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Abstract In this paper, it selects provincial panel data of China as sample from 2005 to 2015. It explores the effects of technological finance on R&D and TFP. The results show that technological finance have a significant positive effect on R&D and TFP, as a results of threshold effect, the marginal effect of technological finance is increase. Based on the 13th FiveYear National Science and Technology Innovation Plan, it gets the conclusions：development of internet finance raise the positive effect from technological finance to R&D and TFP; traditional finance is beneficial for technological finance raise R&D and TFP; private finance is beneficial for technological finance raise R&D and TFP; building a multilevel capital market raise the positive effect from technological finance to R&D and TFP; strengthen patent protection raise the positive effect from technological finance to R&D and TFP.
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| Fund:国家自然科学基金项目(71471031，71171036)；国家社会科学基金重点项目(14AZD089) |
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