| After the outbreak of financial crisis in the United States in the21st centurywhich quickly spread to the global world, the world’s major countries re-examine therelationship between financial innovation and the entity economy, then consistentlyregard the development of strategic emerging industries as the driving force of thefuture economic development, trying to occupy the dominant position in the newround of global economic competition and the wave of industrial revolution.Accelerated development of strategic emerging industries has entered into the centerstage of world economic development, and has become an "collective action" inChina and the world’s major countries. As countries competing for strategic emergingindustries, which become a great challenge and practical significant work for policymakers, entrepreneurs and researchers to know how to nurture and promote theircontinued development and growth. Silicon Valley experience shows that emergingindustries tend to start from the technological innovation, its sustainability highlydepends on subsequent financial innovation. In other words, the rapid rise ofemerging industries need effective cooperation model between technology andfinance as a support. From the standpoint of financial support to the development ofcertain industries, this dissertation is based on the study of China’s strategic emergingindustries, using the theory of industrial development and financial development as atheoretical support, observing the adaptability, internal mechanism, current profile andpath optimization of the combination between China’s strategic emerging industriesand finance. Hopefully, some advice can be given in order to nurture the developmentof China’s strategic emerging industries, to consummate financial support system andto accelerate the transformation of the pattern of economic development.In reality, the combination of strategic emerging industries and finance must takeinto account both the specificity and adaptability. Strategic emerging industries are the"intersection" of strategic industries and emerging industries, whose outstanding dualproperties show the difference with other industries. From the current actual situation, strategic emerging industries generally face with the embarrassing situation of "strongposition-weak support", so its financial constraint is more serious. With the prominentstrategic position, emerging-stage characteristics, accelerated industrialization,constraints of endogenous financing and fiscal financing, strategic emergingindustries need for targeted, systematic, multilevel and market-oriented financialsupport. From the endogeneity of financial development, the financial system andfinancial structure must be adapted to industrial structure which is determined by theresource endowment structure, and it must be acclimated to the industry which has acomparative advantage. For the modern financial system, a higher rate of return canbe got only if resources are effectively configured to industries and enterprises whichhave comparative advantage. Under these circumstances, the financial industry itselfcan be more competitive and dynamic. Meanwhile, it is also a financial symbiosis forfinance supporting the development of strategic emerging industries. Although eachentity has different nature, both meet the need of necessary and sufficient conditionsfor symbiotic development. Of course, the finance supporting strategic emergingindustries can share its high returns, spread and transfer the risk confined themselvesto traditional industries, and also stimulate its own innovation, access to the drivingforce of sustainable development.From the aspect of endogenous mechanism and transmission mechanism, thefinancial system in condition of the function exertion and self-development supportand influence the development of strategic emerging industries mainly through thetransmission mechanism of capital formation, technological innovation and resourceallocation. The basic transmission process and the impact mechanism is that financialsystem strengthen the liquidity of the assets, build the evasion and decentralizedmechanisms of risk in order to promote fast formation of large-scale social capitaldispersed, thereby the total supply of social saving can be increased, also supplycapacity of the financial resources needed for strategic emerging industries can beimproved. Through the implement of mobilizing and pooling savings, revealinginformation, risk management and corporate governance, technological innovationactivities can be affected in strategic emerging industries, besides, different financial structure has different impact on technological innovation activities in strategicemerging industries. Meanwhile financial systems itself has functions of efficientallocation of resources and guidance mechanisms, which guide the capital flows toemerging strategic industries in order to improve its market competitiveness. From thecombination of strategic emerging industries and the financial industry, how thefinancial system and technological innovation to achieve effective docking will be thekey to the development of strategic emerging industries.From the practical experience of the world’s major countries and China’s realsituation, the world’s major developed countries due to its financial base and progress,relatively support the development of strategic emerging industries deeply andsystematically. The United States and the United Kingdom have mature venturecapital market and multilevel support which is developed and improved for capitalmarket system. In Japan and Germany, the funding needs of the development ofemerging industries can be met because of developed and strong banking system. As aresult of policy incentives, effort to support the development of strategic emergingindustries become gradually exploratory and intense for China’s financial system. Inparticular, typical high-tech zones as the carrier such as Zhongguancun park hasprominent performance in the promotion of the financial system to support thestrategic emerging industries. But in general, China’s financial system in supportingthe development of strategic emerging industries is still in the primary andexploratory stage. Due to the market failure of China’s financial supply, theirrationality of the financial structure, the deviation of classic function with venturecapital, insufficiency of financial tools and products which is suitable for thecharacteristics of emerging industries, and the imbalance in the development ofhigh-tech zones, there are still more obstacles in supporting the development ofstrategic emerging industries with China’s financial system. Meanwhile, the capacityand level in the service of strategic emerging industries is relatively low.According to finance endogenous theory, financial development is considered tobe endogenous factor that affects the economic and industrial development. Due tothe input, output and many environmental factors, the question of extent and effect should be considered in the service of strategic emerging industries by the financialsystem. With the method of two-stage DEA, efficiency and influencing factors basedon China’s financial system supporting to the development of strategic emergingindustries have been tested to some extent. From the aspect of empirical results, theeffect of China’s financial system on the development of strategic emerging industrieshas not reached optimally through technological innovation and resource allocationboth static efficiency and dynamic efficiency side from the year2008to2011, furtherimprovement and advancement will be needed. From the point of impact factors, thislow efficiency is not only related to the investment and applications in financialtechnology innovation but also to resource allocation or institutional innovation.Further more it is related to financial structure, forms of ownership of companies, theoperation years of companies, their locations and other environmental factors.Theseenvironmental factors to some extent reflect that it is also an urgent need to improveand optimize China’s financial development environment.The dissertation argues that, better support to the development of strategicemerging industries for financial system is in substantiality to explore the adaptationproblems of the development of financial development and certain industries. In orderto promote financial system to better support the development of strategic emergingindustries, the particularity of financial needs for the emerging strategic industriesshould be as a fundamental foothold, and the great efforts should be maken toincrease the pertinency, availability and efficiency of financial support for China’sstrategic emerging industries. Regarding basic judgments and conclusions based ontheoretical and empirical examination, optimization strategy can be explored forChina’s financial system to support the development of strategic emerging industriesby the sides of financial technology innovation, institutional innovation, structuraloptimization and environment improvement. At the same time, the typical experienceof the Beijing Zhongguancun park should be summarized and promoted. With thepilot projects which are requested by the government in order to promote thecombination of technology and finance, high-tech zones as the important carriersshould be given the first or prior trial right to promote the effective integration of financial system and strategic emerging industries. From the point of main entities offinancial system composition, the idea of optimization can be specific to every mainentities, involving the main reform and development of China’s financial institutions,capital markets, equity investment institutions, and ultimately financial system tosupport the development of strategic emerging industries will be formed effectivelywhich is strongly guided by policy financial institutions. And it will be coordinatelydeveloped and cooperated with a due division among multilevel equity investmentsystem, capital market system and financial institutions system. Of course, it is acomplex and systematic process for the financial system to support the developmentof strategic emerging industry in itself, therefore, the optimization process shouldadhere to the adaptation, also it should follow many principles such as thecombination of market and government guidance, multilevel nature, coordination, andpay equal attention to intensified efforts and financial risk.
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