The Effectiveness Of Policy-oriented Finance To Promote Independent Innovation In China

The dissertation firstly analyzes definition, functions and its implementation mechanism of policy-oriented finance in order to study the structure of policy-oriented finance supporting independent innovation in China. Based on it, the empirical model group is built to research the effectiveness of policy-oriented finance to promote independent innovation by means of grey relational analysis, quantitative regression analysis and data envelopment analysis. Next, from three aspects of relation, overall effect and structure effect, the dissertation makes use of this model group to investigate the effectiveness of policy-oriented finance to promote independent innovation in China by way of measuring direct and indirect relational grade of policy-oriented finance and independent innovation, direct and indirect effects and contributions of policy-oriented finance to promote independent innovation.Last but not least, according to the effectiveness measure, the dissertation analyzes present situation, direct and indirect role of policy-oriented finance in promoting independent innovation, and puts forward suggestions to construct platform and design mechanism on policy-oriented finance in promoting independent innovation in China. The following six parts are included:Part 1:the functions and its implementation mechanism of policy-oriented finance. This part firstly redefines definition of policy-oriented finance, extracts the four features of policy-oriented finance, including public, fiscal, market, financial nature, and two specific functions, including financial support function and investment guidance function. Based on it, this part analyzes implementation mechanism of policy-oriented finance functions.Part 2:the structure of policy-oriented finance supporting independent innovation in China. First of all,from the functional point of view, this part determines the scope of policy-oriented finance supporting science and technology on the basis of the ways of the functions of policy-oriented finance, and studys the structure of policy-oriented finance supporting science and technology in China. Next, this part analyzes implementation of policy-oriented finance supporting science and technology in China.Part 3:the relation of policy-oriented finance and independent innovation in China. According to the actual situation in China, this part establishes input and output index system of independent innovation.Based on it, the model is built to measure relational grade of policy-oriented finance and independent innovation by use of grey relational analysis and MATLAB 7.6 R2008a. Next, the part makes use of this model to calculate direct and indirect relational grade of policy-oriented finance and independent innovation. Finally, according to the results, combined with chart trend analysis, this part makes a preliminary determination on direct and indirect role of policy-oriented finance in promoting independent innovation.Part 4:the overall effect of policy-oriented finance supporting independent innovation in China. By means of quantitative regression analysis, the part sets up the empirical model in order to measure the overall effect of policy-oriented finance supporting independent innovation in China. Next, from two aspects of outputs and application of outputs, the part makes use of this model to measure direct and indirect effects and contributions of policy-oriented finance to promote independent innovation in China. Last but not least, the paper further analyzes direct and indirect role of policy-oriented finance in promoting independent innovation in China.Part 5:the structure effect of policy-oriented finance supporting independent innovation in China. By use of data envelopment analysis, the part establishes the index system and the model in order to evaluate the structure effect of policy-oriented finance supporting independent innovation in China. Next, from the perspective of efficiency, the part uses this model to measure technical efficiency, scale efficiency and returns to scale on policy-oriented financial instruments supporting science and technology in China, and does comparative analysis.Part 6:the suggestions on constructing platform and designing mechanism on policy-oriented finance in promoting independent innovation in China. According to the effectiveness measure, the part analyzes present situation of policy-oriented finance in promoting independent innovation, and puts forward suggestions to construct platform and design mechanism on policy-oriented finance in promoting independent innovation in China.