| The report of the 19 th National Congress of the Communist Party of China pointed out that China's economy has shifted from a high-speed growth stage to a high-quality development stage."Insist on quality first,benefit first,and increase total factor productivity." As a strategically leading industry for economic growth,R&D innovation and technological advancement in high-tech industries play an important role in the adjustment of the country's industrial structure and the transformation of economic growth mode.In recent years,China has increased the level of scientific and technological innovation by continuously increasing the R&D investment of high-tech industries,and has made great achievements in the total amount.However,the improvement of scientific and technological innovation capability not only needs to increase R&D investment,but also needs to pay attention to the improvement of factor efficiency.Total factor productivity is the additional production efficiency achieved by various production factors under the established conditions of input level.It is an important indicator reflecting the level of technological progress and the efficiency of production factors.Therefore,the development of high-tech industries is discussed from the perspective of total factor productivity.It is very suitable.However,due to the high investment,high risk,and information asymmetry of high-tech industries,it has problems such as financing difficulties in the development process,hindering the development of high-tech industries,and is not conducive to the improvement of total factor productivity in high-tech industries.As a product of the convergence of technological innovation and financial innovation,science and technology finance is a systematic and innovative arrangement for financial instruments,financial systems,financial policies and financial services that promote the development of science and technology,the transformation of results and the development of high-tech industries.Science and technology finance plays a role in the real economy with the innovation of financial services,increases financial support for high-tech industries,and strongly promotes the improvement of the total factor productivity of China's high-tech industries.At present,the increasingly frequent economic exchanges have a strong spatial correlation between science and technology finance and high-tech industries in various provinces and cities.Based on this,this paper incorporates spatial correlation into the empirical model.In order to further study the impact of technology finance on the total factor productivity of high-tech industries,this paper studies its role in the total factor productivity of high-tech industries from the perspectives of science and technology finance and technology finance input.This paper first analyzes the mechanism of the impact of science and technology finance on the total factor productivity of high-tech industries.Secondly,it calculates the overall level of science and technology finance and the total factor productivity index of high-tech industry.Then it constructs the system coordination model of total factor productivity of science and technology finance and high-tech industry.Calculate the coupling coordination degree of the two;finally construct the spatial measurement model,and use the panel data of 29 provinces(municipalities and autonomous regions)from 2004 to 2016,firstly study the total factor productivity of high-tech industry from the perspective of overall technology finance,the impact of the two models is further analyzed through the threshold panel model.Secondly,from the perspective of technology and financial investment,the impact on the total factor productivity of hightech industries and the impact on technological progress and technical efficiency of high-tech industries are studied.The research results show that: science and technology finance can significantly promote the improvement of the total factor productivity of high-tech industries,and with the continuous development of China's economy,the two show an inverted U-type relationship;the different channels of science and technology financial investment for the high-tech industry there are certain differences in the impact of productivity.The government's financial investment in science and technology and investment in venture capital institutions have a significant positive effect on the total factor productivity of high-tech industries,while the role of investment in science and technology capital markets is not significant.The impact of financial institutions' financial loans is even negative;technology financial investment has a significant positive impact on the technological advancement of high-tech industries,but the impact on technical efficiency is not significant,so the promotion of science and technology finance to promote the total factor productivity of China's hightech industry is mainly through technological advancement effects rather than technology efficiency effect. |
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