| "Technological finance supporting technological innovation" is not only seen as a kind of scientific practice on the basic principles of Marxism,but also the practical embodiment of the frontier problems of contemporary economic theory.At present,the theory of "Technological finance supporting technological innovation" still not efficiently work in the development of China's socialist market economy.There are some problems to need to be solved,such as the problem that finance and technology are separated as if they were unrelated,and the low degree of integration between them.In recent years,the research related “Efficiency of technological finance supporting technological innovation" has been carried out from the perspective of empirical analysis,focusing on innovation efficiency.However,the mechanism and effect of “Technological finance supporting technological innovation” have not been fully understood and combed.How would the internal mechanism of technological finance in support of "technological innovation" be promoted? Do different forms of technological finance's support play different roles in technological innovation? Whether regional heterogeneity exists in“Technological finance supporting technological innovation”? These are important problems that need to be sorted out and solved in depth,and they are also the research theme of this paper.To start with,this paper deduces the mechanism of “Technological finance supporting technological innovation” by establishing a mathematical model.Secondly,the paper would like to introduce three kinds of financial support methods to verify their roles of promotion or inhibition on the support of technological innovation.Thirdly,this paper studies the practical effect of “Technological finance supporting technological innovation” in all provinces of China by using DEA method and regression analysis method.Finally,on the perspective of synergetic,technological finance and technological innovation are regarded as a composite collaborative system of collaborative development.By establishing a composite collaborative system model,the current situation and development trend of the interaction between them will be judged.In the process from mathematical modeling to empirical analyzing,this paper reveals the internal mechanism and external environmental impact of “Technological finance supporting technological innovation”.It defines the supporting role of China's technological finance to the efficiency of technological innovation and regional heterogeneity.This paper analyzes the state and trend of the coordinated development of technological finance and technological innovation,so as to provide theoretical reference and empirical summary for China's technological finance to support the development of technological innovation.The research results obtained in this paper are as follows:(1)without considering the support of technological finance,the spontaneous decision-making of enterprise on technological innovation is risk-averse in the market equilibrium state,and there is the possibility of excessive competition among enterprises within the industry,which has room for improvement compared with the optimal decision-making of maximizing social welfare.The government should guide enterprises to increase resource's investment in high-risk R&D projects by means of technological finance,and guide enterprises with strong innovation ability of technology to stay within the industry so as to avoid vicious competition.(2)Three kinds of technological finance's support models are introduced.And with the effect of crowding out,distortion effect and enterprise quantity control to affect enterprises' spontaneous decision-making behavior,it is verified that the technological finance's support can correct the risk-aversion's bias of enterprises' spontaneous decision-making and improve the level of social welfare.(3)technological finance has an obvious positive support effect on the technological innovation's efficiency of China's high-tech industry,and different support methods of technological finance have different influences on the efficiency of technological innovation.Enterprises' own capital investment has a more obvious promotional effect on the efficiency of technological innovation,while foreign investment has an inhibiting effect.“Technological finance supporting technological innovation” must fully consider the current situation of large regional differences in China,and be targeted in order to give full play to the supporting role of technological finance and maximize the efficiency of technological innovation to the greatest extent.(4)The synergy degree of technological finance and composite system of technological innovation varies widely across regions,and the benign development trend in most regions is unstable.The government not only needs to strive to improve the investment's performance of public technological finance,but also needs to pay attention to creating condition to improve the investment's performance of market's technological finance.The innovations of this paper are as follows:(1)Using the research method of the mathematical model,this paper draws a conclusion by inference that in the market equilibrium state,the investment decision-making of enterprise on spontaneous R&D resource has the bias of risk-aversion,which has room for improvement compared with the optimal R&D's decision-making of maximizing social welfare.This helps to clarify the internal driving mechanism of “Technological finance supporting technological innovation”.(2)This paper introduces the external institutional and policy factors into the mathematical model to analyze their impact,and investigates the promotion or inhibition of different technological finance's support on technological innovation.The input cost of technological finance and the social welfare value-added of technological innovation achievements are taken into account,so as to study the impact difference of technological finance's support more reasonably.(3)By establishing the theoretical research framework of "mathematical analysis & empirical analysis",this paper puts the carding of problems within this research framework,concerning the role mechanism and effect differences of“Technological finance supporting technological innovation”.And it obtains credible,rigorous and comparable data and results through analysis.It finally puts forward targeted countermeasures and suggestions logically and consistently. |
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