Research On The Efficiency Evaluation Of Sci-tech Finance And Its Influencing Factors In China

In the modern economy,scientific and technological innovation has become a decisive factor of a country's comprehensive national strength.Since the 18 th CPC National Congress,China has been taking the road of independent innovation with Chinese characteristics and implementing the strategy of innovation-driven development vigorously.The importance of scientific and technological innovation is increasingly prominent.Finance is the core of modern economy,and scientific and technological innovation is also inseparable from financial support.The deep integration of science and technology and finance is a significant driving force of sustainable economic development.Scientific and technological innovation activities are in great demand for capital,and difficulties in financing always become an important problem that hinders scientific and technological innovation.With the carrying out deeply of China's scientific and technological innovation activities,sci-tech finance came into being.In recent years,China's sci-tech finance has developed rapidly.The scale of sci-tech finance keeps growing,and the system of sci-tech finance has been continuously improved,which has played a strong role in promoting scientific and technological innovation activities.However,the large amount of investment of sci-tech finance does not necessarily mean that sci-tech finance has fully played its role in supporting scientific and technological innovation.The key to improving the level of scientific and technological innovation is the efficiency of sci-tech finance.The level of the efficiency of sci-tech finance determines whether the investment of sci-tech finance can be converted into science and technology financial output effectively.Therefore,under the circumstance that resource of sci-tech finance is limited,how to improve the efficiency of sci-tech finance has become an issue that needs to be considered and resolved in the future.First,this paper clarifies the concept of sci-tech finance and the efficiency of sci-tech finance,and sorts out the relevant literature on sci-tech finance at home and abroad.Second,this paper expounds the current system of sci-tech finance,and the current situation of China's sci-tech finance is analyzed from two aspects of input and output.Third,this paper establishes an index system for the evaluation of the efficiency of sci-tech finance,and uses DEA-BCC model and DEA-Malmquist index model to measure the static and dynamic efficiency of sci-tech finance of 30 provinces or cities in China from 2007 to 2017.Based on this,Tobit model is used to further analyze the influencing factors of the efficiency of sci-tech finance.According to the result of empirical research,the efficiency of sci-tech finance in China is low from 2007 to 2017,and it is always in an inefficient state.At the same time,the development of sci-tech finance is uneven,and there is obvious difference among provinces or regions.The low efficiency of sci-tech finance is a comprehensive result of pure technology efficiency and scale efficiency,while the efficiency of sci-tech finance in China is mainly affected by scale efficiency.Besides,the efficiency of sci-tech finance in China has improved to some extent from 2007 to 2017,and the change in the total factor productivity of sci-tech finance is mainly affected by technological change.According to the result of decomposition of the efficiency of sci-tech finance by region,nearly two-thirds of the provinces or cities' sci-tech finance efficiency is in a rising state,and about one-third of the provinces or cities' sci-tech finance efficiency is declining.The support strength of government and financial scale have a significant positive impact on the efficiency of sci-tech finance,while the investment strength of research and development and the support strength of loan have a significant negative impact on the efficiency of sci-tech finance.Finally,some suggestions are put forward to promote the development of sci-tech finance and improve the efficiency of sci-tech finance in China from three levels including the government,financial institution and enterprise.