Research On The Impact Of Industry-university-research-finance Integration On Technological Innovation From The Perspective Of Term Matching

As China enters a new era,innovation has become the core driving force for development.Technological innovation activities have large capital demands and long duration,and need long-term and stable capital flow.However,enterprises cannot guarantee the continuous progress of technological innovation activities only by relying on internal funds,so they need the support of external funds.Due to the strong confidentiality with high risk of innovation,lead to enterprise financing information asymmetry,make it difficult to obtain long-term loans,which could use rolling short-term borrowing to meet the demand of innovation of long-term funds,this creates a financing deadline mismatch phenomenon,the serious influence the stability of the capital,is not conducive to enterprise technology innovation.The combination mode of industry-university-research-finance enables enterprises to improve their financing ability through the interpenetration with institutions of university-research and financial capital,which is an effective way to solve the mismatch of term and promote technological innovation.On the basis of combing relevant literature,combining with empirical test and case analysis,this paper deeply discusses the impact of the combination of industry-university-research-finance on technological innovation from the perspective of term matching,and puts forward relevant suggestions according to the conclusions.Specifically,firstly,the relationship among the combination of industry-university-research-finance,investment and financing term mismatch and technological innovation is studied through multiple regression model and grouping regression test.The results show that the combination of industry-university-research-finance can effectively alleviate the inhibiting effect of the mismatch of term on technological innovation and thus promote technological innovation.Based on the heterogeneity analysis of property rights,private enterprises have a more significant effect on the combination of industry,education,research and finance.Secondly,the case study of Baosteel Group is introduced to explore the process of the combination of industry,university,research and finance,as well as the influence and mechanism of the combination of industry,university,research and finance on technological innovation.Finally,the paper provides relevant policy suggestions for enterprises to implement the combination of production,education,research and finance and alleviate the mismatch of time limit,which is conducive to broaden the funding sources of technological innovation activities and promote technological innovation.In the context of innovation-driven development and financial services for the real economy,the research significance of this paper is shown as follows: on the one hand,enterprises,research institutions and financial institutions are combined to verify their influence on technological innovation and expand the existing theories;On the other hand,from the perspective of the combination of industry,education,research and finance,this paper provides effective suggestions and references for the common term mismatch problem in Chinese enterprises.