Research On The Efficiency Of Capital Allocation In China’s Science And Technology Industry

Capital is an important resource for promoting the development of science and technology industry.During the critical period of promoting high-quality economic development and building a modern industrial system in China,the efficiency of capital allocation is essential for the advancement of technology industry’s innovation,the high-quality development,and the deep implementation of the innovation driven development strategy in China.The efficiency of capital allocation is very concerned in the theoretical realm,as well as a common concern of the government and industry in economic development practice.However,there are few researches on the capital allocation in the development of science and technology industry,especially regarding the research on the mechanism of capital allocation and its efficiency,there is a lack of comprehensive understanding of the current situation of capital allocation efficiency,and the key influencing factors and efficiency improvement paths of capital allocation efficiency in the development of science and technology industry have not been fully clarified.This not only fails to effectively promote the efficiency of capital allocation in the science and technology industry,but also to some extent restricts the sustainable development of China’s science and technology industry.Based on this,the dissertation takes the capital allocation in the development of the science and technology industry as the research entry point,systematically examining the capital allocation efficiency and its influencing factors in the development of the science and technology industry.Thus,it can provides reference and guidance for improving the capital allocation efficiency and fostering the high-quality development of science and technology industry in China.On the basis of a thorough review of the pertinent researches,this dissertation takes the capital "allocation mechanism-allocation situation-allocation efficiency-efficiency influencing factor-allocation efficiency improvement" as the logical mainline,and conducts theoretical and empirical research on the efficiency of capital allocation in the science and technology industry.Firstly,based on relevant theories such as financial development theory and innovation theory,the dissertation studies driving force supporting mechanism of the capital allocation,the dynamic synergy mechanism of capital allocation,and the impact mechanism on capital allocation efficiency in the development of the science and technology industry.Secondly,the dissertation measures the overall situation of capital allocation in the development of science and technology industry in China with the coefficient of variation method and entropy method,and analyzes the temporal and spatial evolution of capital allocation in China’s science and technology industry.Thirdly,this dissertation builds a DEA model based on the theory of resource allocation efficiency evaluation to measure the efficiency of capital allocation in science and technology industry from the perspective of capital input and output,and analyzes the spatial-temporal evolution characteristics of capital allocation efficiency.Then,this dissertation constructs a panel Tobit model based on the measurement results of capital allocation efficiency,empirically examines the effects of influencing factors of capital allocation efficiency in the development of China’s science and technology industry from the views of government and financial markets,explores the impact effect and action degree of each factor.Furthermore,this dissertation constructs a spatial Durbin model to empirically analyze the impact of factors at both the government and financial market levels in neighboring regions on the efficiency of capital allocation in the science and technology industry.Finally,the dissertation proposes paths to improve the efficiency of capital allocation.The main innovations are as follows:(1)The Mechanism of dynamic synergy between capital and technological Progress during capital allocation in science and technology industry is put forward,the application of C-D function in capital allocation of science and technology industry is expanded,and the dynamic synergy mechanism of investment accumulation effect and output acceleration effect in capital promoting the innovation of science and technology industry is revealed,which compensates for the dearth of theoretical study on the matching of capital and technological progress.(2)It is discovered that resource endowments and resource inputs lead to geographical disparities and regional disequilibrium in capital allocation efficiency.This dissertation quantitatively measures the efficiency of capital allocation in China’s science and technology industry,analyzes the spatial heterogeneity of capital allocation efficiency,and examines its spatial-temporal evolution characteristics,and find that there are significant spatial differences in capital allocation efficiency,with prominent imbalances in capital allocation efficiency among different types and regions.(3)The impact effect Heterogeneity of the of government and financial market factors on capital allocation efficiency due to regional and development level differences is revealed.This dissertation examines the impact of different factors on the efficiency of capital allocation in science and technology industry from a dual perspective of government and financial markets,analyzes the key factors that affect capital allocation efficiency and their degree of influence,and reveals the different effects of each factor on capital allocation efficiency.The following are the primary conclusions:(1)The capital allocation situation for the development of China’s science and technology industry has been improving year by year,and with time going by,the number of provinces with high and medium levels of capital allocation has been increasing,while the number of low-grade provinces has been decreasing.However,on the whole,the capital allocation of the development of science and technology industry is average.The capital allocation of different provinces is quite different,and the number of low-grade provinces is still large.(2)The comprehensive efficiency of capital allocation with the growth of China’s science and technology industry shows a modest increasing trend from 2009 to 2020,however,as a whole,the efficiency of capital allocation is poor,and the distribution is very unequal.It is discovered that there is an clear distinction between pure technical efficiency and scale efficiency through the decomposition of the comprehensive efficiency.The pure technical efficiency of capital allocation in the science and technology industry in various regions is relatively high,while the scale efficiency performance is poor.It demonstrates that increasing scale efficiency is the main goal of China’s efforts to improve capital allocation efficiency.(3)There are differences in the influence of governmental and financial market factors on the comprehensive,scale and pure technical efficiency of capital allocation in China’s science and technology industry.From the view of the comprehensive efficiency,the regional openness level and business environment in government factors,financial structure and information transparency in financial market factors affect deeply upgrading the efficiency of capital allocation of science and technology industry.In respect of scale efficiency(SE),the regional openness level and business environment in government factors,financial structure and information transparency in financial market factors,have a significant promotion effect on scale efficiency of capital allocation(SE)in the development of science and technology industry.From the perspective of pure technical efficiency(PTE)of capital allocation,improving the business environment in government factors can further improve the pure technical efficiency(PTE).In addition,factors of government and financial market have different effects on the comprehensive efficiency of capital allocation of science and technology industry in different regions.(4)There are spatial differences in the impact of government and financial market factors in neighboring regions on the efficiency of capital allocation in the science and technology industry.The regional openness level,financial structure,and fiscal technology expenditure have significant positive effects on the comprehensive efficiency and scale efficiency of capital allocation in the science and technology industry in adjacent areas.The level of financial digitization has a significant negative effect on the comprehensive efficiency and scale efficiency of capital allocation in the science and technology industry in adjacent areas.The spatial effects of information transparency,business environment,and human capital level on the comprehensive efficiency and scale efficiency of capital allocation in the science and technology industry in adjacent areas are not significant.From the perspective of regional heterogeneity,the influencing factors of each region have different effects on the comprehensive efficiency and scale efficiency of capital allocation in the science and technology industry in the local and adjacent regions.(5)The capital allocation efficiency of the development of the science and technology industry should be optimized through three main paths: path synergy,market leadership,and government guidance.