| Manufacturing industry is the core of the national economy and the real economy.In recent years,with the profound adjustment of the international economy,major developed countries and emerging economies have all made great efforts to develop advanced manufacturing as an important measure to enhance their international competitiveness.China is at the crucial stage of its transformation from a manufacturer of quantity to one of quality at present.It is the innovation,especially the technology innovation,that China can depends on,to master the core technology and avoid being controlled by others in key areas.The enterprise technology innovation of China's advanced manufacturing industry is faced with both internal and external troubles,and their innovation funds are insufficient.All the signs show that financing constraint is an important factor restricting enterprise innovation.In this context,the research on financial support for enterprise technology innovation of manufacturing industry attracts more and more attention in academic fields and practice fields.Policy-based finance is an organic combination of government and market,fiscal and financial support.With China's economy entering a new normal,the pressure on fiscal deficit is increasing,and the ability of financial market resources allocation is limited,it is an important topic that how to give full play to the supporting and leading role of policy-based finance.However,there are few systematic studies on the policy-based financial support for enterprise technology innovation.Based on this,this paper focuses on such issues as what role policy-based finance can play in supporting enterprise innovation,how to play its role,what is the effect of policy-based financial support and how to optimize the supporting role of policy-based finance,through literature research,theoretical research,empirical research and case study.This paper systematically analyzes the necessity,orientation,action mechanism,functions and advantages of policy-based financial support for enterprise technology innovation,as well as its specific measures,effects and problems in the practice.The research of this paper is carried out in the following parts.First,the paper reviews the domestic and foreign literature on the effects of fiscal policy and financial development on the innovation input and output of enterprises,as well as the effects of internal characteristics of enterprises such as property right and enterprise scale on the policy-based financial support for input and output of enterprise innovation,in order to provides literature support for the subsequent analysis of policy-based financial support for enterprise innovation.Second,the paper sorts out the basic theories closely related to the research of this paper,including innovation economics,the relationship between government and market,and policy-based finance theory,so as to combine the dual nature of innovation with the mechanism of government and construct the combination mode of fiscal and financial synergy supporting enterprise innovation.It provides theoretical support for the division of labor and cooperation of financial support for enterprise innovation,and lays a theoretical foundation for the systematic demonstration of the mechanism and functional advantages of policy-based finance support for enterprise technology innovation of advanced manufacturing industry.Third,the paper systematically analyzes the necessity,orientation,mechanism,functions and advantages of policy-based finance support for enterprise technology innovation of advanced manufacturing industry in the new era.From the theoretical point of view,the paper puts forward that the technology innovation of advanced manufacturing industry calls for the supportive environment of the synergy between government and market.And policy-based finance can give full play to the synergy of fiscal and financial advantages,realize the unification of policy,market and specialty,and effectively share the public and private risks of enterprise innovation,so as to promote input and output of enterprise innovation.Fourth,the paper analyzes policy-based financial institutions that perform policy-based financial functions starting from the reality.It includes the measures,effects and shortages of such policy banks and government-guided industry funds in supporting technology innovation of advanced manufacturing industry,and the comprehensive risk management as well as internal and external problems and difficulties faced by them in the process.Further,the paper can demonstrate the comprehensive advantages of policy-based finance in supporting advanced manufacturing industry,and clarify the factors restricting the role of policy-based finance.Fifth,this paper makes an analysis by constructing an empirical model in theory and reality.Based on the sample of listed advanced companies of manufacturing industry in the ten key areas of selected by Made in China 2025,this paper empirically examines the supporting role of policy-based finance support for enterprise technology innovation of advanced manufacturing industry in China.In consideration of intra-enterprise heterogeneity,including property right,enterprise scale and enterprise age,this paper explores the influence of intra-enterprise heterogeneity on the policy-based financial support for enterprise innovation.The empirical results show that policy-based finance has remarkable effect on promoting input and output of enterprise innovation.The nature of state-owned property right has a significant effect on promoting policy-based finance to increase input of enterprise innovation,comparing to an insignificant effect on output of enterprise innovation.Although the increase of enterprise scale has no significant effect on innovation input,it can significantly improve the effect of policy-based finance on innovation output.In addition,the growth of enterprise age has an obvious inhibitory effect on promoting policy-based finance to improve the input of enterprises technology innovation,and no significant inhibitory effect on output in this respect.Sixth,this paper takes the Export-Import Bank of China and its support for transformation and upgrading of shipbuilding industry as the case,combined with the above theoretical and empirical analysis.It analyzes the orientation,measures and effects of the Export-Import Bank in supporting the technology innovation and product upgrading of China's shipbuilding industry,and explores the shortcomings of the bank in promoting the innovation output of state-owned shipping enterprises.Finally,it points out the internal and external problems faced by the Export-Import Bank in supporting the shipbuilding industry,and draws on the international experience of shipbuilding powers,Japan and South Korea,so as to provide reference for the subsequent policy recommendations.Based on the above research analysis,this paper draws important conclusions.To begin with,the dual nature of innovation and the development characteristics of advanced manufacturing industry determine that the enterprise technology innovation and high-quality development of advanced manufacturing industry require the supportive environment of the synergy between government and market.As a combination of government and market,and an organizational coordination mechanism of fiscal and finance,policy-based finance plays an obvious role through reducing innovation cost and risk in promoting the professional support for technological innovation of advanced manufacturing enterprises and the improvement of innovation input and output of enterprises.Next,the support effect of policy-based finance on the innovation output of state-owned enterprises is not ideal enough;the support strength and coverage of technological innovation for private enterprises,small and medium-sized enterprises and young enterprises are relatively insufficient;and the ability of accurate and efficient support for technological innovation of enterprises still needs to be improved.Finally,the functional positioning of policy-based financial institutions is unstable,and the management system construction are not in place.These imperfect supporting measures,operating authorization,supervision and assessment mechanisms of policy-based financial institutions provided by relevant government departments also restrict the role of policy-based financial institutions.Based on the above research conclusions,this paper starts from optimizing the supporting concepts and measures of policy-based finance,deepening the reform of policy-based financial institutions and improving the supervision and support mechanism of relevant government departments,and ultimately proposes a comprehensive improvement package for better playing the supporting role of policy-based finance.On the one hand,policy-based finance should take enterprises as the center to support enterprise innovation and make division,innovate support methods,optimize evaluation system,and improve comprehensive cooperation with the government and commercial finance.On the other hand,policy-based financial institutions shall comprehensively deepen reform and strengthen the development of their operation and management systems.At the same time,relevant government departments should provide a favorable support environment for policy-based financial institutions in terms of improving authorization,supervision and incentive measures. |
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