| With the development of China's national economy into the "new normal",economic development is changing from high-speed growth to medium-high-speed growth,and economic development methods and structures are constantly optimized and upgraded.To cope with this trend,the party's “18th National Congress”emphasized the need to place technological innovation at the core strategic position of China's economic development.Schumpeter,the master of innovation theory,once said that an important condition for technological innovation is to provide necessary financial support to enterprises.Sci-tech finance is the product of a high degree of integration between the technology industry and the financial industry.In recent years,the contradiction between capital and technology has been effectively alleviated,which helping sci-tech small and medium enterprises(SMEs)to get rid of the financing difficulties,and promoting the innovation and development of enterprises.Based on the background of this era,this thesis takes sci-tech SMEs as an example,and combines theory and empirical research to study the effect of sci-tech finance on the innovation and development performance.In this thesis,first,through a review of the relevant literature and theories of sci-tech finance,we understand the interaction among sci-tech finance,science and technology innovation,and enterprise development.Then combined with the system collaboration model,this paper studies the development status of Chinese sci-tech finance and corporate innovation.Next,establish a balanced panel data regression model to study the impact of sci-tech financial input from different channels such as finance,capital markets,commercial banks,and venture capital on the innovation and development performance of SMEs.And further study the difference in the role of sci-tech finance in different enterprise life cycles and different levels of sci-tech finance development.The results show that(1)sci-tech financial input from different channels has a positive effect on the innovation and development performance of SMEs.(2)At different stages of the enterprise life cycle,the capital market and commercial banks have played the most significant role in promoting the entire process of corporate innovation and development.Venture capital is more beneficial to companies in the early stages of growth.And the effect of government investment in sci-tech is not obvious.(3)Under different tech-tech financial development levels,government technologicalinvestment and venture capital have a significant positive effect on the innovation of enterprises in high-level regions,while capital markets and venture capital have a greater impact on enterprises in medium-level development regions.The promotion effect of the development of sci-tech SMEs in low-level development areas is more significant.Finally,based on the results of empirical analysis,this article proposes some targeted and operable countermeasures from the perspective of the country and enterprises,in order to better promote the synergy of technological finance and corporate innovation,and help companies better formulate financing solutions. |
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