| Science and technology finance are the two engines of today's economic development.As a combination of financial capital and technological innovation,science and technology finance meets the needs of global economic integration competition,financial innovation growth and capital appreciation.Under the background of transforming the economic development mode and improving the driving force of scientific and technological innovation in China,there are some phenomena such as low efficiency of scientific and technological finance integration and unbalanced regional development.Using a relatively complete theoretical model,this paper makes a detailed study of the development of scientific and technological finance in China's provinces,discusses the policies to improve the efficiency of scientific and technological finance,and constructs a scientific and technological finance model that conforms to the local economic development level,It is very important to promote the balanced development of science and technology finance.On the premise of summing up and drawing lessons from domestic and foreign literature,this paper uses the improved Three-stage DEA research method to measure the efficiency parameters of science and technology finance in each province,analyzes them from the time and space dimensions,and then analyzes the influencing factors with the spatial econometric model,and puts forward the targeted opinions to improve the efficiency of science and technology finance,usually involving the following contents:First of all,the Three-stage DEA model is used to measure the technological and financial efficiency of each province in 2008-2017.In the first stage,the traditional DEA calculation is carried out;in the second stage,the influence of scientific and technological innovation atmosphere,government investment and economic development level on the efficiency of scientific and technological finance is removed.In the third stage,the final efficiency of the optimized input value and output value is measured.Secondly,DEA Malmquist index method is used to evaluate the efficiency of science and technology finance in China,and spatial autocorrelation analysis is used to evaluate the efficiency.The results show that from the perspective of dynamic evaluation,the efficiency of China's science and technology finance has been increasing year by year.From 2008 to 2017,the growth rate first increased and then decreased.Technological progress is the main driving factor for the efficiency improvement.The annual growth of efficiency in the west,northeast and central regions exceeds that in the East.From the perspective of spatial evaluation,the efficiency of China's science and technology finance is higher in the East and lower in the west,and the overall distribution is "concentrated and scattered." In recent years,there are more and more HH type agglomeration areas and less LL type agglomeration areas.Then,based on panel data,a spatial econometric model is established to analyze the effect trend and spatial effect of factors such as the development degree of financial market,the degree of technological innovation,the level of legalization,human capital and the scale of high-tech enterprises on the efficiency of science and technology finance.The following conclusions are drawn: the degree of technological innovation has a negative effect on the efficiency of science and technology finance in the region,and the level of legalization and human capital have a negative effect on the efficiency of science and technology finance The efficiency of regional science and technology finance has a positive effect,among which the degree of technological innovation and the level of legalization have a spatial spillover effect,the degree of technological innovation has a negative spatial spillover effect on the efficiency of science and technology finance,and the level of legalization has a positive spatial spillover effect on the efficiency of science and technology finance.Finally,according to all the research conclusions,on the premise of considering the current situation of regional development,the paper puts forward countermeasures to improve the efficiency of China's science and technology finance,including reasonable allocation of regional resources;formulation of differentiated science and technology finance policies;building regional characteristic science and technology finance platform;strengthening legal construction;optimizing the science and technology finance innovation cluster ecology. |
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