A Study On Financial Structure And Technology Innovation Based On Functional And Institutional Perspectives

Based on the existing researches at home and abroad,this paper regards financial structure and technological innovation as complementary systems and analyzes the theoretical mechanism of financial structure affecting scientific and technological innovation.Secondly,using statistical data to analyze the characteristics of China’s financial structure and its coordination with scientific and technological innovation.Subsequently,the data of the 31 provinces（cities）in China from 2000-2016 and the data of 14 emerging market countries from 1996 to 2014 were analyzed empirically.At the same time,it summarizes the experiences of the four countries of the United States,Germany,Japan and Israel in the impact of financial structure on technological innovation.Finally,on the basis of the above theoretical research and empirical analysis,it puts forward policy recommendations on optimizing the financial structure to promote technological innovation in light of China’s current national conditions.Chapter 1,Introduction.Including the research background and significance,the relevant literature review at home and abroad,as well as the main content,research methods and innovations of this dissertation.Chapter 2,Mechanisms of Financial Structure on Innovation.In theory,the dissertation analyzes the impact mechanism of financial structure on technological innovation.Firstly,the concepts of financial structure and technological innovation are sorted out and defined.Secondly,from the perspective of function and system,the internal logic of financial development and financial structure evolution is clarified.A model based on financial market risk management function to promote technological innovation is used to illustrate the financial structure.Evolution is a trade-off between financial functions and financial transaction costs.It then lists the risk characteristics of technological innovation and the degree of satisfaction and impact of different financial structures on the financial needs of technological innovation.Chapter 3,Financial and Technological Development of China.China’s financial structure is biased towards the creditor’s rights market,and it is dominated by large state-owned banks.The financial system is imperfect,which restricts the positive role of the equity market in technological innovation.China’s scientific and technological innovation achievements have grown at a relatively fast pace in recent years,but there is still a gap between the strength of scientific and technological innovation and advanced countries,and there is a large gap in innovation strength among domestic regions.Chapter 4,Empirical Analysis of China.Using the panel data of China’s 31provinces（cities）from 2000 to 2017,the dissertation analyzes the relationship between financial structure and technological innovation in various provinces（cities）and eastern,central and western regions of China.The relative scale of the equity market has played a positive role in regional science and technology innovation,and the relative scale of the creditor market has played a depressing role in regional science and technology innovation.In addition,both economic growth and fixed asset investment play a positive role in technological innovation.The equity market in the central and eastern regions has a significant positive effect on technological innovation,while the western region is not significant;the eastern,central and western creditor markets have significant inhibitory effects on technological innovation.Chapter 5,Empirical Research on Emerging Market Economies.Based on the institutional,economic and technological characteristics of developing countries,the impact of financial structure on technological innovation activities is analyzed.On this basis,the data of 14 emerging market economies from 1996 to 2014 are used as samples to empirically test the financial structure.The role of technological innovation and explore how this role is influenced by the legal environment,economic fluctuations and types of technological progress.Chapter 6,International Experiences.Introduced and analyzed the highly marketoriented and competitive multi-level capital market in the United States,the close relationship between the German universal banking system,public scientific research institutions and industrial capital,and the close cooperation between Japanese large enterprises and large banks with an innovation system centered on the upstream of the industry.And the experience of the Israeli government to guide and market-led innovation and entrepreneurship platforms.Chapter 7,Suggestions.The general principles,main directions and specific measures for optimizing the financial structure are proposed,such as improving the construction of multi-level equity markets,vigorously developing venture capital markets,and establishing a capital market interconnection mechanism.Accelerate banking innovation and institutional reform.Strengthen financial system and infrastructure construction,including improving laws and regulatory systems,and strengthening measures such as financial information infrastructure construction.Chapter 8,Conclusions and Outlooks.This chapter summarizes the research conclusions,shortcomings,and main directions of the next research.