The Study Of The Effect Of Science-Finance Investment On Output Of Technological Innovation

Technological innovation is an inexhaustible source of social development, and as the external support of technology innovation, financial capital plays an indispensable role in the developing process of technological innovation. An efficient financial system provides a timely support for technological innovation, and the invention of the new technology will promote the progress and prosperity of finance. The effective connection of technology and finance will be the important engine to promote the development of economic society. In recent years, the development and innovation of science-finance has received extensive attention from all over the world, our country also successively introduced policies to promote the integration of technology and finance, the innovation practice of the central and local governments also enrich and develop constantly. Science-finance how to effectively promote technology innovation, it has become a problem the government department needs to be addressed in the new period.Based on this, this study will research the impact of science-finance on technological innovation from the regional perspective. In terms of theoretical analysis, this study stated the basic concept of connotation, system and mechanism of science-finance through present the domestic and foreign research in the field of science-finance; in addition, deep analyzed the current situation of science-finance in our country and foreign. In terms of empirical analysis, based on the related index date of 30 provinces and cities from 2000 to 2013, this study empirical analyze the science-finance investment in government funding, loans from financial institutions, capital markets and corporate capital investment on its own high-tech industrial technology innovation output, then analyzed the impact result of different regions; secondly, this study evaluated the input-output efficiency of science-finance in 30 provinces and cities, revealed the reasons resulting in the inefficiency of input and output of science-finance, and then proposed suggestion for improvement.The empirical analysis shows that:government investment has the largest support in low output areas, with the improvement of technological innovation output, contribute significantly diminished; financial institutions mainly to support medium and high technological innovation output area; social capital only has the effect on the high technological innovation output area; enterprise's own funds'contribution significantly and stably, its support for medium and low output area more apparently; human capital investment's contribution to the technological innovation in the u-shaped distribution. In addition, the national science-finance resources allocation efficiency is basic effective, but there is a big difference between provinces, the cause of the provincial efficiency is invalid. Finally, according to the results of the research, this study proposed corresponding suggestion for improvement of science-finance.