Financial Support Of Scientific And Technological Progress

With the internal and external environment of China’s economic development have changed, the mode of epitaxial scale expansion of economic growth go into the bottleneck. If a country want to achieve sustained economic growth and change the mode of economic growth, it always make financial development as a key factor in promoting the country’s economic growth, make reform of the financial system as a key step in a country’s response to the trend of economic globalization. With the era of knowledge economy coming, technological elements also become increasingly important. The capability of independent innovation will be the main driving factor for the future economic growth. Technology and finance are closely, the financial sector plays an important role in promoting scientific and technological progress and technical innovation, significant progress in science and technology as the guide to financial innovation and deepening of the financial strong pulling power of science and technology. With the economic development, scientific and technological progress plays the new paradigm of economic development, more dependent on financial supporting.This paper focuses on the construction of the financial system of China’s scientific and technological progress to expand the research, the text is divided into seven parts.The first chapter described the research background, significance, main content and innovation. And then propose how to build a financial system for the promotion of scientific and technological progress to effectively promote the interaction of finance and technology, make scientific and technological achievements into practical productive forces to promote sustainable economic growth.The second chapter analyzed and summarized the existing literature at home and abroad. The conclusion is efficient financial arrangements can promote the progress of science and technology to promote economic growth. But related study also did not form a complete theoretical system, to ignore technical factors in the study of the financial and economic, while in this paper taking into account the financial, economic research to consider this important factor of science and technology.Chapter3analyzed China’s current economic development situation, and the status of the current development of China’s financial system, as well as financial support for the development of China’s science and technology industry. The fourth chapter based on scientific and technological progress and financial development is the driving force for the fact that China’s sustained economic growth, as the starting point in a number of ways of the financial impact of the economic analysis revealed that the financial system in the AK model and a new theory of economic growth on the basis of impact on capital accumulation and technological progress to promote economic growth. Subsequently, Finance-Technology-economic research focus to analyze financial role in the mechanisms and the implementation mechanism of the function of technology, trying to portray the financial development and the role of scientific and technological progress in the process of economic growth. According to the endogenous growth theory, find a new impetus to promote China’s sustained economic growth in the future---that is well cooperation from the scientific and technological progress and financial capital.The fifth chapter is empirical analysis. The paper collected economic and financial data from1991to2011. Then we were constructed of indicators of financial markets, financial intermediation, science and technology progress to analyze financial development through scientific and technological elements of the role of China’s economic growth efficiency. Based on the current economic reality, derived from the development of China’s economic data empirical China’s economic output by the human capital, physical capital stock and the impact of science and technology, including the contribution of technological factors on China’s economic development has gone beyond the human and physical capital the stock of the impact of scientific and technological innovation factors gradually become the main body to promote economic, but the role of science and technology for economic efforts did not conclusions. The regression results derived from the cointegration test and the economic equation of human capital, physical capital stock is the financial impact of an important economic transmission channels. Technology and not as expected and financial effectively combined, the financial impact of an important economic transmission channels. Finally concluded, the role of China’s financial development on economic growth is less by scientific and technological progress pathway conduction, the development of the financial system lag unsound financial functions, financial and technology effectively combined with inadequate, resulting in low efficiency of the conversion of scientific and technological achievements, to help economic growth push effect can’t play.Chapter VI tried to put forward our policy recommendations based on the empirical analysis above conclusions, and want to be able to guide practice, to find a new direction for our economy in the next stage of the development process of financial development, and the promotion of China’s financial capital and the butt of Science and Technology. China’s scientific and technological achievements quickly converted into practical productive forces, and ultimately achieve economic transformation by the growth of low-quality to high-quality growth, China’s economy gradually shift from extensive to intensive development to become truly independent innovation-oriented country.Finally, chapter VII is conclusion and outlook, the overall conclusions of the full-text system statements, and the prospect of further research direction of its system analysis framework.