Research On The Role Of Technology Finance In Enhancing The Efficiency Of Regional Innovation In China

Innovation is the inexhaustible power of economic and social development and the key to enhancing comprehensive national power.Against the backdrop of China’s current weak foundation in science and technology innovation and low innovation efficiency,technology finance has become a key force of taking the innovation-driven development strategy effect.The mixture of "technology" and "finance" has broadened the financing channels of science and technology-based firms,promoted their innovation and transformation of achievements,effectively enhanced innovation output,and helped to lead China’s economic development to a new normal.Innovation is the strategic support for the modernisation of China’s economic system,while technology finance is an important engine to inspire innovation.Therefore,the continuous development and improvement of the technology financial system and elaborating its role in enhancing regional innovation are important reliance for implementing the innovation-led development strategy and important support for the promotion of high-quality economic increasing.Based on the above background,this paper firstly compares the relevant theories and literature on technology finance and regional innovation efficiency at home and abroad,and defines the concepts of technology finance and regional innovation efficiency based on them.The role of technology finance in supporting innovation efficiency is systematically elaborated from the theoretical level,and the threshold characteristics of technology finance,human capital and industrial structure on regional innovation efficiency are considered.Then the channels through which technology finance enhancing innovation efficiency are also analysed from the aspects of financing capacity and industrial structure optimisation.After the theoretical analysis,the index of technology finance and innovation efficiency of 30 provinces were measured,and their status and characteristics were described and analysed.According to the calculation,this study constructs a panel regression model,a panel threshold model and a mediating effects model to test the role of technology finance in elevating the efficiency of innovation in China and the channels of action.There are three conclusions of this study: firstly,there is a substantial enhancing influence of technology finance on innovation efficiency,and this capacity also varies significantly among regions;secondly,the enhancing effect of technology finance to regional innovation efficiency shows threshold trait based on the level of human capital and industrial structure;thirdly,two important channels for technology finance to enhance regional innovation are strengthening regional financing capacity and optimising industrial structure.In line with the conclusions,this study sets out related policy advice: to formulate strategies for improving the development of science and technology finance in response to regional differences;to optimise the regional innovation environment with human capital and industrial structure as important factors;and to open up the channels for the role of financing capacity and industrial structure,so as to effectively bring into play the role of science and technology finance in enhancing the innovation efficiency in China.