| Science and technology is the first productivity. It is an important driving force for economic development and social progress, and has increasingly became a decisive factor in the competition of Comprehensive National Power in recent years. Especially the raise of the concept ‘China’s New Normal’ and ‘Structural Reform of the Supply Front’ by Chinese government makes scientific and technological innovation become the key to the stability and sustainable development of Chinese economy. And the capital investment and support of the financial system plays a most critical role in the process of scientific and technological innovation. Without the support of the financial resources, scientific and technological innovation is like a tree without roots and cannot obtain continuous progress. Therefore, to promote the effective combination of Sci-Tech innovation and financial market has became an urgent requirement for the steady growth of economy.In view of this, the efficiency of Sci-tech & Finance integration in China is chosen as the research object in this paper. By summarizing the theory and the previous research in this field, we find many deficiencies of previous studies, which includes that the Sci-tech output index is not comprehensive, the relevant parameters in the efficiency measurement method can not be adjusted according to the actual situation and the research on the influence factors of the efficiency of Sci-tech & Finance integration in China from the aspect of financial system arrangement is insufficient. In order to solve these problems, this paper firstly defines the connotation of the efficiency of Sci-tech & Finance integration and constructs the index system of the efficiency of Sci-tech & Finance integration in China from the two angles of financial input and scientific output. Then based on the Entropy method and Bayesian Stochastic Frontier Analysis model, this paper measure the efficiency of Sci-tech & Finance integration of every province in China from the aspect of comprehensive output from 2001 to 2014. Finally the paper analyze the long term evolution trend of efficiency of Sci-tech & Finance integration in China and then analyses the factors that influence the efficiency of Sci-tech & Finance integration in China based on Panel data econometric model. With the researches above, this paper hope to provide some theoretical basis for the optimal allocation of financial resources.Based on the researches in this paper, some conclusions can be drawn as follows:(1)The research on the weights of the three Sci-tech outputs based on the entropy method shows that every output index has different weights in different years and each output index account for a large proportion in the total output. Therefore, only considering the three Sci-tech outputs comprehensively can measure the efficiency of Sci-tech & Finance integration in China objectively.(2)The overall efficiency of Sci-tech & Finance integration in China has improved significantly from 0.34 in 2001 to 0.78 in 2014 with different stage characteristics. And the Efficiency of Sci-tech & Finance Integration in 30 provinces has increased over time, but the increase range is very different among provinces.(3)The efficiency of Sci-tech & Finance integration in China will converge in the long term, it means that the development of Sci-tech & Finance integration in different provinces will not appear the state of polarization in the long run. And under the existing socio-economic conditions, the efficiency of Sci-tech & Finance integration in different provinces will reach the high level with 70% probability.(4)The national finance expenditure on Sci-tech, the venture capital investment and the capital market financing for Sci-tech have significant positive effect on the efficiency of Sci-tech & Finance integration in China. While the Sci-tech loan from banking industry have a significant negative effect on the efficiency of Sci-tech & Finance integration in China. Specifically speaking, the national finance expenditure on Sci-tech, the venture capital investment and the capital market financing for Sci-tech increase by 1%, the efficiency of Sci-tech & Finance integration in China can be separately promoted by 0.0325, 0.0409, 0.0295 percentage points, however, the Sci-tech loan from banking industry increase by 1%, the efficiency of Sci-tech & Finance integration in China can be decreased by 0.0178 percentage points. |
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