Combination Of Technology And Financial Resources:Theory And Empirical Study

With the aeceleration of the economic globalization process and the advent of the knowledge economy,the competition between countries will become more fierce,but the future competition between countries all over the world focus on scitechnological progress and the ability of innovation.In order to gain the initiative in the future competition,fulfilling the road of innovation-oriented country become the world of common choice,relying on sci-technological innovation to improve its comprehensive national strength and core competitiveness.China also put forward the development strategy of constructing innovative country,in the process,financial is important to promote the innovation of science and technology mechanism and system arrangement.It is the key factor to find a reasonable structure,function complete combined with technology and financial to make technology and financial operation combined with the basic structure and organization guarantee,coordination,orderly operation.In this paper,we show the typical facts first,and utilize others work and summarize the combination of experience of domestic and foreign new and high technology park and financial resources.Second,we explains Schumpeter innovation,science and technology enterprise life cycle and bridge and tunnel model and other related theory,and set up the dynamic general equilibrium model on innovation to demonstrate the financial capital support enterprise innovation;Then we give evidence of enterprise obtain financial capital to support independent innovation from direct financing and indirect financing aspect;Finally,we illustrate the science and technology and financial combination mechanism,technology and finance operation combined with the basic structure and organization guarantee,and produce actual effect based on a practical example.Through this research,the main conclusions are as follows:First of all,this paper establishes a dynamic general equilibrium model of innovation to demonstrate that financial capital support could help enterprise innovation.The model explains the innovative enterprise actively participate in financial capital will increase enterprise value.It was shown how the structural parameters of FC industry,such as experience and market knowledge of FCs,determine the growth rate.Tax policy holds interesting options to strengthen the financial capital(FC)support and promote growth.With horizontal product innovation and double moral hazard in FC financing,both the innovation rate and the degree of FC involvement in new firms tend to be too low in private equilibrium compared to a first best allocation.The analysis in this paper suggests a revenue neutral restructuring of public policy by shifting public funds away from subsidies to the cost of capital and using the proceeds to cut capital gains taxes on FC backed firms.This policy approach would indeed stimulate FC support and promote innovation based growth.Second,we test the relation of the financial development and enterprise total factor productivity and the technical innovation,in this paper through empirical research,we can get conclusion: enterprise total factor productivity,enterprise technology advancement index and financial development has the significant long-term correlation,in current,the enterprise financial development have a significant negative correlation between enterprise technology advancement index and total factor productivity,however,lag of the enterprise financial development have a significant positive correlation between on the current enterprise technical progress index and enterprise total factor productivity,and the enterprise financial development has a very significant hysteresis effect,so we must reduce the enterprise technology innovation adverse expected and impel the enterprises have the power to carry out innovation to change the current positive situation on enterprise technology innovation,enhancing the total factor productivity of firm require the government,commercial Banks and enterprise to make joint efforts,and improve the enterprise technology innovation power.Moreover,we test the relation of the innovation ability and the venture capital investment,through discussing the issue according to be listed companies as sample,the results showed that: the risk investment has a significant role on the enterprise independent innovation ability,so we can prove "risk investment help enterprise independent innovation" proposition in our country is established;contrast to foreign capital background,we found the risk investment of private background,government background and mixed background have greater role in promoting enterprise independent innovation ability.In the different background of risk investment,the private background has the largest role in promoting enterprises' independent innovation ability;private background and mixed background risk investment shareholder shareholding proportion and enterprise innovation ability are related,and the government background and foreign background are negative correlation.In general,and the government and the private capital background risk compared investment institutions,the private background risk investment institutions show greater role in promoting enterprise independent innovation ability.Therefore,we can improve our country enterprise innovation ability from the following aspects : establish a market exit channels,and develop the venture capital industry.Risk investment provide funds with enterprises,support the development of innovative enterprise,the enterprise independent innovation ability has a significant role;support private venture capital institutions,improve the independent innovation strategy system.Finally,this paper expounds the technology and financial combined mechanism,technology and financial operation combined with the basic structure and organization guarantee,further to respond the possibility of combining technology and finance and the actual effect through a bank of science and technology of the actual cases,we can found the effectiveness of the combination of science and technology and finance has been proved once again.