The impact mechanism and empirical analysis of financial efficiency of science and technology empowering regional real economy growth

by Tao Zhang, Jie Tian

With the aim of exploring the impact mechanism of scientific and technological financial efficiency on regional real economy growth in the context of ecological civilization construction, this study introduces environmental regulation as a mediating factor. By analyzing changes in science and financial efficiency of science and technology, we provide an effective basis for regional real economy development. To achieve this goal, we define concepts such as science and financial efficiency of science and technology and regional real economy, measure data from 2012 to 2021, analyze the impact of science and financial efficiency of science and technology on economic growth using intermediary models, test mediation effects with bootstrap methods, and identify significant differences between regions. It indicates that enhancing science and financial efficiency of sci-tech benefits China’s regional real economy growth, but there’s unbalanced development across regions. Additionally, environmental regulation serves as a crucial intermediary in the relationship between sci-tech finance and economic growth. There exist regional disparities in the mediation effects of environmental regulation, with eastern regions demonstrating stronger effects compared to central and western regions.