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

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.