Exploring the Mechanisms Through Which Sci-Tech Finance Drives China’s Low-Altitude Economy

探索科技金融推动中国低空经济发展的机制

Abstract

This study examines the impact of science and technology finance on the development of China’s low-altitude economy, an emerging sector that plays a crucial role in the Fourth Transportation Revolution. Using a sample of 428 Chinese A-share listed firms in the industry from 2013 to 2023, this research constructs a comprehensive evaluation framework based on the structure–conduct–performance (SCP) paradigm. The empirical analysis employs fixed-effects models and mediation tests to investigate both direct and indirect effects. The results indicate that science and technology finance significantly promotes the development of the low-altitude economy, and this relationship remains robust after multiple robustness tests and endogeneity corrections. In addition, science and technology finance indirectly stimulates industry development by improving firms’ access to credit resources. The findings further show that regions with more developed financial ecosystems experience stronger promotion effects, while non-state-owned enterprises utilize financial resources more efficiently than state-owned enterprises. These results reveal the dual transmission mechanisms through which science and technology finance supports the growth of China’s low-altitude economy and provide empirical evidence for strengthening financial support policies for strategic emerging industries.