This paper adopts the paradigm and modeling technology of evolutionary economics to construct an institution-technology co-evolution model, and conducts a model analysis and numerical simulation of the dynamic process of competition, learning, copying, and mutation of individual groups in the Internet financial ecology, laying a model foundation for the research on the Internet financial ecology in the future. We believe that the current Internet financial ecology in China is a combination of financial marketization and information technology revolution, forming a unique industrial form in the two-dimensional structure of system and technology. Therefore, to analyze the evolution and variation of individual groups within the ecology, the evolution process of these two dimensions and mutual feedback must be combined. In the four-stage simulation, we showed the growth, replication, selection and mutation process of two species-two types of enterprises relying on institutional arbitrage and relying on technological dividends. For the policy level, it is necessary to construct an institutional environment that is conducive to the survival of technology-based enterprises, and form species purification in the entire ecology through learning and imitation effects, so as to finally form a benign financial ecological environment with self-purification effects.
