The Study On Volatility Of Chinese Stock Market Based On Fractal Theory

Innovation can promote economic development of a country or region continuously. With the development of the economy and with the globalization of the science and technology, a country’s innovation level plays an extremely important role in the social economic development so that innovation has become the key factor of the enterprise competitiveness.Based on the related research at home and abroad, this paper analyzes the basic meaning towards the efficiency of the technology and innovation briefly and introduces the present situation of industrial enterprise’s technical innovation;Also, this paper calculates and analyzes the total factor productivity as well as the influence factors on the basis of the china’s large and medium sized enterprises using2000-2009’s panal data from the regional and industrial degree respectively.The empirical results show:First, from regional perspective, there exists a rise regarding the total factor productivity and its growth rates within sample period,and China’s average total factor productivity grew by an average5.1%,lagerly resulting from the technology progress, however, technical efficiency changes presented negative and the decline of the technical efficiency,to a certain extent, offseted the effect of technological progress.13provinces haven’t meet the scale. And there exist Beijing, Heilongjiang, Shanghai, Zhejiang, Guangdong, and Yunnan,these provinces not only keep the technical efficiency and scale efficiency1and can still maintain total factor productivity grow. Second, from industry perspective, the industial TFP made an average annual rate of9.6%contribution to the industrial added value, mainly because of the development of the technology progress and scale efficiency,however, pure technical efficiency is negative;as far as technical efficiency is concerned, the total factor productivity of the industries whose technology efficiency is high is higher,too;as far as technology progress is concerned, industry characteristics can greatly effect the technology progress.On the foundation of empirical study, this paper also analyzes the impact of the enterprise efficiency of the technology and innovation, as well as provid corresponding suggestions.