| As a part of the marketing transition of China's economic structure, the change of China's financial institution has greatly affected the overall performance of the economic transformation. Until the information technology, Internet banking, such as Alipay appear to break a long 'solidifying financial institution.However,China's economic and social development is in a historic critical transition period,and the basic national conditions and future development decisions must take the new path of innovation-driven development. The high risk,high investment and high yield characteristics income of innovation activities determine the importance of financing in enterprise decision-making.Facing the rapid development of China's innovation strategy, how to adapt to the requirements of enterprise innovation has posed a challenge to theorists and government workers,China's economic and financial theory workers deserve to make academic efforts.In this paper,First of all,we discusses the relevant paper about the evolvement of financial institution and enterprise technological innovation,the research should combine :with the actual situation of China and drill down into the micro enterprise,and then the paper analyzes the mechanism of how the evolvement of financial institution impact on innovation.Through the mechanism analysis,this paper forms the theoretical hypothesis and framework.Further analysis of the evolvement of China's financial institution,Based on the theory of institutional economics and the theory of financial liberalization,this paper constructs the evaluation index system of China's financial institution evolvement and regional institutional evolvement,And separately calculated and analyzed, we get the national and regional level of the financial institution evolvement index by using the single index method and principal component analysis,And get four secondary dimension:the banking system,the capital market,the financial openness,the government function of the numerical value.Then this paper takes the national level of financial institution evolvement and its secondary dimension index as the main explanatory variables.Based on the 1978-2014 years of time-series data,this paper empirically studies the internal relationship between the marketization of financial institution and technological innovation of enterprises.It takes regional level of financial institution evolvement and its secondary dimension index as the main explanatory variables.Based on the provincial data which from 2007-2014,and it studies the financial institution evolvement that acts on the enterprise technological innovation mechanism in detail.( 1 )First,evolvement of financial institution structure has an different affect on various patterns of innovation of enterprise,equity financing is the best choice to the autonomous innovation finance which has higher risk,while the imitation innovation is more suitable for debt finance from the overall structure.Then the developement of the banking system, capital markets, financial opening and the functions of government have commonality with the mechanism of enterprise technological innovation,they are easing the constraint of innovation financing in some sense and improving the input and income of enterprise innovation.Fianlly,The evolvement of financial system's performance is significant in small and medium-sized enterprises, private enterprises, high-tech enterprise.(2)The Chinese financial institution evolvement tends to liberalization or marketization,these changes have a important affect on financial institution and structure even into the regional system,the index of eastern developed regions is higher than westem,meanwhile central region is a little bit higher than western,it is typical binary feature of the financial institution.(3)The study of the relationship between the evolvement of market-oriented financial institution and enterprise technological innovation includes:first is the evolvement of financial institution positive influence on Imitation innovation and independent innovation in the analysis of cointegration equation;then the evolvement of the banking system have a remarkable influence on imitation innovation,capital market work in autonomous innovation than banking system,but it's still very small.No matter imitative innovation or autonomous innovation has s stable positive impact on the evolvement of financial institution,it suggersts that the evolvement of financial institution promotes the enterprise technological innovation,meanwhile,innovation pushed the financial reform is exsit.The relationship between the evolvement of financial institution and autonomous innovation in Granger causality test analysis suggests that there is no interactive development situation,autonomous innovation is Granger single reason of the evolvement of financial institution.The development of autonomous innovation and imitation innovation more needs their own power than external environment in the breakdown of variance analysis,and the same as Chinese autonomous innovation,the outside impact on autonomous innovation is very small.Finally,the banking system,capital markets, financial opening and the functions of government not only affects the evolvement of the whole institution, they also have the obvious interaction.(4)The function of the evolvement of financial institution to enterprise technological innovation effect.Companies are more likely to get external funding support in developed financial system region,it is helpful to the enterprise technological innovation by easing the financing innovation. The better the banking system, the capital market, the financial opening and the functions of government, the smaller the financing constraints of the enterprise innovation, which is more conducive to enterprise innovation.From the perspective of heterogeneous enterprise,the evolvement of financial institution's impact is significart on private sector,high-tech and small-sized industrial enterprise;The capital of the enterprise technological,innovation is not from banks or equity financing,it is come from enterprise internal cash flow,the regional evolvement of banking marketization and the development of capital market improve the innovation effect of bank credit and strengthen the support of enterprise technological innovation.Above all,this paper gives some advices to develop the evolvement of financial institution and enterprise technological innovation better. |
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