A Research On Financing Constraints,Technology Market And The Allocative Efficiency Of Firm’s Technological Factors

In order to effectively cope with the profound changes unseen in a century and further stimulate the creativity and market vitality of the whole society,China proposes to promote the construction of the market for technological factors and improve the efficiency of the allocation of technological factors.Technological factors is an important form in the process of technological capitalization and the most direct driving force to improve the level of technological progress.However,because of the immateriality of technology,the analysis of technological factors has been limited to qualitative discussion or expressed by indirect means for a long time,which has hindered the in-depth study of technological factors and the continuous advancement of technological market reform.As the key goal of technology market reform,the efficiency of firm’s technology factor allocation is manifested as that the usage of factors that is closer to the optimal factor structure under the new structural economic theory.However,due to the influence of various distortion in the actual production,the firm’s technological factors allocation can not reach the ideal efficiency state.It will not only help to deepen the understanding of the function of technological factors and enhance the technological innovation ability of firms,but also has great significance to improve the market function of technological factors.Based on this,the paper firstly divides the firm’s production factors into four categories,measures the structure of production factors of firms based on output method,and the structural characteristics of production factors of listed companies in China are systematically sorted out.The results show that technical factors account for the lowest proportion among the four types of production factors.From 2012 to2019,the structural deviation degree of production factors of Chinese enterprises showed a wave-like upward trend on the whole,and the ratio difference among various production factors was increasing.The results of the generalized technology progress measure based on the technology factors as an input variable show that the technological progress of listed companies fluctuates greatly,and the annual technological progress change index of three intervals is greater than 1,and the annual technological progress change index of two intervals is less than 1.By industry,13 industries showed an upward trend in technological progress except real estate,information transmission and mining.Secondly,the paper studies the scale effect and structure effect within technological factor allocation efficiency.Through the decomposition of enterprise total factor productivity model,the analysis framework of the relationship between technological factor scale and factor structure and firm’s technological factors allocation efficiency is constructed.The empirical results of panel vector auto-regression(PVAR)model show that the distortion of factor structure inhibits the improvement of total factor productivity,and the period of this inhibition effect reaches its peak in the fifth cycle.Comparatively,the effect of technological factor scale on total factor productivity is positive,but the positive promotion period of technological factor scale is short.Based on the required of the thickness and the safety degree of a stable matching technology market,using the provincial panel data to empirically the development degree of China’s technology market and technology factor allocation relationship,the result shows that the thickness and security of technology market have a positive effect on the allocation of technology factors,but the security of technology market has a more significant effect on the allocation of technology factors in the face of high financing constraints.In the face of low financing constraints,the promotion effect of technology market thickness is more significant.Finally,suggestions and measures are put forward to ease the financing constraints of firms and to improve the efficiency of technology market.On the one hand,the convenience of external financing of technology innovation should be improved through the construction of multi-level capital market system.To improve the allocation efficiency of technological factors by making use of the advantages of the state-owned enterprise system.On the other hand,we should enhance the attractiveness of technology market to customers through reasonable pricing of intermediary platform and increase the thickness of technology market.By improving the matching precision of technology platform to reduce the risk expectation of technology trading customers and to improve the security of technology market.This paper proposes a method to define the connotation of technological factors from the perspective of technological capitalization,and measures the scale of firm’s technology factors directly based on output method,so as to provide a basis for the research of technology factors allocation from indirect to direct;It expands the research on the structural effects of technological factors and makes the research on the structural problems of factors expand from the optimal allocation efficiency of single factor to the horizontal coordination among various factors.In order to improve the security of technology market,a set of platform matching method based on double reference point effect is proposed,which takes into account the psychological feeling value of individual and social dimension of technology trading decision-makers,so that the matching criterion of platform is more consistent with the characteristics of limited rationality of actors.In combination with the conclusion of this article,the future research can step into the policy regulation mechanism of macro and micro level,through use for government policy intervention to overcome market failure of enterprise technology elements configuration,and in the technology market internal systematic construction and the way of the coupling effect of financial support to expand the extension,so as to improve the systematicness and co-integration of the research on firm’s technology factors allocation.