Research On The Measurement Of Sci-Tech Finance Efficiency And Its Influencing Factors In The Yangtze River Economic Belt

Scientific and technological strength is an important part of a country’s comprehensive national strength and the key to enhance national competitiveness.However,the development of scientific and technological innovation is not achieved overnight,whose process is often long-term,uncertain and accompanied by a large amount of capital investment.The formation and development of Science&Technology Finance(Sci-Tech Finance)have solved the problem of funds needed for scientific and technological innovation activities to a certain extent.Since the 18th CPC National Congress propose the innovation driven development strategy,the party and the state have given high attention to the development of science,technology and economy from the institutional level,closely linked the development of science and technology with economy and finance,and successively issued a number of policies to deepen the reform of science and technology system and promote the deep integration of science,technology and finance.As the implementation and development area of major national strategies,the Yangtze River economic belt has strong and rich scientific,technological and financial resources.It plays a great role in boosting scientific and technological innovation and economic development.Therefore,studying the development of Sci-Tech Finance in the Yangtze River economic belt is of great practical significance to improve the efficiency of Sci-Tech Finance in the Yangtze River economic belt,promote scientific and technological innovation in the Yangtze River economic belt,and then boost the national innovation driven development strategy.This paper firstly sorts out the domestic and foreign literature about Sci-Tech Finance,and on this basis forms the main research perspective and research method.Secondly,this paper defines the related concepts of Sci-Tech finance,and expounds its theoretical basis.Then it describes the development status of Sci-Tech Finance in the Yangtze River economic belt from the perspective of input-output,and uses the three-stage DEA-BCC model to measure the average efficiency of Sci-Tech Finance in the Yangtze River economic belt from the static perspective.At the same time measures and analyzes the dynamic change law of Sci-Tech Finance efficiency in the region in recent ten years from the dynamic perspective with the help of DEA Malmquist index model.Finally,this paper constructs a panel Tobit regression model to explore the influencing factors of Sci-Tech Finance efficiency in the Yangtze River economic belt,and puts forward targeted policy suggestions.This paper draws the following conclusions:First,from a static perspective,the overall efficiency of Sci-Tech Finance in the Yangtze River Economic Belt is at a relatively high level,but it has not yet reached the "DEA Efficiency" level.Optimizing scale efficiency is the main direction to improve the comprehensive efficiency of Sci-Tech finance in the Yangtze River Economic Belt.Second,from a dynamic perspective,technological progress is the main driving force for improving the efficiency of Sci-Tech Finance in the Yangtze River Economic Belt.Third,from a regional perspective,the development of finance in the middle reaches of the Yangtze River economic belt has been rapid in recent ten years,but there is still "catch-up space" with the upstream and downstream regions.Fourth,from the empirical results of influencing factors,multiple factors of subject and object jointly affect the Sci-Tech Finance in the Yangtze River Economic Belt,among which local government support has the greatest and significant impact;the improvement of the level of financial market development and industrial concentration have an impact on the efficiency of Sci-Tech Finance in the Yangtze River Economic Belt.However,from the perspective of the absolute value of the coefficient,the driving effect of the development level of the financial market is relatively weak.In addition,the improvement of the level of R&D investment of enterprises and the level of regional development have a negative impact on the efficiency of Sci-Tech Finance in the region,and the regional export-oriented intensity has no significant impact on it.Based on the above research conclusions,this paper is based on the actual development of the Yangtze River Economic Belt,and takes the investment subject of Sci-Tech Finance as the dimension,and puts forward feasible countermeasures and suggestions from three levels of government,financial market and enterprises themselves respectively.