An Empirical Study On Investment, Financing Mechanism And Technological Innovation Of Gugangxi's Firms

An effective investment, financing mechanism can facilitate many enterprises to develop more, efficient technology innovation and improve the ability of technological innovation, so as to promote a region economy sustained growth。But,for a long time, the combination of Chinese technology and economy is not good enough, the internal technology and economy system do not closely contact, which makes Chinese technological development and economic development uncoordinated, and the level of economic development has lagged behind in technological development. However, as a bridge, technological innovation connects technology and economy, which development enables the technology and economy to achieve docking, promoting the common development of scientific, technological, social and economic.With the development and opening up of Gulf Economic Zone rose to a national strategy, Guangxi Economy is becoming a new bright spot in Chinese economic development. However, as a less developed regions of Guangxi, in all respects, there is a big gap between Guangxi and the Eastern or central regions in our country. There are many problems to solve for Guangxi's economic take-off, and also many difficulties to overcome, too. Among them, how to accelerate the pace of technological innovation, with technological innovation to Promote Guangxi's rapid economic development, to narrow the gap Guangxi and Chinese other developed areas, is a top priority.This article is related to technological innovation in the theory and the Theory of Investment and Financing under the guidance of research. Start with two aspects of investment and financing corporate investment and financing of Guangxi and the status of technology innovation. The flow of funds in terms of technological innovation, mainly from internal research and experimental development activities, expenditures, research commissioned by other units and experimental development activities, expenditures, access to equipment and software spending related technologies from outside the enterprise expenditures for the four expenditure project, taking into consideration investment costs of technological innovation activities on the role of technological innovation. Sources of funding in terms of technological innovation, the focus from government funds, corporate funds, tax breaks, financial loans, and five other funding sources, to analyze sources of funds for the impact of technological innovation. Based on the data used in this article, technological innovation, financing channels in the various funds, foreign direct investment and venture capital in the amount of very small or even zero, so there is no reflected in the analysis. But in other countries and regions, which funds technology innovation as an important source of technological innovation activities in enterprises play an important role, so in this study, the impact will be included in the financing of technological innovation system, analysis. From the investment and financing through two major aspects of corporate investment and financing of Guangxi and analysis of the status of technological innovation, come to promote technological innovation activities in the region carried out in the general pattern of investment and financing structures. In reaching the general pattern of investment and financing structures, and then based on Innovation of Industrial Enterprises in Guangxi in 2006 survey data compiled on the survey data, using the traditional Cobb-Douglas production function, the weighted least squares (WLS) and Quasi-maximum likelihood estimation (QML), sub-regional and sub-industry investment and financing structures obtained prior to the general pattern of the test. Finally, according to test results, combined with the analysis of the status quo, given the conclusions and recommendations.In the analysis of Guangxi's innovative technology, investment and financing, we can find:The funds of Guangxi technological innovation are mainly from the enterprises themselves, financing is relatively narrow, government funds have significant crowding-out effect to the enterprise funds. Of particular note, in developed countries, investment and financing of technological innovation system plays an important role in venture capital, but in Guangxi, It is almost zero. In addition, the utilization of Guangxi enterprises to foreign capital is very low, and there is no effective technology to play a spillover effect of foreign capital. To investment and financing structure, SME financing structure is relatively more reasonable. In the following empirical analysis, This article is from the two levels of Guangxi region and the industry, basing on the traditional C-D production function, from the Innovation funds of investment and financing focused on the perspective of two different regression analysis, empirical tests that the funding for technology innovation investment and financing mechanism roles in technological innovation。The empirical results show that:There is a relatively significant positive correlation between funds of enterprises and technological innovation, and it is in increasing returns to scale; but there is no significant effect on technological innovation activities. This may be due to the lagged effect of investment in technological innovation. To the financing of technological innovation, the output of the impact of technological innovation is a significant and large; however, the financing structure is not reasonable and no significant role in promoting innovation activities. Overall, it is not very obvious for promote technological innovation to regardless of the structure or financing of investment structure, which shows that technological innovation in Guangxi investment and financing structure is irrational, the financing mechanism is not perfect, structural inefficiencies, and it needs greatly to be implemented the reform of financing mechanisms and structures.According to empirical research reveals the investment and financing issues, this paper argues that the structure of capital expenditure is necessary to optimize in Guangxi, introduce venture capital, attract foreign capital, improve the financial system, and also to give full play to the role of the government's policy direction, to further promote the Guangxi's reform of investment and financing mechanism of technological innovation.