| China's economy is transforming to a high-quality structure,and scientific and technological progress has become the main engine of China's GDP growth.Especially since the 18th National Congress of the Communist Party of China,China has deeply implemented the innovation driven development strategy,and scientific and technological innovation has played a more powerful role in leading high-quality development.However,in the process of technological innovation and development,there will always be two major issues: capital requirements and risk management.Science and technology innovation begins with technology becoming capital,and science and technology finance serves science and technology innovation through modern finance.The capital market can optimize the allocation of innovation resources,and finance has the function of diversifying innovation risks.Science and technology finance is the driving force of innovation,and its role includes resource allocation,risk management and handling of information uncertainty.Therefore,it is particularly important to improve the discussion and research of science and technology finance.In view of this,this paper takes the role of science and technology finance in technological innovation as an entry point,and conducts research on the efficiency of technological finance resource allocation and key risks in technological innovation.This paper hopes to provide practical reference for the managers,implementers and investors of science and technology innovation and science and technology finance in practice,and supplement the related research of science and technology innovation and science and technology finance in theory.The specific research content of this article is divided into three sub-studies:The first sub-study is to explore the role of science and technology finance in scientific and technological innovation,specifically from the two aspects of science and technology finance supporting the development of high-tech industry and science and technology finance promoting the efficiency of scientific and technological achievements transformation.First of all,considering that different types of science and technology finance have different effects on the development of high-tech industry,this paper uses the system dynamics model to carry out empirical test.Secondly,it further explores the effect of science and technology finance supporting the transformation of scientific and technological achievements driven by high-tech industries,and uses the data envelopment analysis method to carry out empirical analysis on the transformation efficiency of scientific and technological achievements.The results show that:(a)Science and technology finance plays a positive role in promoting science and technology innovation,and the influence of market science and technology finance is higher than that of public science and technology finance.(b)The expansion of the scale of science and Technology Finance(new product development expenditure,incubation fund and venture capital)can promote the efficiency of scientific and technological achievements transformation.At the same time,it is found that bootstrap DEA model is more accurate in evaluating static efficiency.The second sub-study is to explore the efficiency and influencing factors of the allocation of science and technology financial resources in science and technology innovation.First of all,based on the relative value of "financial resources" and "innovation achievements" quality perspective,this paper comprehensively constructs the evaluation index system of the allocation efficiency of science and technology financial resources in China.Secondly,we use the relative optimization evaluation method to calculate the allocation efficiency of science and technology financial resources,and then use the regression model to explore the key factors affecting the allocation efficiency of science and technology financial resources in China.Finally,a simulation model is built by using the theory of system mechanics to simulate the impact of the changes of science and technology financial resources on the development level of science and technology finance.The results show that:(a)At present,the allocation of science and technology financial resources in China has not reached the optimal state,and there are differences among regions.(b)Market financial resources have a significant positive effect on the allocation of science and technology financial resources in China,and the proportion of direct financing has the greatest impact.(c)Implementing long-term policies to support the efficiency of science and technology financial resources allocation is more effective than short-term ones.The third sub-study is to explore the level of investment and risk in key stages of science and technological innovation.Science and technological innovation is a high-risk and uncertain activity.In order to make science and technology finance better serve science and technology innovation,it is necessary to pay attention to and discuss science and technological innovation risks and guide science and technology financial resources to optimize investment.Based on this,this paper uses the Tobit regression measurement model to find the key stages that affect science and technological innovation on the basis of the previous research.Second,design a questionnaire to investigate the risk factors that affect the critical stage of scientific and technological innovation,determine the causality of common risk factors that affect the critical stage of scientific and technological innovation,use the Bayesian network method to construct a risk assessment model,and combine the sensitivity method to find the critical stage of scientific and technological innovation key factors of risk.The research found that:(a)The ability to effectively identify key risks of technological innovation is very important for guiding investment in technological financial resources.The key stages affecting technological innovation investment and risk management are the seed stage and the start-up stage.(b)The main risk factors of technological innovation in the seed stage and the initial stage are capital risk,technical risk,and policy(environmental)risk.The most important factors of their respective secondary risk indicators are weak corporate free funds,inadequate R&D technology,and the policy of the industry in which the company is located has changed.(c)The investment of technology and financial resources should move forward and pay more attention to the original innovation at the key stage.The earlier the capital enters,the higher the degree of participation,the stronger the risk management,and the greater the profit margin.The main innovations of the thesis are as follows:(a)From the research on the impact of different financial types on technological innovation and development efficiency,it is found that market technology finance has a greater impact on the output value of high-tech industries than public technology finance.The organic combination of the two types of technology finance will exert a greater effect.(b)There are regional differences in the allocation of scientific and technological financial resources in my country,and the implementation of long-term policies to support the efficiency of scientific and technological financial resource allocation is better than short-term.In affecting the efficiency of technology financial resource allocation,the direct financing ratio of market technology financial resources has the greatest influence,followed by the investment intensity of venture capital.(c)The key stages affecting investment in technological innovation are the seed stage and the start-up stage.The investment of technological financial resources,especially angel investment or venture capital,should be moved forward.Pay more attention to the original innovation at the critical stage.The earlier you enter into the risk management,the stronger the risk management and the higher the income potential.The government should pay attention to the top-level design,support the development of multi-level capital market in various regions,and stimulate the R & D vitality of enterprises.(d)This paper takes the common risk factors in the key stage of scientific and technological innovation as the main object to study the risk of scientific and technological innovation,constructs the risk state evaluation model in the key stage of scientific and technological innovation,and provides a scientific and quantitative research method for the uncertainty of risk factors in scientific and technological innovation. |
PDF Full Text Request