| Since the 21 st century,the pattern of the world economic system has shown a changing trend.Developed economies such as Europe,the United States,Japan and other advanced economies have gradually weakened in the global economic landscape,and emerging economies have a growing influence.But in terms of technological innovation,traditional economic powers still lead the world.Behind the international competition is the contest of technological innovation ability.In the face of the change,countries all over the world have implemented innovation strategy one after another to seek their strategic position and competitive advantage in the world economic system.At the same time,after the financial crisis,it is a consensus in the process of financial reform to make finance serve the real economy better.Schumpeter,an innovation guru,argues that the core function of finance is to screen innovative entrepreneurs and provide them with credit funds to help them innovate.The research shows that there are differences in the financial function of different financial structures.Therefore,what kind of financial structure can better support innovative activities has become an urgent breakthrough in the practice of various countries.This paper investigates the influence of financial structure on technological innovation from the perspective of capital input and efficiency of technological innovation.Through the establishment of a comprehensive analytical framework to study the influence of financial structure on technological innovation,this paper probes into the mechanism and transmission mechanism of financial structure influencing technological innovation in theory,in order to obtain more detail about the influence of financial structure on technological innovation.All-round conclusion provides theoretical basis and practical guidance for the implementation of financial reform and innovation strategy in various countries.The main contents of this paper are as follows:Chapter one,introduction.Firstly,through the analysis of the changing trend of the world economic system since the 21 st century,the motivation and goal of implementing the innovation strategy,the international community's reflection and reform of the financial system after the financial crisis,this paper puts forward the background and significance of this study.Secondly,the paper defines the core concepts of this paper,such as financial structure,technological innovation and so on,and clarifies the research object of this paper.Thirdly,it determines the research ideas and methods of this paper,and gives the main innovation points and shortcomings.Chapter two,literature review.Firstly,the related theories and studies on the structure and function of the financial system are sorted out,and then the relative studies on the comparison of the financial structures are combed,and then the existing research results and literatures on the influence of the financial structure on technological innovation are analyzed.Through sorting out the literature,the mechanism of financial structure influencing financial function and the mechanism of financial structure influencing technological innovation are sorted out,and the literature is reviewed,and the characteristics and shortcomings of existing research are put forward.It provides a theoretical basis for the further research of this paper.Chapter three,the mechanism of financial structure influencing technological innovation is analyzed.Firstly,it analyzes the characteristics of technological innovation and the demand of financing;secondly,by comparing the differences of different financial structures in the realization of financial functions,this paper analyzes the mechanism of financial influence on technological innovation;Thirdly,from the angle of input and efficiency of technological innovation,this paper analyzes the transmission mechanism of financial structure affecting technological innovation,and analyzes the related factors that affect the effect of financial structure on technological innovation activities.Finally,on the basis of the above analysis,the overall analysis framework of this paper is constructed.Chapter four,the empirical analysis of the influence of financial structure on investment in technological innovation.Based on the data of 57 countries around the world,this paper analyzes the influence of financial structure on the investment of technological innovation funds by constructing the model.In the process of analysis,first of all,regression analysis is carried out with full sample data,and the influence of financial structure on the input of technological innovation is investigated from the whole point of view.Then the method of grouping regression is used to investigate the difference of the influence of financial structure on the input of technological innovation under different economic development level and financial development level.Finally,using the method of quantile regression,we study the different effects of financial structure on the input of technological innovation at different input levels.Chapter five,the estimation of technical innovation efficiency and international comparative analysis of efficiency.The main content of this chapter is to analyze and compare the input and output of technological innovation in 46 sample countries.On this basis,we use the SFA method,based on the production function of transcendental logarithmic knowledge,to estimate the sample countries based on the paper.The technological innovation efficiency of patent and high-tech export output is analyzed and compared in order to prepare for the empirical analysis of the influence of financial structure on technological innovation efficiency in the next chapter.Chapter six,the empirical analysis of the effect of financial structure on the efficiency of technological innovation.This chapter uses the data of 32 sample countries to analyze the influence of financial structure on the efficiency of technological innovation.In the regression model,the cross-terms of financial structure and economic development level and financial development level are added to examine the adjustment effect of economic development level and financial development level on the financial structure.Chapter seven,conclusions and policy recommendations.Firstly,according to the analysis and research above,the main conclusions of this paper are summarized.Secondly,the present situation of financial structure and technological innovation in China is analyzed,and the international comparison is made.Then,according to the research conclusion of this paper,the policy suggestions are put forward according to the situation of our