基于我国2005-2015年省级面板数据，利用固定效应、系统GMM和面板门槛回归模型,研究了各省科技金融发展水平对R&D资本存量和全要素生产率(TFP)的影响。实证结果显示：科技金融对R&D资本存量和TFP具有正向促进作用，且存在门槛效应，当科技金融指数高于门槛值时，科技金融对R&D资本存量和TFP的促进作用更强。基于《十三五国家科技创新规划》的政策指示，进一步研究发现：发展互联网金融有利于科技金融促进R&D资本存量和TFP；传统金融越发达，科技金融对R&D资本存量和TFP的促进作用越大；民间资本越发达，科技金融对R&D资本存量和TFP的促进作用越大；建设多层次资本市场，有利于科技金融促进R&D资本存量和TFP；加强专利保护，有利于科技金融促进R&D资本存量和TFP。

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 FiveYear 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 multilevel 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.