| After more than sixty years of development,high-tech industries have made remarkable achievements in China.The development of high-tech industries not only support the rapid growth of China's national economy and the significant improvement of the national strength,but also fundamentally changed the pattern of the world's industrial competitiveness.Although China has become the largest manufacturing country,but the process of China's industrialization is still far from complete,and the development of high-tech industries are the foundation of national economy.After the financial crisis in 2008,the countries around the world have realized the importance of the real economy development,re-examined the relationship between financial innovation and the real economy.Many developed countries regarded high-tech industries development as a driving force for the economy in the future.Although China's economic development has grow rapidly in recent years,there are many problems such as weak technical innovation capacity,lower sustainable development ability.At present,the global economy is still not fully recovery from the financial crisis,and as the world's largest developing country,China's economy is facing unprecedented challenges.Under such background,how to effectively promote the development of high-tech industries has strong practical significance in China.As to China's industry development,a large number of researches focused on the influencing factors of the industry.Since Goldsmith,McKinnon and Shaw put forward the theory of financial development,much literature analyzed the financial impact on economic growth and naturally extends to the relationship between finance and industrial development.These discussions on financial development and financial structure have a comprehensive consideration of the stock market and banking sector,especially for the discussions on financial structure focused on whether banks or stock market can better contribute to the industry growth.The development of the high-tech industries always begins from the technology innovation,its sustainable development depends on the follow-up financial capital,and the allocation of financial capital is done through the financial system.Therefore,full and effective financial support is the premise and necessity of the high-tech industry development,the development of high-tech industries need mature and sound financial support system.With the development of economy,high-tech industries have made remarkable achievements,but it also faced the problems such as the limited industrial capital,insufficient financial support and so on.The important reason for these difficulties is the lack of a highly developed and efficient financial support system for high-tech industries.Based on the existing research,the paper analyses the financial support of the high-tech development systematically.The paper chooses the venture capital,capital markets,bank credit and the internet finance as the composition of the four financial support system,and then analyses the theory and empirical measurement of financial support system promoting the high-tech industries in the way of its function.As the largest developing country,China has achieved high-speed economic growth in a low efficiency legal and financial system,and the performance of China's economic transition has attracted the global attention.This research not only provides empirical evidence for the financial support for economic growth from a large developing country,but also is good for considering how to realize the transformation from extensive development since the reform and opening up,based on accelerating the high-tech industries development,promoting the technology innovation and enhancing the core competitivenessThe main innovations of this paper are as follows:Firstly,the paper analyses the development of high-tech industries from the perspective of the combination of financial support and the development of high-tech industries.Based on the analysis of the concept of financial support and the high-tech industries,the paper discusses the internal mechanism of financial support and the development of high-tech industries,and then forms the analytical framework of industry development under the condition of financial support.Secondly,the research of existing literature on financial support for the development of high-tech industries always focused on qualitative analysis,less empirical analysis.Different from the existing literature,the paper make use of the DEA two-stage model to analyze the effect of the financial support for high-tech industries based on the data of the China's listed companies.The first stage is to evaluate the relative efficiency and dynamic efficiency.The second stage makes the Tobit model to assess the influence direction and strength of the environmental factors to the efficiency value with the efficiency value from first stageas the dependent variable and various environmental factors as moderator variables.The conclusions and suggestions are both unique.Thirdly,the paper gets unique conclusions and suggestions based on the innovative way.The financial support of the high-tech industries development still has a lot of problems and the effect of the financial support is also still not so optimal.There are still lots of spaces to upgrade and optimize.The conclusion shows that the high-tech financial support efficiency has positive and marked relationship with financial structure,ages of companies established and venture investment.However,the relationship is not significant with the regional and ownership forms of enterprises.On this basis,the paper put forward policy recommendations for the rational development of financial support system from the venture investment,capital market,bank credit and internet finance.This paper follows the step of problem raise,problem analysis and problem solving.On the basis of the theory of financial development theory,financial and economic growth,financial and industrial development,the paper make use of the DEA two-stage model to analyze the effect of the financial support for high-tech industries based on the data of the China's listed companies from the view of the theory and practice.The first chapter mainly shows the research backgrounds and significances,the existing status abroad and at home,summaries,research methods,innovative point and the further research direction.The second chapter is basic theory and literature review,including financial development theory:financial structure theory,financial constraints theory,financial deepening theory,financial development and economic growth theory,which provides the theory for the following parts.From three aspects of the influence factors of the development of high-tech industries,the development of high-tech industries and financial support,the paper shows the existing research results and the shortage at home and abroad,and then put forward the research point of this paper.The third chapter is the research of China's high-tech industries development and financial support.The paper anylses the development of high-tech industries in different stages and different perspective of financial support,and then review the development history and effectiveness of China's high-tech industries.It is found that in the process of development,there are many difficulties such as lack of financial support,and need to market and diversified multi-levelfinancial support system.The fourth chapter is the research on the mechanism of action and conduction mechanism of financial support for the development of high-tech industries.Further from the perspective of theory,the financial support system can promote the development of high-tech industries through the function of capital formation,resource allocation,risk management and so on.The fifth chapter mainly analyses the current situation and existing problems from venture investment,capital market,bank credit and internet finance,and then analyses the reasons for the problem from the macro level,meso level and micro level.The sixth chapter is empirical analysis part,which includes the theoretical analysis and empirical test on the paper.Through the establishment of a DEA model,the paper studies the effect of financial support of China's high-tech industries.The seventh chapter contains the recommendations for countermeasures.On the basis of the status and problems of the financial support in the fifth chapter,as well as empirical studies in the sixth chapter,the paper puts forward the effective approaches and policy recommendations to improve the efficiency of financial support for the development of high-tech industries.Through systematically study,this paper draws the following conclusions:Firstly,the relationship between financial support and the stage characteristics of high-tech industries development shows that the demand for financial capital will increase with the development of high-tech industries.In the early stage,the development of high-tech industries can be supported by the government funds and venture capital.In the final stage,the commercialized financial support can meet the capital demand of high-tech industries.Secondly,the results shows that China's high-tech industries have roughly experienced four period,and have gain some achivements in technical innovation and industrial scale,but also faced some difficulties such as lack of internal funds and external funds support.In order to solve the difficulties faced by the development of China's high-tech industries,the financial system needs to be highly efficient and strong support on financial system.The financial system take effect on the development of high-tech industries from the capital,resource allocation and conduction mechanism for risk management,through playing the function such asmobilizing savings,revealing information and corporate governance function.Thirdly,through the research on the present situation of the financial support system,the results shows that venture investment of high-tech industries is limited in the early period,the types of securities and bank credit products are less,the high concentration of banking industry is not conducive to the resource allocation,internet finance development is not standardized and other issues that affected the effectiveness of financial support for high-tech industries.On the basis,the paper analyses the reasons for the problem from the macro level,meso level and micro level.Fourthly,the empirical analysis on the financial support effect of China's high-tech industries shows that it did not achieve the optimal resource allocation efficiency in the process of supporting industry development,there are spaces for improvement and optimization.The China's financial support system for high-tech industries is not stable,needs to be improved and upgraded through technical innovation,resource allocation and scale efficiency.The development scale of the financial support system has not reached the scale economy effect.The effect of financial support on the financial structure of China's high tech industry is influenced by environmental factors such as the financial structure,the ages of companies established and the participation of venture investment,and there is little influence about the ownership and location of the company. |
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