Effect evaluation of national big data comprehensive experimental zone on financial science and technology innovation effect

Aiming at the dynamic mechanism gap of financial technology innovation in the global digital transformation, this study focuses on the national big data comprehensive experimental zone policy, and explores its systematic impact on the development of financial technology through the three-dimensional path of resource allocation efficiency optimization, environmental supervision system reconstruction and technology integration intensity (TII) improvement. Based on the panel data of 279 prefecture-level cities in China from 2012 to 2024, this study innovatively adopts a framework integrating the Difference-in-Differences (DID) model and event study method. It controls for endogenous interference through instrumental variable methods and employs multi-level mediation tests to analyze the transmission mechanism. The empirical findings indicate that the construction of pilot zones significantly promotes the expansion of regional fintech enterprises, and this effect is statistically significant and continues to strengthen as the policy deepens; The verification of the three mechanisms shows that the policy forms a chain conduction by improving the efficiency of resource allocation, strengthening the efficiency of environmental supervision and promoting the quality of green innovation, especially promoting the “overtaking in corners” in underdeveloped areas. The research further reveals that the policy design should set the differential trigger threshold according to the endowment of regional digital base. It is recommended that indicators such as “freedom of cross-border data flow” and “distance of digital sovereignty systems” be included in the policy evaluation framework. These indicators can help promote a new paradigm of international digital governance that balances inclusive development and innovation-driven competition.