Research On The Synergistic Relationship Between Financial Development And Sci-tech Innovation

Remodel the dynamic mechanism of economic growth,letting innovation becomes the new engine of economic growth,and plays the leading role in total innovation,has become the consensus in China.In the implementation of innovation-driven development strategies,financial sector play an important role.Sci-tech innovation needs to undergo technology development,achievement transformation and marketing and other stages of development,there is a growing demand for capital.Without the support of financial capital,sci-tech innovation is like water without source.Back to the practice of sci-tech innovation in the United States,mainly due to the establishment of a sound financial service system.China’s government departments have introduced a number of financial services to the sci-tech innovation policies to encourage market players to participate in,to guide the flow of financial resources,to explore the new service mechanism and mode of cooperation,and thus the concept formation of "Sci-tech Finance".The achievements of sci-tech innovation,such as big data,cloud computing and artificial intelligence,which applied to corporate financing,risk management,and other business areas,will significantly enhance the efficiency and quality of financial services.It can be seen that financial services and sci-tech innovation are two-way interaction.Not only financial development support sci-tech innovation,but also sci-tech innovation nurture financial development,is the principle of research this problem should be upheld.A comprehensive and in-depth understanding of the dynamic relationship between the two is an important basis for the sustained and healthy development of the economy.Historical experience shows that,the financial development level above sci-tech innovation will spawn an asset bubble,otherwise it will lead to financial difficulties.Only when the risks and returns are balanced,the relationship between the two can be maintained and become a virtuous circle.Based on the related literatures in domestic and foreign,this thesis revealing the engendering logic and evolution path of financial service and sci-tech innovation synergistic relationship,using multidisciplinary cross method proved the objectivity and necessity of synergistic relationship,and referencing coupled coordination model to quantitative measure the synergistic level.This thesis tries to establish an analytical framework which is consistent with the theoretical logic and economic reality for the synergistic evolution of financial development and sci-tech innovation,so as to improve the coupling efficiency and realize the policy objective of innovation-driven economic growth.The main contents of this thesis include:First,clarify the inherent law of the synergistic evolution of financial development and sci-tech innovation.On the basis of reviewing the sci-tech revolution,this thesis points out that the synergistic relationship between these two is not static,but presents the characteristics of periodic change.In order to clarify the internal logic of synergistic evolution,this thesis expound the dynamic mechanism of synergistic evolution from the internal supply and demand matching and external system maintenance,combined with the stochastic fluctuation and the principle of self-organization,abstracting the laws of interactive symbiosis and coupled coordination in synergy process.Second,investigate the impact of financial development and sci-tech innovation on economic growth.Drawing on domestic and foreign latest research results,financial development and sci-tech innovation are endogenous to the economic growth model,aiming to clarify the interaction between the three,to provide an economic theoretical framework for comprehensively understanding innovation-driven growth.Based on the provincial data,the empirical results show that the synergy between financial development and sci-tech innovation can promote economic growth,but the contribution is not high,there is still a large space for optimization and adjustment.Third,confirm that financial development and sci-tech innovation are symbiotic rather than independent.This thesis regards the financial development and sci-tech innovation as two ecological populations and uses the Logistic function to describe the process of population growth.The empirical results based on industrial data show that the two processes are not completely independent but have symbiosis evolution relationship,while the symbiotic pattern is asymmetric reciprocal.There exists a problem of unequal distribution of benefits,which requires mechanism design to realize the transition to symmetric reciprocity.Fourth,quantitative measure the synergy level of financial development and sci-tech innovation.In this thesis,the coupled coordination degree model of financial development and sci-tech innovation is constructed to measure provincial economic data.The results show that the coupled coordination degree of the two is low,and there are big differences between the provinces in time and space,showing the distribution of "East high west low".From the mean of comprehensive parameter,the laggard province of sci-tech innovation is more than that of financial development,and the virtuous mechanism of system coordinated development has not yet formed.Fifth,construct a system framework for the coupling of financial development and sci-tech innovation.This thesis believes that the coupled evolution is a process of institutional adjustment.The system frame design should follow the complementary of the government and the market,risk and return matching principle,and propose some detailed operating advice from multidimensional financial supply system and innovation resources integration and sharing system,in order to fully mobilize the enthusiasm of all parties,to create the social innovation and entrepreneurship atmosphere,and enhance the coordination level of financial development and sci-tech innovation.The innovation of this thesis lies in:First,sum up the micro-operation mechanism and dynamic evolution law between financial development and sci-tech innovation.Based on the review of the previous waves of sci-tech revolution,this thesis makes clear the trend in the process of dynamic evolution,and also found the cyclical change in the trend.Each period is a relatively independent synergistic process.From the micro level,this is a process of two internal elements pursuing self-interest,matching supply and demand,which also presents the interaction and coupled motion laws between systems.Second,reference a lot of theories and methods from other academic disciplines to confirm the synergistic relationship between financial development and sci-tech innovation.Research on this problem of the existing literatures mostly stay in the "interactive" level,but did not deeply study the process of the interaction,"synergy" is not a simple combination or fusion,but stressed the matching function structure and coordination of time and space.Firstly,this thesis draws lessons from the new Schumpter endogenous economic growth model to clarify the micro mechanism of action between the financial sector and enterprise department,in order to find a relative theory for the synergy relationship.Secondly,this thesis treats financial develdpment and sci-tech innovation as two groups,and draws lessons from the Logistic method of biology to describe the coupled coordination relationship between them.It is a beneficial attempt of symbiosis theory for synergy problem.Thirdly,construct the coupling coordination model to quantify the synergy level and stage of financial development and sci-tech innovation.The existing literature uses different measurement models to test the interaction between them,but it is rare to quantify the level of action or synergy.This thesis constructs coupled coordination model for evaluating synergistic level of financial innovation and development of science and technology.It discusses the spatial and temporal variation characteristics of coupling relationship by provincial data,and analyzes the possible influence factors,which can provide the basis for policy making and system supplying.