Research On Supply Side Structural Reform Of S&T Entrepreneurship Financing In China

At present,science and technology(S&T)entrepreneurship plays an increasingly important role in China's economy.To encourage and support S&T entrepreneurship is vital to promote China's economy development.However,there still exist many difficulties in S&T entrepreneurship financing.The present financial supply cannot meet the financing demand of S&T entrepreneurship.This paper studies the financing supply side structure and gives suggestions for how to innovate the structure in order to promote effective financing supply for S&T entrepreneurship.This paper uses following methods such as new supply economics,system dynamics,optimization model and transaction cost theory.New supply economics is used to analyze the characteristics and problems of supply side structure from supply side perspective of S&T entrepreneurship financing.Then,this paper uses system dynamics method to discuss the interaction mechanism of each factor in the supply side structure of S&T entrepreneurship financing.Additionally,optimization model is used here to the goals and aspects of supply side structural reform about S&T entrepreneurship financing.Finally,the transaction cost theory is used in putting forward the system arrangement to optimize the supply side structure of S&T entrepreneurship financing.At first,this paper discusses general situation and financing characteristics of S&T entrepreneurship financing,and points out that current supply side structure of S&T entrepreneurship financing includes subject structure,product structure,market structure and the external environment.Next,this paper analyzes the problems in the supply side structure of S&T entrepreneurship financing from the perspective of overall supply structure and its various subsystems.Again,by system dynamics methods such as causality analysis,system dynamic flow diagram analysis,system simulation and sensitivity analysis,this paper analyzes the incentives and constraints of S&T entrepreneurship financing supply.In the end,this paper puts forward the design ideas of supply side structural reform paths about S&T entrepreneurship financing from five aspects,and gives policy suggestions on promoting the structural reform,the suggestions such as properly positioning the role of government,improving the legal and regulatory policies,strengthening the construction of financial information system,promoting the coordinated development of the main bodies,and so on.The main conclusions are as follows.Firstly,the S&T entrepreneurship has the characteristics of strong innovation ability,high investment,high risk and rapid development in general.Its financing demand has the characteristics of small amount,time urgent,high frequency and so on.Secondly,There are many serious problems in the supply side of S&T entrepreneurship financing in China,which restrict the enterprise's financing.Therefore,it is necessary to make structural reform on financing supply side.Thirdly,there exist many inhibited factors in overall supply side structure and each subsystem of S&T entrepreneurship financing.Reducing its inhibitory action and magnifying its positive incentive can promote economic performance for the financing supply and demand subjects.Finally,It is imperative to improve the function of each element in the supply side structure,and exert the synergy effect of the policy.