Abstract
As the new round of technological revolution continues to evolve, computing power is progressively emerging as the "new qualitative productive force" in the era of digital economy; AI computing power, being the core component of computing power, has consequently garnered extensive attention. This study examines the impact of sci-tech finance on the technological innovation of AI computing power enterprises, the mechanism of action, and the role of financial regulation, using data from Chinese A-share listed AI computing power enterprises from 2014 to 2022. The findings are as follows: Firstly, the development of sci-tech finance significantly enhances the technological innovation capacity of AI computing power enterprises. Secondly, the alleviation of financing constraints partially mediates this effect. Thirdly, overall financial regulation exerts a negative regulatory effect on the relationship between sci-tech finance and technological innovation; specifically, financial regulation in the eastern region has a negative regulatory role, whereas in the non-eastern regions, it exhibits a positive regulatory role. These research conclusions hold certain implications and reference value for enhancing the sci-tech finance system, fostering the development of the computing power industry, and reforming the regulatory system.
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