{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,29]],"date-time":"2026-03-29T06:30:29Z","timestamp":1774765829980,"version":"3.50.1"},"reference-count":58,"publisher":"MDPI AG","issue":"11","license":[{"start":{"date-parts":[[2025,10,29]],"date-time":"2025-10-29T00:00:00Z","timestamp":1761696000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["72072144"],"award-info":[{"award-number":["72072144"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["71672144"],"award-info":[{"award-number":["71672144"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"name":"Soft Science Research Program of Shaanxi Innovation Capability Support Plan","award":["2024ZC-YBXM-031"],"award-info":[{"award-number":["2024ZC-YBXM-031"]}]},{"name":"Soft Science Research Program of Shaanxi Innovation Capability Support Plan","award":["2025WZ-YBXM-18"],"award-info":[{"award-number":["2025WZ-YBXM-18"]}]},{"name":"Soft Science Research Program of Shaanxi Innovation Capability Support Plan","award":["2021KRM183"],"award-info":[{"award-number":["2021KRM183"]}]},{"name":"Key Soft Science Research Projects of Xi\u2019an Science and Technology Bureau","award":["23RKYJ0001"],"award-info":[{"award-number":["23RKYJ0001"]}]},{"name":"Key Soft Science Research Projects of Xi\u2019an Science and Technology Bureau","award":["21RKYJ0009"],"award-info":[{"award-number":["21RKYJ0009"]}]},{"name":"Sanqin Talent Special Support Program for Leading Talents in Philosophy, Social Sciences, and Culture","award":["105-253062401"],"award-info":[{"award-number":["105-253062401"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>To advance breakthroughs in core technologies and foster the growth of technology-based enterprises, China has introduced the Sci-Tech Finance Pilot Policy with the aim of promoting sci-tech enterprise development through optimized financial resource allocation. Based on a sample of technology-based firms listed on China\u2019s SME Board and ChiNext Board from 2009 to 2023, this study empirically examines the relationships between the Sci-Tech Finance Pilot Policy, scale expansion, and technological innovation using a multi-period Difference-in-Differences (DID) model. The key findings reveal that, first, the Sci-Tech Finance Pilot Policy simultaneously promotes corporate scale expansion and technological innovation, generating both scale and innovation effects; second, it generates scale and innovation effects by optimizing financial resource allocation, while scale expansion further induces additional innovation effects. Third, heterogeneity analysis reveals that the innovation effect of the Sci-Tech Finance Pilot Policy is stronger, and the scale effect is weaker when the technology-based enterprise is privately owned, possesses a solid R&amp;D foundation, or operates in a favorable external innovation environment. The findings of this study demonstrate that technology finance policy promotes high-quality development through the synergy between scale and innovation, providing policy implications for developing countries in implementing the United Nations Sustainable Development Goals.<\/jats:p>","DOI":"10.3390\/systems13110962","type":"journal-article","created":{"date-parts":[[2025,10,30]],"date-time":"2025-10-30T05:08:47Z","timestamp":1761800927000},"page":"962","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["The Scale and Innovation Effects of Sci-Tech Finance Pilot Policy from the Perspective of Sustainable Development"],"prefix":"10.3390","volume":"13","author":[{"given":"Zhuoyi","family":"Li","sequence":"first","affiliation":[{"name":"School of Economics and Management, Xi\u2019an University of Technology, Xi\u2019an 710054, China"}]},{"given":"Haiqing","family":"Hu","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Xi\u2019an University of Technology, Xi\u2019an 710054, China"}]},{"given":"Meng","family":"Xue","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Xi\u2019an University of Technology, Xi\u2019an 710054, China"}]}],"member":"1968","published-online":{"date-parts":[[2025,10,29]]},"reference":[{"key":"ref_1","first-page":"268","article-title":"Entrepreneurial and market orientation interactive effects on SME performance within transitional economies","volume":"23","author":"Zacca","year":"2021","journal-title":"J. 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