随着中国经济向高质量发展转型，科技创新成为创新型国家建设的重要驱动力量，党的十九届五中全会强调，要坚持创新在我国现代化建设全局中的核心地位，把科技自立自强作为国家发展的战略支撑。作为科技创新和经济发展的重要一环，金融系统能否为科技创新提供足够的支持成为国家创新发展的关键点。同时，在社会发展步入数字经济时代的背景下，新兴技术的应用为社会生产生活带来便利的同时，也使金融系统对科技创新的支持作用发生了改变。因此，厘清金融支持科技创新的作用机理，探明数字经济为金融支持科技创新带来了怎样的变化与影响，探讨如何有效利用金融资源以充分发挥金融系统对科技创新的支持作用，是推动我国创新型国家建设所面临的重大现实问题和理论课题。

基于此，本文通过对金融与科技创新间关系的国内外文献梳理，运用金融发展理论、创新经济学理论和政策工具分析方法，对金融与科技创新及效率间的关系、区域差异性、以及数字经济时代背景下的关系转变进行了理论分析与实证检验。本文首先基于理论层面分析了金融对科技创新活动的作用影响，并讨论了数字经济的发展为两者关系带来的变化与影响，进而形成了本文实证研究的理论基础；其次，为了进一步考察理论分析的可靠性，本文采用省级面板的中国工业企业和高技术企业数据，运用随机前沿分析模型实证检验了金融系统对科技创新能力及效率的支持作用，并结合收敛性检验和无条件分位数回归分析讨论了金融系统能否支持各地区科技创新效率均衡化发展的问题，之后结合互联网与数字金融的发展，采用中介模型和门槛模型对金融与科技创新间关系进行了进一步的讨论和验证；最后，使用政策文本分析方法梳理了我国20年来科技创新导向的金融支持类政策工具的使用，并结合实证研究结果，对我国当前金融支持类政策工具使用中的问题进行了分析。通过研究，本文得到的主要结论如下：

第一，金融系统在整体上对科技创新能力及效率呈现出支持作用，但在科技创新的不同阶段以及在不同区域间的作用效果具有差异。在科技创新的研发阶段，金融效率和金融规模两个方面的增长对提高企业科技创新研发效率有着显著的积极作用，而在科技创新转化阶段，金融效率提升和银行市场规模扩大对企业科技创新转化效率的提高有着激励作用，但股票市场规模的扩大则对科技创新转化效率呈现出一定的抑制作用。从敛散性方面来看，整体而言，在各省份科技创新效率趋于收敛的过程中，金融效率、金融规模的提高和扩大有利于工业企业和高技术企业科技创新效率的收敛；但是，股市规模和信贷规模的扩大也会对局部地区科技创新效率收敛产生抑制作用。

第二，数字经济的基础设施——互联网的发展是推动中国科技创新的重要动能，同时互联网亦可通过金融系统的发展间接促进科技创新，但互联网发展也可能拉大区域间创新能力的差距。随着数字经济与金融的不断融合，数字金融的发展对科技创新亦具有积极作用，且数字金融能够缩小中国地区间科技创新能力的差距，同时，强金融监管能够对数字金融促进科技创新的作用提供保障。

第三，中国金融支持类政策工具使用从供需类型来看相对平均，但存在过度依靠财政资金和政策性贷款的情况，加强金融市场相关制度和监管机制建设将有助于丰富资本市场结构，提高金融支持政策的多样性和着力点；同时，完善风险分担机制、鼓励风险投资、股权融资及互联网金融等投融资方式的发展将为中小企业的科技创新活动带来更多发展的可能。

因此，面对我国科技创新发展对金融资源需求的不断提高，实现金融对科技创新有效支持要从多方面入手。一方面，相关政策要鼓励信贷、保险和风险投资等金融机构进行金融创新，把握数字金融发展的低门槛和普惠性特征，实现资本市场的扩容，为科技创新活动充能；另一方面，要完善金融市场制度和监管机制与科技创新的评估转化等机制的同步建设，激发市场活力，为提高金融资源配置效率和创新效率建设良好的政策环境，保障金融支持科技创新的实现；此外，结合数字经济时代的发展趋势，差异性、适用性政策将有助于实现我国区域科技创新能力的均衡发展。

