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<p>Against the broader shift toward green transformation and high-quality development, the issue is not simply whether sci-tech finance is related to urban green performance, but how different financial arrangements correspond to that outcome under varying urban conditions. Prior studies often treat fiscal support and credit supply as separate or additive channels, which makes it difficult to explain why similar policy tools produce uneven outcomes across cities. To address this gap, this study investigates the joint role of fiscal R&amp;D expenditure and sci-tech credit in urban green development performance, with particular attention to the conditions under which different combinations become relevant. Drawing on data for 272 Chinese prefecture-level cities from 2008 to 2023, the analysis combines Necessary Condition Analysis (NCA) and fuzzy-set Qualitative Comparative Analysis (fsQCA) to examine bottleneck conditions and configurational patterns. The findings show that no single dominant condition accounts for high urban green development performance, and that cities reach this outcome through more than one route. Fiscal R&amp;D expenditure and sci-tech credit play different roles across high-performing cases, and the weight attached to each instrument shifts with marketization, financial development, human capital, and industrial agglomeration. In certain cases fiscal support stands out, especially where market-based finance struggles to absorb the risks tied to innovation. In others, fiscal and credit instruments appear together, reflecting a coordinated financing arrangement. Low performance, by contrast, displays its own configurational structure rather than simply reflecting the absence of the conditions tied to high performance. Overall, the evidence indicates that the two instruments are neither uniformly complementary nor uniformly substitutive. More broadly, it underscores how local capability, institutional setting, and stage-specific demands shape the link between sci-tech finance and urban green transformation.</p>

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Complementarity or substitution? Configurations of fiscal R&D expenditure and sci-tech credit for urban green performance

  • 期刊论文

  • 发表日期：

    2026年7月18日

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  • Zuoteng Wang,
  • Xiaotong Chen,
  • Sheng Zeng

摘要

Against the broader shift toward green transformation and high-quality development, the issue is not simply whether sci-tech finance is related to urban green performance, but how different financial arrangements correspond to that outcome under varying urban conditions. Prior studies often treat fiscal support and credit supply as separate or additive channels, which makes it difficult to explain why similar policy tools produce uneven outcomes across cities. To address this gap, this study investigates the joint role of fiscal R&D expenditure and sci-tech credit in urban green development performance, with particular attention to the conditions under which different combinations become relevant. Drawing on data for 272 Chinese prefecture-level cities from 2008 to 2023, the analysis combines Necessary Condition Analysis (NCA) and fuzzy-set Qualitative Comparative Analysis (fsQCA) to examine bottleneck conditions and configurational patterns. The findings show that no single dominant condition accounts for high urban green development performance, and that cities reach this outcome through more than one route. Fiscal R&D expenditure and sci-tech credit play different roles across high-performing cases, and the weight attached to each instrument shifts with marketization, financial development, human capital, and industrial agglomeration. In certain cases fiscal support stands out, especially where market-based finance struggles to absorb the risks tied to innovation. In others, fiscal and credit instruments appear together, reflecting a coordinated financing arrangement. Low performance, by contrast, displays its own configurational structure rather than simply reflecting the absence of the conditions tied to high performance. Overall, the evidence indicates that the two instruments are neither uniformly complementary nor uniformly substitutive. More broadly, it underscores how local capability, institutional setting, and stage-specific demands shape the link between sci-tech finance and urban green transformation.