The Impact Of The Level Of Regional Scientific Financial Development In Investment Efficiency Of High-tech Enterprises

The following requirements were out forward at the Forth Session of Eighteenth Communist Party of China: continuing to deepen the reforms in an all-round way,releasing the vitality of economic developments,driving innovation strongly and accelerating the industry transition and upgrading.High-tech enterprises,as the main micro body of the industry transition and upgrading,play an important role in Chinese scientific innovation strategy.In recent years,with the rapid development of the high-tech industry,many scholars study their mechanism,influences etc.However,there are still some fade zones in the related research.Most domestic scholars study the relationship between the financial development and financing problems of high-tech industries,while ignore the effects of the financial development,especially the scientific financial development,on the high-tech enterprises` investment efficiency.The main character of the high-tech enterprises which take science and intelligence as the essential productive factors is the high profits with high risks.It is a key issue how to invest efficiently in the real economy to expand reproduction combined with scientific innovation.Furthermore,the effect of the scientific financial development on the high-tech enterprises` investment efficiency(over or insufficient)should never be ignored.The investment efficiency in a region(or an industry)can reflect the region`s(or the industry`s)economic condition as neither the over investment nor the insufficient investment is beneficial for the economic development of the region(or the industry).Therefore,this paper tries to study the relationship between the scientific financial development and the high-tech enterprises` investment efficiency.Furthermore,building a system of supporting scientific finance which is suitable for the development of the high-tech enterprises in China can enrich theoretical research findings in the field.This paper is divided into five chapters as followed: introduction,theoretical analysis and assumptions,research design,empirical results and analysis and conclusions and recommendations,respectively.On the basis of the regional economic theory,the financial development theory,the finance theory and the investment theory,this paper studies the influence factors of the scientific financial development on the high-tech enterprises` investment efficiency by building a financial development index,with the combination of literature and empirical research.Studies have shown the significant differences in the regional scientific financial development.The scientific finance can considerable aggravate over investment of the over investing enterprises while relieve the insufficient investment of others,which indicates the significant effects of scientific finance on the enterprises` investment efficiency.Besides,though the excitation mechanism in payment for executives does not act well in solving the over investment problems,it can really relieving the scientific finance`s insufficient investment influence.Meanwhile,the scientific financial development can considerably aggravate the enterprises` over investment in the areas with high level government intervention,whereas it will remarkably relieve the insufficiency in the areas with low level government intervention.Finally,this paper puts out suggestions about strengthening the financial institutions` support on the high-tech industries,improving and perfecting the intellectual property protection system in high-tech enterprises,fixing the position of the government and so forth to provide references for Chinese scientific finance and raising the investment efficiency in the high-tech enterprises.