Technology Insurance Empowers the High-Quality Development of High-Tech Industries —From the Perspective of Suppressing Technological Risks

Based on the theoretical framework of "Risk Suppression - Insurance Empowerment," this paper empirically examines the empowering role of technology insurance on the high-quality development of high-tech industries using panel data from 31 Chinese provinces (2005–2023). The results show that technology risk significantly inhibits high-quality development. This conclusion remains robust after endogeneity and stability checks, validating the risk-mitigating and expectation-stabilizing value of technology insurance. Mechanism analysis reveals that technology risk impedes development by reducing innovation efficiency, weakening corporate risk-taking, and exacerbating resource misallocation. Heterogeneity analysis indicates the inhibitory effect is more pronounced in regions with high digital finance development, weak intellectual property protection, and bank-dominated financial structures. These findings highlight the urgent need for technology insurance's institutional substitution and credit enhancement functions in such contexts.