Abstract
The interaction effects between science and technology finance development and regional economic growth have received academic and governmental attention in recent years. Based on the data of 11 provinces and cities in the Yangtze River Economic Belt from 2008 to 2017, this paper constructs a panel vector autoregressive (PVAR) model, and analyzes the direct and indirect relationship between Sci-tech finance input, Sci-tech finance output and regional economic growth through Gaussian Mixed Model (GMM) estimation and impulse response function. The study finds that: (1) The regional economic development level has a fluctuant effect on the support of science and technology finance development. (2) The enhancement mechanism of Sci-tech finance output is autonomous. (3) Sci-tech finance output and economic development level have a positive impact on each other. (4) Sci-tech finance output contributes more to economic development than Sci-tech finance input, and its effect is sustainable in the long run. Some practical proposals are put forward on the basis of the conclusions above.
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