| High-tech industry is the strategic industry of the national economy.It plays an important role in the adjustment of industrial structure andtransforming the mode of economic growth, becoming the main force in thecomprehensive national strength competition and economic development ofmodern high-tech industry. No matter the R&D process or theindustrialization process, they both require large-scale financialcapital support. Sci-tech finance combines technological innovation andfinancial, which is the two most active productivity factors--scienceand technology resources and financial resources. In our country, afteryears of cultivation, high-tech industry’operating mechanism andindustrial structure has been improved, and achieved great development.However, the vast numbers of small and medium-sized enterprises of scienceand technology still have financing difficulties. In order to makesci-tech finance play a better role of boosting the development ofhigh-tech industry, we need to analyze the operation mechanism and theempirical results.High-tech industry is be characterized by high risk, high investmentand strategic, and its different stage has different risk characteristicsand financial needs. In seed phase, it needs sci-tech finance’s functionof incubation, promoting the industrialization and mercerization process.During the rapid development stage, it needs the financial entities playa powerful role. When comes into the mature period, the enterprise willshape stable product market, and it needs financial support for newproduct development and market penetration. In the development ofhigh-tech industry, sci-tech finance plays a significant role in theformation of the capitalization、risk dispersing、 information public andincentive constraints mechanism.Here we select the representative of the index system of sci-techfinance—public category and market category, and set up secondary indexconsist of fiscal spending, VC investment, and so on. When it comes to high-tech industry, we start by research and development ability,achievements transformation ability and industrialization effect,constructing the seven secondary indexes. So far, we have built thecomposite system with the organic combination of sci-tech finance andhigh-tech industry. Then using the relevant data of the year of2000tothe year of2011, we measure the collaborative degree that developmentof sci-tech finance and the development of high-tech industry. We get aresult that sci-tech finance and high-tech industry take a co evolutionstate, and the coordination degree level is high, floating between0.45and0.70, the coordinated development mechanism has well functioned.We should improve the service system in our country to graduallyimprove the ability in science and technology for high technologyindustries of financial services from institutional arrangements,service system and other aspects. First, to improve the credit system tomulti-channel technology, the specific strategies include small loancompanies to develop technology, the establishment of science andtechnology branch of service dedicated to science and technologyenterprises, etc.; additionally we should continue to promote theinnovation of science and technology venture investments in capitalinvestment stage, requirements for market access and exit mechanism;Furthermore, we should continue to improve the multi-level capital market,in order to achieve docking with the high-tech industry; Finally, thisarticle also suggests perfecting the public service, so as to strengthenthe system of sci-tech finance, to promote the development of hightechnology industry, and realize the coordinated development of them. |
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