Study On Financial Arrangement In Promoting Technology Innovation

In 2006, China brought forward strategic object of building innovative country, boosting up independent innovation capability is a central tache to adjust industry structure and convert production fashion. Nevertheless, innovation takes place under the environment favoring independent innovation. Along with deepening of social and economic development, financial arrangement's impact on innovation is more and more great, financial system has become an important arrangement influencing innovation advance. With a view to request of building innovative country, the thesis expounds on basic theoretic questions such as innovation function of financial arrangement,mechanism and realization approach ect.The thesis systematically reviews theoretic research literature about financial arrangement in promoting innovation, In allusion to characteristic of financial system's complicated self-adaptation, the thesis brings forward a pattern of financial arrangement in promoting innovation, namely "Environment—Function—Structure".Firstly, from the point of exterior environment of financial system, the thesis reviews uncertainty and dealing cost in face of economic activity particularly innovation activity. After that, in allusion to characteristic of venture contract in the innovation activity, the thesis brings the study on innovation function of financial arrangement into the whole innovation chain and discusses innovation function of financial arrangement and realization mechanism from the angel of information transfer,item fathering and risk sharing ect based on particular venture property during different phases. Then, the thesis establishs innovation driving model embodying finance variable.As to empirical research, the thesis adopts VAR model to make quantitative study on the extent of realization of financial arrangement in promoting technology innovation under the background of gradual reform in china. The results indicates that financial development and technology advance are affected by other factors, financial development itself has not become an indispensable condition during innovation advance, and financial arrangement's impact on innovation activity is to be reinforced.In allusion to the fact that innovation function of financial arrangement is lagging, the thesis adopts analysis tool of "path dependence" in the new system economics to illustrate creating logic and evolvement path of financial arrangement during innovation reform and put forward new ways to break the ineffective path dependence and exalt the financial arrangement's innovation function. Based on the above analysis, the thesis makes strategic design of financial arrangement system in promoting innovation from the aspect of central government,local government and finance body, and established a financial promoting system which involves financial environment system,financial function system and financial harmony mechanism.