The Effects Of Technology Finance On Technological Innovation Efficiency

Technological innovation is the first driving force to promote China's economic development.Investment is vital to technological innovation's whole process,including R&D,transformation of achievements and industrialization.Therefore,to promote the deep integration of financial markets and technological innovation is particularly important.How to deal with the imbalance between input and output of science and technology in different regions in China,and how to promote the efficiency of technological innovation by finance,are important issues in the construction of innovation-oriented country.Based on the literature reviews,this paper explains the concepts of technological innovation,technological innovation efficiency and technology finance,and the function mechanism between technology finance and technological innovation.It also analyses the development status of technological innovation and technology finance of China.Then,the paper measures the technological innovation efficiency of 3 0 provinces in China from 2007 to 2016 by SE-DEA model and divides the 30 provinces into five categories by hierarchical cluster method.On this basis,the static panel data model of nationwide and inefficient regions and dynamic panel data model of nationwide are constructed to analyze the influence of technology finance on the technological innovation efficiency.Based on the studies,the following conclusions can be drawn.(1)Most provinces in China during 2007-2016 are inefficient in technological innovation activities,and the national technological innovation activities can't achieve the rational resource allocation.The level of technological innovation efficiency among regions varies greatly.(2)The 30 provinces can be divided into five categories.The first,second and third categories have sustained and effective technological innovation efficiency,most provinces in the fourth category are in the stage of development from inefficient to efficient,and most provinces in the fifth category are inefficient all years.(3)The technological innovation efficiency within the seven regions does not remain synchronous development,each region contains provinces of different categories.(4)The effects of technology finance on technological innovation efficiency between nationwide and inefficient regions are different.In the national static panel model,the positive influencing factors on technological innovation efficiency are in the order of bonds,venture capital and government financial expenditure.However,in inefficient regions,the positive effects of technology finance are mainly reflected in bonds,government financial expenditure and bank loans.(5)The inertia of science and technology innovation activities has a significant effect on its own efficiency.However,the influences of stock market and insurance on technological innovation efficiency are not remarkable.