country.Finally,the future research is prospected.In the process of the research,this paper mainly adopts the methods of literature research,theoretical analysis,empirical research,comparative research and so on.The main innovations are as follows:Firstly,this paper constructs a comprehensive analysis framework to study the influence of financial structure on technological innovation.The framework not only considers the main mechanism and transmission mechanism of financial structure influencing technological innovation,but also analyzes the influence of financial structure on technological innovation.At the same time,the factors such as the level of economic development,the level of financial development and the stage of technological innovation,which influence the function of financial structure,are also considered.Compared with the existing research,this paper analyzes the impact of financial structure on technological innovation through this comprehensive framework,and obtains more detailed and general research conclusions.Secondly,this paper introduces the input and efficiency of technological innovation into the study of the influence of financial structure on technological innovation,and we can examine the difference of the influence of the characteristics of financial structure on the investment and efficiency of innovation.Most of the existing studies have studied the influence of financial structure on the input and efficiency of technological innovation alone,but not on the impact of financial structure on the investment and efficiency of innovation at the same time.In addition,this paper studies the impact of financial structure on innovation input and efficiency directly by constructing structural indicators.Compared with some studies that research the effects of bank loans and financial market financing on technological innovation,it can more intuitively reflect the impact of financial structural characteristics on technological innovation.Third,this study focuses on technological innovation at the national level,and implement empirical analysis using transnational data,compared with micro-enterprise data,industry,regional data research,can overcome the sample characteristics of the impact on the research findings.So this study get more systematic conclusions,to provide theoretical guidance for the macro-level financial system reform of different types of countries.The main conclusions of this paper are as follows: 1.The influence of financial structure on the input of technological innovation.(1)on the whole,the financial structure has no significant effect on the input of technological innovation.No matter the "bank-based" financial structure or the "market-based" financial structure,there is no absolute advantage for the investment of technological innovation.(2)the stage of technological innovation affects the function of financial structure to the input of technological innovation.From the point of view of activity,when the level of investment in technological innovation is high,the "market-based" financial structure is more conducive to the further increase of investment in technological innovation;When the investment level of technological innovation is low,the "bank-based" financial structure is helpful to the further improvement of the investment in technological innovation.From the point of view of scale,the effect of financial structure on technological innovation investment is not affected by the level of technological innovation input.(3)the level of economic development affects the effect of financial structure on the input of technological innovation.In low-income countries,?bank-based? financial structures are more conducive to increased investment in technological innovation.In higher-income countries,the impact of financial structure on investment in technological innovation tends to weaken.(4)the level of financial development affects tthe effect of financial structure on the input of technological innovation.When the level of financial development is low,the "bank-based" financial system is more conducive to the increase of investment in technological innovation.When the level of financial development is higher,the influence of financial structure on the input of technological innovation tends to weaken.2.The influence of financial structure on the efficiency of technological innovation.(1)The financial structure has an influence on the efficiency of technological innovation activities,and the specific influence varies with the stage of technological innovation.The "market-based" financial structure is conducive to improving the efficiency of technological innovation activities in the R&D phase,but with the forward shift of the technological innovation activities phase,The "bank-based financial" structure plays a more and more important role in promoting the efficiency of technological innovation.(2)the effect of financial structure on the efficiency of technological innovation is influenced by the level of economic development.When the level of economic development of a country is improved,the role of "market-based" financial structure in enhancing the efficiency of activities in the R&D stage of technological innovation becomes more obvious.At the same time,The role of "bank-based" financial structure in promoting the efficiency of technological innovation activities in diffusion stage is also more obvious.(3)the level of financial development has an impact on the financial structure to promote the efficiency of technological innovation.When the development level of financial scale is raised,the role of "market-based" financial structure in promoting innovation efficiency in R&D stage and "bank-based" financial structure in promoting innovation efficiency in diffusion stage will be strengthened.When the level of financial activity increases,the role of "market-based" financial structure in promoting the efficiency of technological innovation in all stages will be strengthened,especially in the transformation and diffusion stages.In the last,according to the research results,this paper puts forward the following suggestions according to the actual situation of our country: to further improve the total transaction volume of the securities market,and to promote the transformation of financial structure to "market-based" from the angle of activity;Improve the market value of financial markets,from the perspective of scale,promote the transformation of financial structure to "market-based";Further increase the loan scale of bank to the private sector,raise the financial development level of our country as a whole. |
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