Exploration of R&D input and technological innovation output in high-tech industries—based on the perspective of financing channels of China

Research and development (R&D) innovation drives sustainable growth in high-tech industries. This study analyses the impact of R&D funding classified as enterprise self-financed, government, foreign, and other sources on technological innovation outputs using China’s interprovincial panel data (2009–2021). Results reveal that self-financed R&D significantly boosts innovation, while government funding shows initial constraints but long-term benefits. Foreign R&D funding offers diminishing returns despite positive spillover effects, and other sources enhance innovation through efficient resource allocation, with room for improvement. The findings offer policy insights to optimize R&D investments, address funding disparities, and promote sustainable development in high-tech industries.