The Efficiency Evaluation Of Scientific And Technological Finance In Yangtze River Economic Belt And The Analysis Of Its Influencing Factors

As the primary productive force,technology plays an important role in keeping long and sustainable development of economy,and making transformation of the economic structure.Since innovation activities feature long cycle and high risk,there is hardly sufficient fund to meet the needs of their development,while the emergence of technology finance has just solved this problem.Technology finance,integrating science and technology and the financial industry,can not only promote sustained economic growth,but also a catalyst for financial innovation.Recent years have witnessed a series of policies issued by government to facilitate the development of science and technology finance.Many provinces and cities have called for these polices and actively explored their own science and technology finance development routes.Since the Yangtze River Economic Belt is a critical zone in supporting our country's economic development,the research on its development of science and technology and finance is of vital practical significance to stimulate our country's economic growth.This article firstly sorts out the domestic and foreign science and technology finance literature,and summarizes the literature from three aspects: the research on the relationship between finance and technological innovation,the research on the efficiency of science and technology finance,and the research on the factors affecting the efficiency of science and technology finance.Then it expounds the theoretical basis of science and technology finance and defines the core concepts of this article.Then the thesis selects three input indicators and three output indicators to make a descriptive analysis of the status quo of input and output of science and technology finance in the Yangtze River Economic Zone from 2009 to 2019.Based on a clear understanding of the status quo of science and technology finance in the Yangtze River Economic Zone,the empirical analysis part starts from the static and dynamic perspectives and uses the three-stage DEA model and the DEA-Malmquist index model to measure the efficiency of science and technology finance in the Yangtze River Economic Zone.The thesis has an overall grasp of the technology and financial efficiency of the Yangtze River Economic Zone from the dimension of time,provinces,cities,and regions.Finally,the factors that may affect the efficiency of technology and finance are selected from multiple angles,and the specific effects of each factor are obtained through the results of the Tobit regression model.The empirical results show that: First,the overall efficiency of science and technology finance in the Yangtze River Economic Zone is not high and is significantly affected by environmental variables.A strong scientific research atmosphere helps to reduce the redundancy of scientific and technological financial investment,while the government's strong support and a high degree of openness are not conducive to the rational allocation of scientific and technological financial investment resources.Second,from the static perspective of the three-stage DEA research results and the dynamic perspective of the DEA-Malmquist index research results,it can be seen that the main reason for the low level of technology and finance in the Yangtze River Economic Belt is the low scale efficiency.Third,based on the measurement and decomposition results of the total factor productivity of science and technology finance,it is found that there are differences in the efficiency of science and technology finance in various regions of the Yangtze River Economic Belt.The average annual increase of science and technology finance in the upstream and midstream regions outnumber that in the downstream regions.Scientific and technological progress has become a driving force for the entire Yangtze River Economic Belt and an important factor in improving the efficiency of technology and finance.Fourth,the efficiency of science and technology finance in the Yangtze River Economic Zone is related to many factors.A good market environment and technological innovation capabilities are conducive to the improvement of technological finance efficiency,and the intensity of R&D expenditures has a negative impact on technological finance efficiency.Finally,the above analysis having been considered,this article provides relevant suggestions on how to optimize the way to invest science and technology finance,promote the scale efficiency,advance scientific and technological progress,build a good market environment,and improve scientific and technological innovation capabilities.