| Science and technology is the primary productivity. How to develop the high-tech industry and advance economic growth sustainably by constructing a perfect sci-tech finance system has become a key issue for the government. The developed countries have accumulated much experience in this field. However, for the developing countries like China, especially in the context of building an innovative country, how to construct a sci-tech finance system, which is compatible with its social environment, economic situation and high-tech industry, is a new issue and is still deserved to survey in depth.Now some literature have paid much attention to this filed. However, the conclusion is still divergent and need to analysis deeply. Based on the consideration above, this paper takes the reform and innovation of sci-tech finance system in China as analytical objective and studies issues related to it. Generally speaking, the paper can be divided into two main parts. The first part is status investigation, which includes the survey about theoretical analysis, reality base and current situation of sci-tech finance. The second part studies the developing model about Chinese sci-tech finance system. According to the specific analysis, we will answer the questions above through two ways. The first is to survey the developing situation and the developing base of high-tech industry in detail. It also needs to summarize the ripe patterns of other countries and study their advanteageous experience. The second is to reconsider current sci-tech finance system thoroughly in China and thus construct a suitable system to support the development of high-tech industry.In the first part, the paper employs time series data from Guangdong province and positively tests the relationship between science technology and finance based on Vector Auto-regression(VAR) which includes co-integration. The result of Granger causalty indicates that there has a two-way causality between them. The science technology is the basis of sci-tech finance, and finance is the developing assurance of sci-tech finance. In the following, the paper adopts the panel data from 29 provinces of China and studies the determinants, regional differences and policy effect of high-tech industry based on difference-in-differences method. It provides positive evidence for the integration about science technology and finance in China. The conclusion indicates that the level of economic development, R & D and human capital have positive effects on high-tech industry. It also establishes that the effect on high-tech industry has regional difference. Specifically, compared to central region and western region, the effect on eastern region is more intense. It shows that the program of Rising the Central Region has significantly promoted the developing pace of high-tech industry in central region. At the same time, it researches the question about venture investment based on incomplete contract. We construct a game model and examine relationships between venture capital and high-tech enterprise from the lens of asymmetric information. The separate and pooling equilibrium indicate that the adverse selection problem is the main reason which influences the judgment and determination of venture investor.After discussing the current base and developing status about sci-tech finance, the paper turns the attention to the second issue and investigates the developing model of sci-tech finance system. Specifically, we first research the transformation between sci-tech branch of commercial bank and sci-tech bank. According to the conclusions, the paper points out that we can construct a double-track sci-tech bank systrm and achieve the transformation gradully. In developed regions we can adopt the sci-tech bank model and sci-tech branch of commercial bank model otherwise. Furthermore, we can also strengthen the innovation of business and design diversified products. And in this process we can achieve the aim that changes the developing model from government leading to market leading. Moreover, in the research refers to supervision, we establishes a risk evaluation system to evaluate the risk situation of venture enterprise. The paper also clarifies that we can construct the main-bank institution in order to supervise the venture enterprise. Finally, the paper surveys the supervision about sci-tech bank. We put forward some suggestions for supervising the sci-tech bank based on the discussion of its aim, standard and character. After discussing issues refer to development of sci-tech bank, the paper explores the reconstruction of Chinese sci-tech capital market. We first discuss the institutional arrangement basis, reconstruction and suggestions. From the specific conclusions, the construction of multi-level sci-tech capital market should have the help of government and design the system from the top to bottom. And then it should be transited to market leading model. From the reconstruction of institution, audits, transaction, delist and information disclosure institutions are the most important contents. Finally, we review the reconstruction suggestions from change of government role, product design and transfer mechanism.On the whole, this paper follows the idea of situation survey, theoretical construction and positive analysis and studies the reform and development of sci-tech finance in China. The conclusion can be treated as a response for the issue that how to construct a perfect sci-tech finance system to develop the high-tech industry and advance economic growth sustainably. The suggestions can be treated as reference when the government makes the policies that improving Chinese sci-tech finance system. |
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