| China’s economy has entered a development stage-"the new normal" of high-speed, excellent structure and new power with many challenges. The Party and government of full vision, actively responded to changes in the trend of economic development, and proposed and implemented a strategy of innovation-driven development in an early time, while Hunan Province also has introduced an innovative Hunan Construction Program. It requires much attention and full usage of effective role of science and technology to promote economic development for the construction of Innovative Hunan. Sci-tech finance closely combines two most active factors of economic development together - science and finance, to fully put science and technology into practice in promoting economic development. At the national level, sci-tech finance of Hunan Province is under rapid development, but how it performs needs to be further studied from the perspective of operational efficiency.With enough reference to corresponding literature, several important concepts related to operational efficiency of sci-tech finance are introduced to make a theoretical groundwork for the thesis. Both panel and time-series indicators data of sci-tech financial input and output are analyzed for the basic understanding of sci-tech financial input-output profiles and characteristics. From the perspective of input, increase of Hunan R&D Funds is under slow growth, and R&D investment is in insufficient strength. The main bodies of sci-tech financial input are divided into government and enterprise. From input body, the provincial government efforts in sci-tech financial input are not enough:technology grants account for a lower proportion of fiscal expenditure, and show a downward trend; enterprises put a lot in financial input:the funds of high-tech industry technology acquisition and transformation step rise year by year. From the perspective of output, financial output of Hunan Province is in relatively good conditions. Taking Hunan’s sci-tech financial input into consideration, scientific theses and patents as the representative of basic research achievements perform relatively well; new product sales revenue and industrial added value as the representative of the stage of the sci-tech financial industrialization achievements gains even better. But the rate of technological achievements transformation in Hunan, is fairly low by the standard of technology market contract.Based on the DEA method, CCR and BCC models are used on panel data verification of operational efficiency of sci-tech finance of Hunan Province. To better understand the changes in operational efficiency of sci-tech finance of Hunan Province in recent years, the DEA-Malmquist index is introduced to make tests on time-series data. From the panel data test results, sci-tech financial input needs to be strengthened and the efficiency of input-output of sci-tech finance research and development institutions should be enhanced; from time-series data, the improvement of operational efficiency of sci-tech finance of Hunan Province depends on "technological progress", namely the combined level of input-output of sci-tech finance, and therefore to enhance operational efficiency of sci-tech finance of Hunan Province, various forms of sci-tech financial products needs to be fully developed. |
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