An Empirical Analysis Of The Impact Of Technology And Financial Input On Business Performance

In recent years,the technological innovation of enterprises in our country has made great progress,and effective scientific and technological,financial support is beneficial to alleviate the financing problems faced by enterprise technology innovation,and help enterprises to improve the success rate of technological innovation,thus helping to improve the performance of enterprises.Therefore,how to guide the supply and flow of scientific and technological financial funds correctly and effectively,and improve the efficiency of the allocation of scientific and technological financial funds,is a problem worth thinking deeply.This paper first combs the related literature at home and abroad from the concept and measurement of science and technology finance,the evaluation method of enterprise performance and the influencing factors.The current literature on enterprise performance is mostly focused on management salary,capital structure,equity structure and so on,and literature to study corporate performance fr-om the perspective of input in technology finance.Secondly,this paper discusses the mechanism of the role of scientific and technological financial input on enterprise performance,and the investment in science and technology will affect enterprise performance by influencing the technological innovation of enterprises.Third,this paper selects the the local government's scientific and technological expenditure(Gov),the inancial institution science and technology loan(Bank)and the investment in the science and technology capital market(CM)as the three variables of the investment in science and technology,and finds that there are significant differences in the investment of science and technology in the eastern,Central and western regions of China.Fourth,this paper selects three financial indexes of total asset return(ROA),net asset return(ROE)and earnings per share(EPS)of 2601 listed companies from 2010 to 2016,and uses the principal component analysis to construct the comprehensive performance index of enterprise performance.Based on the two-way fixed effect model,the empirical analysis of the relationship between performance and efficiency is carried out.The empirical analysis is divided into three parts:total sample,sub regional sample,and the sample of ownership nature of the enterprise.In each part,the difference of the influence between technology and non scientific and technological enterprises is compared and analyzed.It is found that,for the total sample,in the three scientific and technological financial variables,only the financial institutions' scientific and technological loans can significantly improve the performance of the enterprises,and the promotion of scientific and technological finance to the performance,of scientific and technological enterprises is more significant.For the sub regional samples,the estimated results in the eastern region are in general agreement with the total samples,but for the central and western regions,the scientific and technological financial variables which have significant impact on the enterprise performance are the investment in scientific and technological capital market and the local government expenditure on science and technology,and the three regions except the central region,the scientific and technological finance to the scientific and technological enterprises.The impact of performance is more significant.For the sample of the ownership of the enterprises,in the sample of the state-owned enterprises,the significant variables affecting the performance of the scientific and technological and non scientific and technological enterprises are the local government science and technology expenditure and the scientific and technological loan of the financial institutions,while for the non-state-owned enterprises,the financial institutions' scientific and technological loans can significantly improve the achievements of the scientific and non scientific and technological enterprises.