The Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development explicitly calls for accelerating high-level self-reliance and self-strengthening in science and technology, promoting the agglomeration of innovation resources toward enterprises, and deepening the integration of the innovation chain, industrial chain, capital chain, and talent chain—thereby providing strategic guidance for enhancing the efficiency of financial support to high-tech industries. While it is widely acknowledged in both academic and industrial circles that improved financial support efficiency contributes to the expansion of the technology market, the reverse relationship remains insufficiently examined and requires systematic empirical validation. A critical barrier lies in information asymmetries among key stakeholders in high-tech finance, including government agencies, financial institutions, and high-tech enterprises, particularly concerning the valuation of technological assets, R&D progress, and the commercialization of research outcomes. These asymmetries result in inefficient allocation, misallocation, or even arbitrary deployment of financial resources, perpetuating entrenched financing constraints. Meanwhile, sustained policy support has driven a significant expansion of China’s technology market, generating an expansion effect that may serve as a new pathway to mitigate these financing challenges. This study investigates this dynamic from an integrated meso-micro perspective, linking the functional mechanisms of the technology market with the financing needs of high-tech enterprises. It delineates the theoretical pathways through which technology market scale expansion enhances financial support efficiency, constructs an evaluation framework for such efficiency, and employs a super-efficiency SBM model combined with a two-way fixed effects model to analyze provincial panel data from 2013 to 2022. The empirical results confirm a significantly positive effect of technology market expansion on financial support efficiency, a finding robust to multiple sensitivity checks. Heterogeneity analysis reveals that the magnitude of this effect diminishes progressively from economically developed to less developed and underdeveloped regions. Furthermore, industrial structure upgrading strengthens the positive impact of market expansion, while collaborative innovation serves as a key mediating mechanism through which market growth improves financial efficiency. Policy implications suggest that governments should prioritize technology market development, implement differentiated regulatory and incentive policies, and actively foster industry-university-research collaboration and structural transformation to amplify the market’s expansion effect. By embedding the technology market’s expansion effect into the complex ecosystem involving financial services and technological innovation across multiple stakeholders, this study extends the theoretical understanding of how markets mediate financial resource allocation in high-tech sectors. Practically, it offers empirical grounding for policymakers to harness market-driven forces and provides actionable insights for financial institutions and enterprises seeking to leverage the policy dividends associated with technology market growth.