Research On Support And Countermeasure Of Fintech Based On Innovation Driven Development

China has entered a new era.Chinese economy has transformed from a high-speed growth stage to a high-quality development stage.Because the growth mode relying on factor input is not sustainable that to an innovative growth mode has become particularly important.The 18 th and 19 th National Congress of the Communist Party of China put forward the strategy of "innovation driven development";“to build an innovative country”.The Fifth Plenary Session of the 19 th CPC Central Committee put forward the necessity of innovation driven development and the new advantages of all-round development.How to accelerate innovation driven development? Using science and technology finance(short for Tech Fin)to serve the whole process of innovation,promoting technological innovation and transformation,developing science and technology industry which is one of the important paths.Therefore,this paper puts forward the financial support and countermeasures for innovation driven development of science and technology.Firstly,this paper combs the literature of Tech Fin;innovation and economic development.This paper divides Tech Fin into Public Tech Fin and Market Tech Fin.The review of innovation driven development and Tech Fin;relationship between both which establish a theoretical foundation for this paper.The transformation from investment driven to innovation driven conform to the rule of economic development.Based on the analysis of current economy of China,the sustainability of growth models of growth.This paper using the panel data at the city level that makes a comparative analysis of the long-term effect;interaction effect and threshold effect of investment driven and innovation driven on economic growth.The long-term growth driven by innovation should be positive and sustainable,both innovation driven and investment driven have threshold effect.Innovation has crossed the low threshold,while investment has crossed the high threshold,there are interaction effects between both driven.With the weakening of the driving force of China's economic growth which need to change the existing extensive investment driven mode,increase innovation investment to achieve high-quality development through innovation driven.The synergy of economy and innovation is an important mechanism and path to achieve innovation driven.This paper constructs a collaborative index system of economic development and S&T innovation which from the dimensions of scale;structure;efficiency and overall that analyze the order and collaborative degrees of 31provinces and regions from 2008 to 2018.The results show that the synergy level of economic development and S&T innovation is on the rise.The largest contribution is scale collaboration.The comprehensive order degree of economic development subsystem is significantly higher than S&T innovation subsystem.At present main problems are:the orderly development of S&T innovation subsystem still needs to be improved;the coordination between economic and S&T innovation structure is insufficient;the synergy of both structures is insufficient and efficiency is low;there is obvious regional heterogeneity.How to alleviate these problems of coordination of economy and innovation,this paper uses the comprehensive index system method to measure the development level of Tech Fin.Through theoretical analysis and empirical test to accomplish.The main findings are as follows: the development level of Tech Fin shows an obvious upward trend;the eastern region is significantly higher than the central and western regions.Both Public Tech Fin and Market Tech Fin can significantly promote innovation.Tech Fin has a greater promoting effect on the eastern region of innovation;the market finance exclusion in the backward regions is more serious which need more support.Tech Fin can significantly promote the synergy of economy and S&T.There is a positive interaction effect between Public Tech Fin and Market Tech Fin.Public Tech Fin attracts Market Tech Fin intervention through guiding effect and crowding effect,while Market Tech Fin feeds back Public Tech Fin through wealth effect,and promotes the synergy of economic development and innovation.This paper measures the policy of Tech Fin from the perspectives of trend,type,theme,publishing department and regional distribution.S&T Bureau,Finance Bureau and government departments as the main released subjects which promote the vertical diffusion,deepening and refinement of policies,gradually formed a characteristic policy system of China.In order to evaluate the policy effect of pilot project of integrating science,technology and finance.Using DID Model empirical tests the first batch of pilot cities and regions are empirically tested makes an empirical.It is found that the pilot policy can make up for the failure of Tech Fin market;form the policy guidance and capital crowding effects;bear the risk of innovation to significantly improve the combination in the pilot cities.The results based on PSM-DID are consistent found that the pilot policy promotes the combination of science,technology and finance has been improved to promote technological innovation.The DEA cross evaluation method is used to evaluate the allocation efficiency of Tech Fin and summarize related problems.The fund allocation efficiency of Public Tech Fin shows an obvious upward trend and Market Tech Fin is generally stable.There is a high correlation and positive interaction between Public Tech Fin and Market Tech Fin.However,there is no correlation of allocation efficiency between both.There is a positive correlation between the development level of Tech Fin and the allocation efficiency of Tech Fin.The main problems of allocation efficiency of Tech Fin are: the effective supply is insufficient,the allocation efficiency needs to be improved faster,and the regional heterogeneity is obvious.In order to speed up innovation driven development,the countermeasures are as follows: From the perspective of comparative analysis,it is necessary to enhance the strategic position of Tech Fin;strengthen the deep integration of S&T,industry and finance,gradually upgrade the development mode,reduce the efficiency of financial repression,use Tech Fin to accumulate knowledge capital,continuously improve the internal and external ecological environment,further improve the work coordination and incentive mechanism,innovating financial support for S&T self-reliance.From the perspective of research system: we need to promote the rapid development of S&T credit,support the development of insurance,accelerate the development of venture capital and improve the multilevel capital market.