The Mechanism And Empirical Study Of Financial Support In Each Stage Of The Technological Innovation Life Cycle

From the implementation of the innovation-driven development strategy of the 18 th National Congress of the Party and the acceleration of the construction of an innovative country,to the 19 th National Congress clearly implementing the five development concepts led by innovation,the essence is to ignite the engine of scientific and technological innovation for high-quality economic development.Technological innovation activities are characterized by high risks,large investments,and long cycles,and need to be supported by a scientific and effective financial system.A well-functioning financial system can optimize resource allocation,efficiently use various production factors,share innovation costs,spread innovation risks,and screen technological innovation projects with commercial value.For each stage of the technological innovation life cycle and the actual development of each innovation region,it is of great significance to explore the mechanism and effects of financial support.This paper uses the SYS-GMM model and the random(fixed)effect model to study the mechanism of financial support at all stages of the technological innovation life cycle from the national overall sample and the regional sample divided by innovation level.Through empirical analysis,the following main results are obtained.Research conclusions:(1)China's total financial support and total output of technological innovation continue to increase,but there are significant differences between regions.At the same time,there are problems such as insufficient allocation of financial resources,imbalance in the main structure of capital investment,commercial banks reluctant to lend,and a single financing channel.(2)At the level of comprehensive innovation,government and financial institutions' investment in science and technology finance significantly supports the development of technology innovation,and over-reliance on government investment produces a crowding-out effect;in the research and development stage of the science and technology innovation life cycle,government funds support positively influence innovation and research;In the stage of achievement transformation,the financial support of the government and enterprises significantly affects the transformation of innovation achievements;in the stage of industrialization of the technological innovation life cycle,the government 's investment support for science and technology finance is not good,and the investment of science and technology finance by enterprises and financial institutions significantly affects the process of innovation industrialization.(3)In regions with different levels of scientific and technological innovation,the financial support effects of different subjects at all stages of the technological innovation life cycle have obvious heterogeneous characteristics.Finally,policy recommendations are made from three levels: government,enterprise,and financial institution.