| High-quality economic development is a major judgment made by the Party Central Committee based on the domestic and international environmental situation and changes in China’s economic development stage,including the new development concept of "innovation development,coordination development,green development,openness development,and sharing development ",which means that innovation is the primary driving force for development.The primary task of high-quality economic development in China is to promote innovation development.As the primary productive force of technology,technological innovation combined with primary power will become a new driving force for economic growth.Technological innovation has the characteristics of high risk and high investment,so it needs a strong financial system to support it.Sufficient financial capital flows to the field of technology,and gradually forms a combination of technology finance.Technology finance activities can provide financial support for the innovative behavior of enterprises and R&D institutions,obtain economic benefits through a series of innovation research,and realize the return of funds.Due to the obvious differences in the financial development status of various provinces and cities in China,the financial support for technology is different,and the resulting scientific and technological output also varies from place to place.With the increase of China’s financial investment in the field of technology,whether the optimal input between financial resources and the output of scientific and technological achievements,that is,the evaluation of the efficiency of the input and output of technology finance,is a question worth studying.This paper mainly studies the regional differences in the input-output efficiency of Chinese technology finance and the factors that affect the efficiency of technology finance in China.By clarifying the connotation of technology finance,analyzing the function mechanism of technology finance activities,the logic mechanism of technology finance influencing factors,and the connotation of the input-output efficiency of technology finance,it provides theoretical support for selecting indicators and influencing factors variables for empirical analysis.We analyze the current status of inputs and outputs of China’s technology financial,and find that China’s technology financial inputs and outputs both show an upward trend numerically,and financial input has slowed down.On this basis,the output is lagged by one period,and the super-efficiency DEA model is used to measure the input-output efficiency of technology finance in China from 2011 to 2017 in terms of overall dimensions,technological research dimensions,and technological economic dimensions.And by constructing a gray correlation model and a panel fixed effect model,the influencing factors in the three dimensions of China’s overall output efficiency of technology finance,technology research and development output efficiency,and technology economic output efficiency,is studied.The research results show that,firstly,the distribution characteristics of China’s technology financial efficiency present a pattern of “east high and low west” similar to China’s economic pattern,and the efficiency values in the three major dimensions of each province and city are different.Among them,the overall output efficiency of technology finance in many eastern regions has reached the effective frontier of technology;Secondly,the efficiency of technology research and development output in most regions is higher than the efficiency of technology economic output,and the difference in efficiency between the two in western regions is higher than that in eastern and Midwest regions.Thirdly,scale efficiency and technical efficiency have similar distribution patterns and changing trends in the three dimensions,while pure technology efficiency in the three dimensions has little difference,indicating that scale efficiency is the main reason for the regional differences of China’s technology finance.Fourthly,the redundancy rate of various input factors and insufficient of technology economic output in more eastern regions are lower than those in Midwest regions.Insufficient technology research and development output exists in a few regions of Midwest regions,but the insufficient technology economic output is relatively bad.Fifthly,there are differences in the factors that affect the overall output efficiency of technology finance,the efficiency of technology research and development output,and the efficiency of technology economic output.Government support,marketization level,financial market development level,and financial market supervision have a significant impact on the overall output efficiency of technology finance;government support,the degree of opening up,financial market supervision,labor level,and intellectual property protection have an impact on the efficiency of technology research and development output;the level of economic development,the degree of marketization,the degree of opening up,financial market development,and financial market supervision have a significant impact on the efficiency of technology economic output.Only financial market regulation has a significant impact on the efficiency of technology finance in all three dimensions.It can be found that regional economic and financial advantages and market-oriented development can effectively promote the efficiency of technology economic output,but the improvement of the efficiency of technology research and development output depends more on government support,labor levels,and protection of R&D innovation results rather than regional unique advantages of economic and financial development.Based on the conclusions of the study,this article starts with the influencing factors of the efficiency of technology finance,and proposes that the government must give full play to the leading role,financial institutions,especially banks,must improve the technology financing system,innovate financial products,and financial supervision institutions must improve the financial market supervision system,and establish a system to combat counterfeit products combined with personal credit.In areas where the efficiency of technology research and development output is high and the efficiency of technology economic output is low,business outsourcing for the transformation of scientific and technological achievements can be appropriately implemented.On the basis of cultivating scientific and technological innovation talents,establishing a long-term mechanism to improve the economic level of the region,further promoting market-oriented reforms,and narrow the gap in the development of technology finance between regions. |
PDF Full Text Request