| As a knowledge-intensive and technology-intensive industry,the high-tech industry achieves industrial upgrading through continuous technological innovation,enabling the national economy to be preserved and sustained.In the report of the 19 th National Congress,General Secretary Xi Jinping also emphasized that the development of high-tech industries will help China achieve the transformation and upgrading of its industrial structure.With the support of science and technology finance,China’s hightech industry has achieved rapid development.The overall development trend is good,but the high-tech enterprise technology innovation activities have the characteristics of high investment,long research and development cycle,high risk,etc.The problems of financing difficulties and financing channels hinder the progress of technological innovation and development of high-tech industries.Therefore,it is of great significance to study the impact of different science and technology financial inputs on the technological innovation of high-tech industries.While local technology finance promotes technological innovation in high-tech industries,it also presents spillover or competitive effects on technological innovation in neighboring regions.It also plays an important role as an auxiliary support for technological innovation.Therefore,studying the direct and indirect impact of China’s science and technology finance on technological innovation has important theoretical and practical significance for China’s science and technology finance to support technological innovation and development.Through theoretical mechanism analysis and related empirical research,the following conclusions are obtained:(1)The technological innovation of high-tech industry in various regions of China has spatial positive correlation in space,and technological innovation has spillover effect,which promotes technological innovation in neighboring regions.(2)Most of the main inputs of science and technology finance have played a positive role in promoting technological innovation in high-tech industries in the region.Local corporate capital investment has a significant positive effect on local technological innovation;local government technology investment has a positive effect on the improvement of local technology innovation;at the same time,local financial institutions’ scientific and technological investment and venture capital have made technological innovations in high-tech industries in the region.Play a significant role in promoting.(3)In the process of science and technology finance supporting high-tech industry technology innovation development in various regions of China,the investment in science and technology finance shows two effects of spillover and competition.It shows a more obvious competitive effect,and the spillover effect is not obvious or weak.Regarding the spillover effect,local venture capital support has a significant role in promoting the level of technological innovation in high-tech industries in neighboring regions.The capital market tends to show spillover effects on technological innovation in neighboring regions.As the current capital market needs to be improved,the role of capital market support is not fully reflected.Regarding the competitive effect,the self-owned investment in the regional science and technology financial system and the scientific and technological support of financial institutions show the inter-provincial competition effect,which is due to the significant competition between the science and technology financial inputs in various regions.(4)China’s science and technology finance supports technological innovation plays an important role,but the efficiency of input and output still needs to be improved.There are also differences in the reasons for the low efficiency of input and output of science and technology finance in various provinces. |
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