With the transformation of China's economy to high-quality development, scientific & technological innovation has become an important driving force for the construction of an innovative country. The Fifth Plenary Session of the 19th CPC Central Committee stressed that innovation should play a key role in China's overall modernization drive, and self-reliance and self-improvement in science and technology should be taken as a strategic support for national development. As an important part of scientific & technological innovation and economic development, whether financial development can provide sufficient support for scientific & technological innovation has become a key point of innovation and development. Meanwhile, with the trend of social development steps into the era of digital economy, the application of emerging technologies has brought convenience to social production and life, and also brought changes to financial support and economic operation models and technological innovation. Therefore, clarifying the mechanism of financial support for scientific and technological innovation, exploring the changes and impacts that the digital economy has brought to financial support for scientific and technological innovation, and discussing how to effectively use financial resources to give full play to the role of financial markets in supporting scientific and technological innovation are the major realities and theoretical issues when promoting construction of an innovative country in China.

Based on this, this paper combs through domestic and foreign literature on the relationship between finance and technological innovation, uses financial development theories, innovative economics theories and policy instrument analysis methods to do theoretical analysis and empirical testing about the relationship and influence about finance and technological innovation, the researched relationship include the relationship between finance and innovation, the relationship between finance and innovation efficiency, the regional differences of these relationships, and the relationship’s change under the background of digital economic development. This paper first analyzes the impact of finance on scientific & technological innovation activities based on the theoretical level, and discusses the changes and effects brought by the development of the digital economy, and then forms the theoretical basis for the empirical research of this paper. Secondly, in order to further investigate the reliability of theoretical analysis, this paper uses provincial-level panel data on Chinese industrial enterprises and high-tech industries, and the Stochastic Frontier Analysis Model (SFA) to empirically examine the relationship between the capabilities and efficiency of financial development and technological innovation by using the intermediary model and threshold model. Finally, this paper uses the policy text analysis method to sort out the use of scientific and technological innovation-oriented financial support policy instruments in China in the past 20 years, and analyzes the issues in its use by combining the results of empirical research. Through the research, the main conclusions obtained in this paper are as follows:

Firstly, financial development has a positive effect on technological innovation capability and efficiency as a whole, but the effect is different in its different stages and regions. In the research and development stage of technological innovation, the growth of financial development in terms of financial efficiency and financial scale has a significant positive effect on improving the efficiency of corporate technological innovation and research and development. In the transformation stage of technological innovation, the improvement of financial efficiency and the expansion of the bank market scale have an incentive effect on enterprises’ transformation of scientific and technological innovation efficiency. However, the expansion of the stock market scale has shown a certain inhibitory effect on the transformation efficiency of technological innovation. From the perspective of convergence, in the process of convergence of scientific and technological innovation efficiency in each province, the increase of financial efficiency and financial scale is conducive to the convergence of technological innovation efficiency of industrial enterprises and high-tech enterprises, however, expansion of the scale of the stock market and the scale of credit can inhibit the convergence of technological innovation efficiency in some areas.

Secondly, as the infrastructure of the digital economy, Internet is an important driving force for China’s scientific & technological innovation. And Internet can also indirectly promote technological innovation through financial development. But the development of the Internet may also widen the gap in innovation capabilities between regions. With the integration of digital economy and finance, the digital finance can provide a positive effect to scientific & technological innovation, and can narrow the gap in technological innovation capabilities between regions in China. Meanwhile, strong financial supervision can guarantee the role of digital finance in promoting technological innovation.

Thirdly, the frequency of utilization of financial support policy instruments in China is relatively average in terms of category, but in specific, there is a situation of excessive reliance on fiscal funds and policy loans. Strengthening the construction of relevant financial market institutions and regulatory mechanisms will help to enrich the structure of the capital market and improve the diversity and focus of financial support policies. Meanwhile, improving the risk-sharing mechanism, encouraging the development of investment methods include venture capital, equity financing and Internet finance, these works will bring more possibilities for the development of scientific and technological innovation activities of small and medium-sized enterprises.

Therefore, in order to meet the increasing demand of China's science and technology innovation for financial resources, government should work in many aspects. On the one hand, policies should encourage financial institutions to try financial innovation by using fin-tech tools. And promote technological innovation through the development of digital finance. On the other hand, it’s necessary to improve the construction of financial market systems, regulatory mechanisms and the evaluation and transformation mechanisms of scientific & technological. A good policy environment is the guarantee of financial support for innovation. In addition, differentiated and applicable policies will help achieve the balanced development of China’s scientific & technological innovation in the era of digital economy.