| The ultimate goal of science and technology research is that scientific and technological achievements can turn into actual productivity,and get the economic benefit.From research to application and industrialization of the scientific and technological achievements,It presents a trend to enlarge capital requirements,and need to get a variety of ways in funding.But due to the high risk,the transformation of scientific and technological achievements project itself makes the actual scale of capital investment is much lower than the required size.And the domestic scientific and technological achievements,such as excessive attention of patents,makes the research and development phase of the investment ratio is more than the late stage of transformation of scientific and technological achievements,lead to capital investment structure imbalance,and then affect the efficiency of transformation of scientific and technological achievements.Existing research is mainly focused on analysis of factors influencing the transformation of scientific and technological achievements in China's regional and market factors,environmental factors,etc.,for financial support with little study about the relationship between the transformation of scientific and technological achievements,some also just regard R&D,new product development funds as a whole to analyze the impact on the transformation of scientific and technological achievements,and there is no quantitative analysis on different ways of financial support transformation of scientific and technological achievements of the actual effect.Due to different ways of financial support for scientific and technological achievements transformation mechanism of benefit drive mechanism,risk preferences are different,the impact of transformation of scientific and technological achievements is also different.Based on the regional high-tech industry data in 2009-2013 as sample,this paper using DEA method to measure regional scientific and technological achievements conversion efficiency,and on this basis,the analysis with the panel data of different financing ways in different stages of the impact of the efficiency of transformation of scientific and technological achievements.The study found that government funding,foreign direct investment,loans to the transformation of scientific and technological achievements of science and technology was not significant,the effect of enterprise self-raised funds,risk investment has significantpositive influence to the transformation of scientific and technological achievements.The new product development phase of high technology industry funding for research and development of science and technology has the problem of excess money into,and the less total capital investment,the disorder of capital structure is the main cause of low efficiency of transformation of scientific and technological achievements.Therefore,only the reasonable adjustment of investment structure and the development of multi-level financial support system,can effectively promote the conversion of scientific and technological achievements. |
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