Study On The Financial Support System Of Low-carbon Independent Innovation Of Enterprises

The development of low-carbon economy has become a global consensus, mainstream values of the international community and countries, and also the key to occupy the commanding heights of world economic competition. Scholars generally believed that the development and use of low-carbon technologies is the key to reduce emissions, and the Chinese government attaches great importance to the role of technological progress and technological innovation to address climate change and the development of low-carbon economy. However,70%core technology in China need to "import", existing low-carbon technology patents, and invention patents accounted for only55%, and low quality and far behind developed countries. But developed countries lack of low-carbon technology transfer political will, economic power and the developing countries themselves inadequate are hinder the transfer of low-carbon technologies, and more is only the transfer of funds in the implementation. In this case, China to obtain the advantage of achieving sustainable development must focus on enhanced low-carbon capacity for independent innovation. However, to a low carbon economy requires approximately$49,100,000,000a year, together more than3000billion Yuan, and an urgent need to establish a financial support system to support low-carbon innovation. The Chinese government and enterprises gradually pay attention to and increase investment in enterprise low carbon innovation, but have not formed the financial support system of low-carbon independent innovation and not yet effective in attracting financial capital, industrial capital and social capital. The serious shortage of enterprises low carbon innovation capital accumulation very disproportionate to its position and role in the economic and social development, face serious financial bottlenecks, has become an important constraint for China to achieve a low carbon economy. Therefore, this paper take enterprises low-carbon innovation as a complex adaptive system, analyze the current situation and existing problems of financial support to enterprises in China low-carbon innovation, and on this basis to analyze the constituent elements and elements of the mechanism of the financial support system of independent innovation in enterprises of low-carbon. Established a conceptual model of the financial support system of independent innovation in enterprises low-carbon and provide the simulation in order to solve the problem of inadequate financial support of the enterprise low-carbon innovation, promote the development of China's low-carbon economy.In accordance with the above ideas, the main contents of this paper are summarized as follows:First, this paper summarized the characteristics of the enterprises low-carbon innovation. On the basis of existing literature and to sort out, defined the connotation of the corporate low carbon innovation in order to analyze the characteristics of the enterprise low-carbon innovation, including the public properties of products, technology spillovers, income uncertainty, and analyze the various stages of low-carbon innovation characteristics and capital requirements, to lay a good theoretical basis for subsequent analysis.Second, this paper established a conceptual model of financial support system of enterprise low-carbon independent innovation. Drawing on international experience, analyzed the problems of low-carbon innovation in China, found that enterprise low carbon innovation and its financial support system to develop joint action by multiple stakeholders, including government, corporate, finance were the most important input. Analyzed the elements and the mechanism of agent included the corporate, government and financial investment. Build the model of financial support system of enterprise low-carbon independent innovation.Third, this paper screened elements of the financial support system of enterprise low carbon innovation. Build model of financial support system of enterprise low-carbon innovation on the basis of the analysis of the mechanism of input main elements independent. Take listed enterprise data as study sample, using factor analysis, multiphase comparison and the regression analysis method test the empirical theories derive models and screening support system elements.Fourth, this paper simulated enterprise low-carbon innovation under the action of the financial support system. The main form of the low-carbon innovation of the foregoing analysis of enterprise on the basis of the elements and their mechanism of action, using multi-agent modeling method build a model of the financial support system of independent innovation of enterprises low-carbon, simulating the dynamic evolution of enterprises low-carbon innovation.Based on the above the studies, main conclusions obtained are as follows:First, this paper summarized related research of the financial system of independent innovation support. On the basis, this paper defined financial support system of enterprise low-carbon innovation. Summarized and analyzed the characteristics of the enterprise low-carbon innovation, stage characteristics and capital requirements and the corresponding funding. On the basis of drawing on international experience, analyzed the problems of China's financial support system enterprises low-carbon independent innovation, identified government spending, business investment and financial investment the three input agent, and systematic analyzed the mechanism and possible relationship between agent and enterprise low-carbon innovation. Accordingly, build a conceptual model of the financial support system of independent innovation in enterprises of low-carbon and deepen the existing theoretical research on enterprise innovation financial support.Second, take China's listed enterprises which meet the low carbon enterprise independent innovation as analyzing samples, empirical tested the conceptual model of the financial support system of enterprises low-carbon independent innovation, formed the measure system and provided a possible for quantitative research financial support of enterprise low-carbon innovation from the enterprise level. Used empirical research methods screened of the elements of financial support system of the enterprise low-carbon innovation and thus forming measure system of financial support system of independent innovation in enterprises of low-carbon, this measure provides a possible quantitative research on financial support for low-carbon innovation. At the same time, the mean into the main analysis, analysis of variance and multiple comparisons, different innovation capability of enterprises were different input. Multiple regression analysis showed that in addition to the individual elements, the main elements have different levels positive effects on innovation capability.Third, used multi-agent modeling and simulation methods simulated the dynamic evolution process of the financial support system. According to the simulation results, in the beginning of the simulation stage, low-carbon innovation have faster growth in the number of firms, but at a later stage, the number of firms in the growth rate gradually smooth, fluctuated within a certain range. Enterprises low-carbon capacity for independent innovation and enterprise level of inputs were also showing a similar change in trend. Government investment and financial inputs have a certain relationship, early in the evolution, higher government investment and financial input was very low, in the late evolution, government investment was gradually reduced and finally stabilized and the financial investment was gradually increased to the final in a higher horizontal stabilizing. With the low-carbon innovation capacity improved, government gradually reduced inputs, and the extent and intensity of financial participation continues to increase.Accordingly, there have three aspects in the innovation about the paper followed:First, this paper defined the basic concept of independent innovation of enterprises low-carbon and its financial support system. Existing researches more from the macro level and theoretical description researched low-carbon technological innovation, low-carbon economy, low-carbon innovation. From the micro level, used scientific way of thinking, took corporate ecological theory, innovation theory, complex adaptive systems theory and information economics theory as the main analytical tool, and clearly defined low-carbon enterprise independent innovation and its system of financial support the basic concepts. On this basis, in-depth analyzed the characteristics of the enterprises low-carbon innovation, the innovation phase and capital demand characteristics, and promoted corresponding way of financial support. Build the measure system of elements of financial support system of independent innovation of enterprises low-carbon and established a good foundation for the use of complex adaptive system and empirical research on financial support to low-carbon innovation in enterprise.Second, build the model of the financial support system of independent innovation of enterprises low-carbon. This paper analyzed the features of the enterprise independent innovation of low carbon characteristics and capital requirements and defined stakeholders of low-carbon innovation. According to the research paradigm of technological innovation ecosystem, established the inputs subject of this article, that is the government, enterprises and financial institutions, analyzed each main factor inputs effect on low carbon innovation, as the basis build enterprise-low-carbon innovation and financial support conceptual model. Take listed low carbon enterprises in China as sample, used factor analysis, multiple comparisons, regression analysis and other statistical methods, test the model derived from theories, and the screened element system of financial support.Third, this paper simulated the underlying mechanisms of main input elements effect on low-carbon innovation. On the basis of building a conceptual model of financial support system of low-carbon innovation, take complex adaptive system theory and corporate ecology theory as basis, analyzed the mechanism and screened the elements of financial support system. Used multi-agent modeling, constructed the simulation model, established the main rules of operation, and simulated the evolution process of financial system and low carbon innovation. With the development of low-carbon independent innovation, the development trend of the financial support, to show that they mutually promote and development.