| Technological innovation is a national or regional economy continues to grow and maintain internal power source of competitive advantage, Is a major driver of future economic development, But the technological innovation process is often lengthy and unpredictable, but also has a high failure rate. Therefore, the promotion of innovation need to improve the effective functioning of financial markets, reduce financing costs, allocate scarce resources, assessment of innovative projects, risk management and monitoring, and played a key role. Schumpeter, economist Solow and later you through a variety of theoretical and empirical research, the basic argument of the huge financial contribution to the development of capacity building through the promotion of technological innovation and economic growth has been generally recognized. Ability to finance development and technological innovation is closely related to the level of financial development on technological innovation has a strong pulling power. Financial development plays a significant progress in the promotion of technological innovation an important role in the process of technological innovation are in financial deepening as a guide. In recent years, scholars were also from different levels of financial development to support technological innovation theory and analysis done empirical.The paper, on the basis of previous studies, selected Chinese manufacturing as a sample, in order to analyze the impact of financial development on specific industry technology innovation ability. Manufacturing is the carrier of a country’s development and infrastructure, the development of the manufacturing sector to some extent affected the economic growth of a country, China’s manufacturing industry in order to truly powerful must pay attention to technological innovation, and long-term development finance is inseparable from manufacturing such support the real economy. In this paper, the financial support from the perspective of manufacturing technology innovation, selected sub-sectors of manufacturing twenty-seven, and twenty seven sub sectors are made dependent on external financing and high-intensity level indicators, the use of these sub-sectors 2002-2013 panel Data technology Innovation index, and China’s financial development indicators, the empirical analysis of the market and the development of China’s capital market credit impact on the manufacturing sector were different types of industry technology innovation ability. So as to improve the financial system, a reasonable allocation of financial resources to promote the close integration of financial and industry put forward countermeasures and suggestions.The full text is divided into seven parts, the first chapter is the introduction part, the article’s research background, significance, thinking methods, content and innovation to make a brief introduction; second chapter is related concepts and literature review, the article involved the main concept of make a statement, and related research summarizes previous classification; third chapter describes the current situation affecting banks and stock markets for technological innovation; fourth chapter content is manufacturing technology innovation and technological innovation status quo characteristics of the industry, the financial impact of the development of technological innovation mechanism and thus raise the hypothesis of this paper; Chapter set econometric model, empirically test the impact of financial development on the industry’s technological innovation capability; according to the findings presented in Chapter VI financial support for the development of industry technology innovation suggestions; Chapter VII is the full text of the summary, the article analyzes the deficiencies exist and to propose future research directions. |
PDF Full Text Request