Study On Financial Structure Optimization And Financial System Reform To Promote Technological Innovation

Finance is playing an increasingly important role in the process of implementing innovation-driven strategy and building an innovation-oriented country.In recent years,the relevant state ministries have issued a series of policies and measures to promote the integration of technology and finance,in order to guide the allocation of financial resources to the field of technological innovation,so that the financial development will become a technological innovation trigger,engine valve and accelerator.Financial development includes two dimensions of gross growth and structural optimization.Comparing with the rapid expansion of the financial gross and scale,the adjustment and optimization of financial structure obviously lags behind,which leads to the need for China to speed up the financial structural reform.As an important variable in economic development,the influence of the design and evolution of financial system on financial structure and technological innovation can’t be ignored.Therefore,from the perspective of technological innovation to examine the optimization of financial structure and financial system reform,this study not only has a prominent theoretical value,but also has a strong policy guidance.The main content of this paper includes:Firstly,through the discussion of the theoretical mechanism between financial tools innovation and technology innovation,this paper has deeply analyzed the mechanism of how bank financing and capital market financing act on technology innovation,and has given answer to a question of common concern,that is,bank financing can also play a positive role to a certain type of technological innovation and in some certain stages of technological innovation life cycle,which lays the theoretical foundation for the subsequent research.Secondly,by using the methods and theories of economic growth,innovation,financial development,institutional economics,new structure economics and evolutionary economics,this paper has analyzed the mechanism and influencing factors of financial structure evolution,the effect of financial structure differences on technological innovation path,the assimilation between technological innovation mode change and financial structure evolution,and puts forward to the optimal financial structure to promote technological innovation.Thirdly,by introducing an important variable,financial system,Which impacting on the financial structure,this paper has analyzed the coevolution of financial system and financial structure,implemented an empirical analysis on Chinese financial repression,as well as raised the relevant theoretical hypothesis.Then the measurement model was proposed and the indexes were extracted by principal component analysis.The model was tested by means of measurement.Finally,this paper proposes some policy recommendations to optimize the financial structure and reform the financial system.The innovation points of this study are as follows:1.Different from the existing studies,which mainly focus on the financial structure affecting technological innovation by one-way perspective,this study presents the two-way coevolution of the financial structure and the mode of technological innovation.That is,not only does the financial structure affect the mode of technological innovation,but also the change of technological innovation mode influences the evolution of financial structure.Because the new imitation countries are approaching the advanced countries by technological imitation,the imitation space tends to be limited,which makes the post development countries to shift their technology development strategy from technological imitation to independent innovation.At that time,their proportion of financial capital will gradually increase,leading to the financial structure convergence between the post development countries and the advanced countries.This study will help to deepen the systematic understanding of the technology innovation strategy in the post development countries.2.Covering the lack of simple description of the relationship between financial structure and technology innovation in the previous literatures,this study introduces the financial system variable,puts the coevolution of the financial structure and technological innovation in the background of financial system reform,expands the research thoughts from the traditional "financial structure-technology innovation" to the new "financial system-financial structure-technology innovation",and draws the new conclusion that the moderate loose of financial control could promote the optimization of financial structure so as to become a powerful driving force to promote technology innovation.This study complies with the background of macro system and the requirement of system transition in transition economies,helps us accurately grasp the system transition requirements for technological innovation matching with financial structure,so as to enhance the theoretical and practical value in research conclusions and policy suggestions.3.Basing on the evolution analytical paradigm,the study puts forward that the optimal financial structure to promote the technological innovation is the most suitable financial structure to adapt to the different nature and different development stages of the technological innovation,and this structure is also in constant change in the dynamic evolution and optimization.This new paradigm avoids to simply judge the superior between these two financial structures in promoting technological innovation,analyses from the perspective of the "optimal financial structure" which is actually the developing "suitable financial structure",contributes to profoundly reveal the nature of coevolution and the rule of dynamic development between technological innovation and financial structure during the building innovation-oriented country and the implement of innovation driven strategy,expands the depth and breadth of the evolution of financial structure under the current structured change on the side of supply.