Research On Mechanism And Efficiency Of S&T Financial Reasource Allocation

S&T finance formed by the combination of S&T innovation and finance capital is an important engine to drive technological progress and economic development,and it is also the key of implementing the strategy of reinvigorating the country through science and education,innovation driven development and building an innovative country.The function of S&T finance is achieved by S&T financial resource allocation.S&T financial resource with the characteristics of scarcity,configurability,fragility is the object of resource configuration,and it is also the means of allocating S&T resources,besides it is the core strategic resource of promoting technological progress and S&T development.The rationality of S&T financial resources allocation and the allocation efficiency affect the development situation of technology innovation,in addition,the efficient allocation of S&T financial resources plays a significant role in upgrading industrial sector and building an innovative Country in the period of China's economic transition especially.Therefore,the allocation mechanisms and S&T financial resources efficiency were studied and evaluated,and the strategy of improving the S&T financial resource allocation and the related coordination and safeguard mechanisms were proposed.Firstly,the S&T financial resource and its mechanism of driving technology innovation were analyzed.The conception and component elements of S&T financial resource including S&T loans,venture capitals,markets capitals,Public S&T finance,S&T guarantee,S&T insurance were defined,and the mechanism of S&T financial technology promoting scientific and technological innovation by capital formation,risk management,information revealing and project management was elaborated based on the stating concepts and features of S&T innovation and financial resource.Secondly,the allocation mechanisms and efficiency of S&T financial resource were analyzed.The subject and object,market mechanisms,government mechanisms and social mechanisms of S&T financial resource allocation were studied,and the relationship and features of market mechanisms,government mechanisms and social mechanisms were elaborated;The influence factors including the financial ecological environment,the industrial economic development level,economic system,S&T financial resource,and the Country's S&T and economic development strategy and its effect were analyzed;The connotation of S&T financial resources allocation efficiency were elaborated.Thirdly,the S&T financial resources allocation efficiency of China was analyzed empirically.First of all,the current situation of S&T financial resource allocation from the aspects of S&T loans,venture capitals,capital markets and S&T public finance,and the problems which mainly include insufficient of government guiding,lack of S&T financial markets elements and short of the informal financial development existing in China's S&T financial resources allocation were analyzed.Then,the evaluation index system of S&T financial resources allocation efficiency was built at the national and regional levels.At the same time,the allocation efficiency at different stages of S&T innovation activities about the nationwide and regions were analyzed empirically with the two-phase DEA evaluation model.Based all of that,TOBIT model was built with efficiency analyzed results,and then the influence factors and effects of China's S&T financial resources allocation efficiency were analyzed.Thereafter,the situation of foreign S&T finance development and their valuable experience were analyzed,and the strategy of optimizing the S&T financial allocation mechanism was proposed.American,Japan and India were regarded as the typical representative of the first development and catching-up countries,and their valuable experience of S&T finance development was summarized,besides what's the enlightenment of which to China's S&T finance development was analyzed;and on this basis,countermeasures and suggestions that mainly include developing S&T financial markets elements,innovating system arrangement for government supporting S&T finance development,developing private capital investment channels and so on for improving S&T financial resource allocation mechanism were proposed.Finally,the related coordination mechanism and the supporting mechanism were proposed.Based on the overall efficiency,output efficiency of S&T innovation,output efficiency of economic value and its related problems,The coordinating mechanism construction for improving the S&T financial resource allocation efficiency level of China was proposed,and it mainly includes the coordination between the present storage quantity and the increase in S&T financial market,the one among configuration mechanisms,the one between public S&T finance and markets S&T finance,and the one among the regions of financial resources allocation,etc.The safeguard mechanism for improving the level of S&T financial resources allocation efficiency were proposed,which mainly includes optimizing S&T financial legal system,promoting S&T financial intermediaries development,optimizing the mechanism of training talents,and completing social credit system,etc.