| Innovation is the soul of a nation, is an inexhaustible motive force for national prosperity.In era of knowledge economy,technical innovation has become the driving force of economic growth in the core.Technological innovation, especially the technological innovation activities in high-tech enterprises, is a complex and ambitious project,from capture innovation opportunities, develop innovative solutions, knowledge, technology or process with many processes, such as invention, market positioning and development, requires a lot of manpower and resources to support, especially in terms of financial support.And finance as the core of modern economic life, can provide the technology innovation financing channels to improve the efficiency of investment funds, enabling the promotion of technological innovation.Financial structure is divided into bank-dominated financial structure and financial market-oriented financial structure,It can provide the necessary financial support to social and enterprises’ technological innovation through these two paths.Financial structure and technological innovation in today’s socio-economic development process have played an important role, the study on the financial structure which affect the path of technological innovation is particularly important.Thus based on combing domestic systems theory literature about financial structure and technological innovation, make the depth study about the impact of financial structure on the path of technological innovation.In order to make conclusions of the study more reliable and enrichment,this paper studied the effects of the financial structure on technological innovation path from the perspective of both the macro and micro analysis,macro perspective mainly China31provinces domain for the study,estimation using panel data model estimation techniques and instrumental variables,researching the Impact of provincial financial structure on technological innovation which paths.Micro perspective is based on the Shanghai and Shenzhen A-share listed companies in the manufacturing and information technology services for the study sample,from perspective of the financing structure of the enterprise as a starting point,analysis the different financing methods,financing is divided into endogenous and exogenous financing, different impact on technological innovation, and thus from the macro and micro aspects of the contents of this paper have a grasp of the whole.Specifically, this paper is divided into six chapters,the first chapter is an introduction,first, the background and significance of the study were explained, indicating the importance of the technological innovation in the financial structure of the problem,and then the relevant literature abroad made comments and proposed specific research content and methods.The second chapter is the impact of financial structure on the technological innovation for the relevant theoretical analysis.Firstly, make the basic definitions about the financial structure and technological innovation, then summarize and review the financial structure and technological innovation theory.Then proposed the different mechanisms of financial structure in technological innovation: that bank-based financial market-based financial structure is how to separate the role of technological innovation.On this basis, given the financial structure and the basic theoretical model of technological innovation.The third chapter mainly to review and analyze the present situation of technology innovation and the financial structure. The fourth chapter from a macro point of view that the use of the provincial panel data, the level of technological innovation in all regions how to affected by the financial structure, do in-depth analysis of empirical research.The fifth chapter from the perspective of the analysis of the micro-listed financing structure of companies in Shanghai and Shenzhen A-share, trying to find the effects of different financing methods (internal financing,direct financing and indirect financing) the level of technological innovation.The sixth chapter is the research summary and policy recommendations of the full text.Through the the analysis of empirical results, the relevant conclusions, based on the actual situation in China, put forward policy recommendations on the financial structure and technological innovation.Conclusions:(1) Financial structure has a significant positive impact on technological innovation between China region,the financial structure is divided into bank-dominated financial structure and capital market-oriented financial structure,the empirical results show the extent of the development of the banking market:the impact of the credit facilities from banks to technology innovation is significant and positive,the degree of development of the stock market, that the financing of stock market has no significant effect on technological innovation.Three control variables, the degree of regional economic development, government fiscal spending on technology, have very significant impact on technological innovation.But the impact of FDI on technological innovation in an area not significant.(2) On the microscopic, corporate finance perspective structure, By the analysis of sample of listed manufacturing and information technology services company.Empirical studies have shown that endogenous financing companies have a significant impact on technological innovation activities of enterprises and the correlation coefficient is positive.Similarly,external financing can be divided into direct and indirect financing,the equity financing and bank credit facility on behalf of the two financing modes.The empirical results show the impact of bank credit loan financing on enterprise technology innovative is significantly,the equity financing that had no significant effect on technological innovation activities.Two control variables,age and size of the business have significant impact on technology innovation,greater the size of the business, the longer established time, the ability to innovate, the stronger.(3) Empirical research shows that from both the macro and micro levels,the banking market has a significant impact on technological innovation,but the stock market doesn’t.Therefore, we have to vigorously develop China’s capital markets, while improve the structure of the banking market.Coordinated development of the two markets, and jointly promote technology to improve our level of innovation.Accordingly,provide relevant policy recommendations for optimizing advancement and technological innovation of our financial structure:(1) Establish a sound, multi-level competitive commercial banking system;(2) Capital markets and diversified multi-level;(3) Improve relevant financial laws and regulations;(4) Government should strengthen policy support。... |
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