological innovation. Most scholars chose to adopt the coupling coordination degree (CCD
）模型来衡量数字金融与技术创新之间的耦合协调发展关系;我国数字金融与科技创新耦合协调程度相对较低，但稳步上升，分布特征以东南高、西北低为特征) model to measure the coupling coordinated development relationship between digital finance and technological innovation; the degree of coupling coordination between digital finance and technological innovation in China was relatively low but increasing steadily, and the distribution characteristics are high in the southeast and low in the northwest [
2,
40,
41]
。吕江林. LV Jianglin [
41]
利用达古姆基尼系数、核密度估计和标准差椭圆研究了数字普惠金融与实体经济的协调发展水平。他们还得出结论，虽然总体水平仍然较低，但东部地区高于中西部地区，区域差异正在逐渐缩小。此外，一些学者利用 studied the coordinated development level of digital inclusive finance and real economy by using the Dagum Gini coefficient, kernel density estimation, and standard deviation ellipse. They also concluded that while the overall level was still low, the eastern region was higher than the midwestern regions, and the regional difference was gradually decreasing. In addition, some scholars used the CCD
模型研究了其他耦合协调关系：数字经济与绿色技术创新的耦合协调 model to study other coupling coordination relationships: the coupling coordination of digital economy and green technology innovation [
42];
技术创新与绿色发展 technological innovation and green development [
43];
旅游开发与资源环境承载力 tourism development and resource environment carrying capacity [
44];
数据要素与绿色发展 data elements and green development [
45];
数字化与储能创新 digitalization and energy storage innovation [
46];
等等。 学者普遍认为，数字金融在推动技术创新方面发挥着积极作用。然而，关于数字金融与技术创新关系的研究主要集中在数字金融对技术创新的单边影响上，而对技术创新对数字金融的影响研究较少。数字金融与科技创新的关系应具有互补性和相互依存性，研究二者协调发展有利于经济可持续性和经济动能转换。 and so on.
Scholars generally believe that digital finance plays a positive role in promoting technological innovation. However, research on the relationship between digital finance and technological innovation primarily focuses on the unilateral influence of digital finance on technological innovation, with little research on the impact of technological innovation on digital finance. The relationship between digital finance and technological innovation should be complementary and interdependent, and that studying the coordinated development of the two is beneficial to economic sustainability and the conversion of economic momentum.
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