A Study On The Financial Supports For The Development Of High-Tech Industry In China And Japan

High-tech industry is a leading industry in China's national economy, is important guarantee to maintain the fast, healthy and sustainable development of national economy. With economic characteristics of high-input, high risk and high-yield, high-tech industry faces the dilemma of capital formation and expansion funds shortage during development process. Finance is the core of modern market economy. Financial support plays an indispensable role to accelerate capital formation of industrial sector, improve and enhance the competitiveness of high-tech industry, is core mechanism of promoting sustainable development of China's high-tech industry.Finance support of the high-tech industry development is interactive mechanism of high-tech industry and the financial,and a kind of institutional arrangement to promote high-tech industry development. With the guide of the basic principles of Marxist economic theory, by the method of combining the logical and the historical, qualitative and quantitative analysis, normative and empirical analysis, and institutional economics analysis, with the reference on rational factors of development economics, industrial economics, financial development theory, this dissertation discussed the logic and reality of finance support in high-tech industries development, explored promoting and acting mechanism of finance support to high-tech industries development, constructed the correlation model of financial support to high-tech industries development, made empirical analysis on financial support performance of China and Japan, focusing on issues of financial support system selection and implementation during the process of economic transition,, and through comparative studying on evolution road, institutional performance and experience of the financial support system, made a preliminary discussion about constructing suitable financial support system for China's high-tech industry development.Firstly, this dissertation investigated and analyzed the generating logic and developing mechanism of the financial support policy of high-tech industry development. The high-tech industry has strategic position during the development of the national economy, which requires strengthening the scale and speed of capital formation in order to ensure necessary capital investment for industrial development. However, due to economic characteristics of technical industry, high-tech industry is facing the investment constraints of multiple negative factors, such as inadequate capital formation and inefficient capital allocation. Certainly, this will be the fundamental basis of financial support of industrial development, and lead to financial support becoming an important entry point of promoting and implementing high-tech industry development. On the view of monetary and financial 'dimensions, how to effectively mobilize financial resources and allocate financial resources efficiently becomes one of the core tasks to support high-tech industry development financially.Secondly, on the view of interaction between industry and the financial point, studied and analyzed mechanism of financial support for high-tech industry development, constructed econometric model to make empirical analysis on financial support performance of China and Japan. With the modern market economy, the performance of financial development is increasing financial assets size, optimizing financial structure and upgrading financial efficiency. Social production and specialization let successful capital accumulation and facilities to be necessary precondition for high-tech industries growth from internal and external dimension. The expansion of the financial scale provides the necessary prerequisite to capital formation for high-tech industries, the improvement of financial structure provides strong protection for effective transformation of the financial resources, the financial efficiency improvement provides technical support for rapid accumulation and efficient use of capital in the industrial development. Association and causation between financial support and the development of high-tech industry are rich in policy implications. In this study, by optimizing selection core indicators reflecting total amount expansion of financial, financial structure optimization, financial efficiency, by screening to determine metrics reflecting competitiveness of high-tech industry, building the correlation model of financial support and high-tech industries development, using the statistics during 1996-2002, investigated and analyzed correlationship of financial scale growth, financial structure optimization, financial efficiency of industrial development in China and Japan. Cointegration results show that there is long-term positive correlation between financial scale, financial structure, financial efficiency and industrial development. Further Granger causality test indicates that causality of the variables in two countries is more different, scale and financial efficiency plays an important role on promoting high-tech industry development in China, while financial structure indicator plays significant role in promoting high-tech industry development in Japan. Finally, from the angle of different stages of high-tech industry development and degree of finance supporting high-tech industry development, made explanatory notes for results.Thirdly, with the angle of new institutional economics and institutional comparative analysis, this dissertation made comparative analysis between China and Japan to financial support system for high-tech industries development, Mainly from the point of economic development strategy, technology and industrial policy, corporate behavior characteristics, and financial environment, examined the environmental conditions on financial support for the development of Chinese and Japanese high-tech industry, combined evolution of financial support system for the Chinese and Japanese high-tech industry, outlined general characteristics of financial support system for the Chinese and Japanese high-tech industry development, also evaluated performance of financial supporting high-tech industry development. Two countries implemented a range of financial support system to promote the development of national high-tech industry, which conceded with the unique institutional environment which gradually formed and developed in the eighties of last century, the arrangements and changes of family support system not only provides a source of capital for high-tech industry development, speed up economic and technological catch-up, but also further enhances the stability and competitiveness of the financial system of two countries. Of course, when the internal and external environment based on the financial supporting changed, the pattern of economic development and high-tech industry development path must make a fundamental adjustment, the transformation of the financial support system has become inevitable trend; Economic structure conditions also show that transformation of the financial supporting system face the issue of other direction choice and path selection, which therefore will be a long and arduous process.Fourthly, from the perspective of improving the efficiency of financial support, analyzed financial support system optimization and designation for high-tech industry development. With modern market economy, resource allocation is the focus of institutional arrangements; efficiency is the core of resource allocation. Finance is basic and important way to social and economic resource mobilization; improving financial efficiency is inherent requirement of finance supporting high-tech industry development. Financial support for the development of high-tech industries is strategic mechanism to promote industrial development and its core function is to optimize and design institutional. arrangement of financial support for industry development and promote capital formation scale and investment efficiency of high-tech industry, through oriented way of the complete supply system and high efficiency transmission mechanism; constructing science and reasonable finance supporting system, innovating the allocation mechanism of financial resources, seeking to enhance the strength and efficiency of finance supporting system.The possible breakthrough of this dissertation as below:the first is trying to analyze the relationship between financial support arrangements and high-tech industry development from the middle-level view, revealing the internal mechanism of finance supporting high-tech industry development, trying to construct theoretical framework of finance supporting for industries, especially to high-tech industry development; the second is from the view of financial scale expansion, financial structure and efficiency optimization to consider influence of financial development level on performance of high-tech industry development, constructing the correlationship model of finance support and high-tech industries development, not only make up for the previous lack which studied financial support for high-tech industry from the qualitative point of view, but also try to expand relationship between financial development, or some of the financial system and the development of high-tech industry; the third is combing constitution and evolution path of financial support system in China and Japan, summarizing the general features of institution change, evaluating the effect of financial support for the development of high-tech industry from the angle of system's performance, efficiency losses, on this basis, analyzing the necessity and possible trends of system transition, providing a historical perspective to explore the high-tech industry development and changes of financial system since transition of the two countries, providing realistic case and metaphor for studies of system features and risks in gradual reform of finance support; the fourth rethink of high-style financial support and high-tech industrial miracle rapid development since the war of Japan, and a series of financial reform in long-term recession conditions since the nineties, and also providing a frame of reference for financial support system reform of high-tech industry development in China. Although i am convinced of choosing this research direction, not sure of having gotten the intended target. There are several inadequate aspects as follow:firstly, there is lack of ready-made and mature theoretical support to study the mechanism and performance of financial support for high-tech industry development on the industry point of view, the basic analytical framework and research in this dissertation proposed by combining capital formation theory and financial development theory is still somewhat superficial; secondly although the extent of how much financial support can decide or contribute to industrial development and of which the relevance and causal relationship has been determined by cointegration analysis and Granger causality test in this dissertation, the results are also quantitative estimated roughly because of the shorter statistical period and less time-series data; thirdly, since system in China and Japan has been always changes, some of the effects and results of financial support are not clearly apparent, there is objective difficulty to grasp the system transition process and performance accurately of system in the transition process. As so, the quality of this dissertation is affected on different degree clearly and objectively.