| As a pillar industry of China’s national economy,high-new-tech industry is not only contributed greatly to the growth of green GDP, but also promote the optimization and upgrading of industrial structure by diffusion, permeation, etc. So its impact on China’s economic development is material. But as a high input, high output industry, high-new-tech industryis closely related with the capital, technology, labor and other resource inputs, especially from the sci-tech financial system capital investment.In recent years, although Chinese high-new-tech industry has made great progress, but compared with developed countries, there is a gapwhich is associated with Chinese sci-tech financial system imperfections. Therefore, in order to alleviate the financial pressure of high-new-tech industry, and promote the development of high-new-tech industry, to construct a reasonable sound sci-tech financial system has become a serious problem. In view of this, detailed understanding of sci-tech finance and high-new-tech industry development, systematic analysis sci-technolog financial mechanism for the high-new-tech industry, empirical researchingsci-tech financial impact of high-new-tech industryabout influence the direction of efforts, and proposing appropriate policy targeted proposals to promote the development of high-new-tech industry, has important theoretical and practical significance.This paper both theoretical and empirical research on sci-tech financial impact of high-new-tech industry. In theoretical research, this paper from funds, taxation, technological loans, venture capital, technology capital markets, insurance and technology finance environmental technology of sci-tech financial system, study the high-new-tech industry financing mechanism, incentive mechanism and safeguard mechanisms to understand the sci-tech financial influence path of high-new-tech industry.In empirical research, this paper by21provinces (municipalities and autonomous regions)2005-2011panel data for the study sample, empirical analyze funds, taxation, technology loans, venture capital and technology capital of sci-tech financial system impating on high-new-tech industry output and efficiency.High-new-tech industry output select the value of output at current prices, the main business income, the output value of new products and the number of patent applications to measure. Effectiveness of high-new-tech industry seclet R&D personnel equivalent full-time equivalent, R&D intramural expenditures, investment in fixed assets as input indicators, the output at current prices, the output value of new products, the number of patent applications, the export delivery value as output indicators, using data envelopment analysis model estimates of global income.The results show that funds promoting high-new-tech industry, the tax has a significant inhibitory effect on high-new-tech industry, technological loanshas inhibitory effect on high-new-tech industry, venture capital has a significant role in promoting for high-new-tech industry, technology capital market has inhibit effect on high-new-tech industry.Therefore, in order to build a sound scientific sci-tech financial system to promote the development of high-new-tech industry, it needs to improve the system of financial investment in science and technology, increase scientific and technological innovation loans, norms venture operation mechanism, improve the technological capital market system. |
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