Research On The Effectiveness Of The Public Sci-tech Finance In China

Public Sci-Tech finance is not only an indispensable part of Sci-Tech finance system,but also is an important means and way of finance to support science and technology innovation.According to the outline of the 14 th Five-Year Plan,China will implement the innovation-driven development strategy by improving the financial system to support innovation and other measures,which accelerate the building of China into a scientific and technological powerhouse,and make China a leading innovation-oriented country by 2035.At the end of 2021,The CBRC issued a special document,requiring that development and policy based on finance play an active role and work together with commercial finance,which form a strong force supporting the self-reliance and improvement of high-level science and technology.Therefore,research on Chinese characteristics with the effectiveness of public Sci-Tech finance,for effective service to win the kind of real economy,especially the Sci-Tech development of small and medium-sized enterprises,it’s better for Public Sci-Tech Finance to play the leading role of the embedded enabling "national team" and the counter-cyclical and cross-cyclical regulating role of the promising government in realizing the self-reliance and self-improvement of high level science and technology,while accelerating the construction of the theoretical system of Sci-Tech finance with Chinese characteristics,which has important theoretical value and practical significance.Then,how to extract and summarize the model and structural characteristics of public Sci-Tech finance with Chinese characteristics from the practice of Sci-Tech finance in China?Whether public Sci-Tech finance is effective,how effective is and what are the influencing factors? How to take feasible path measures to further improve the effectiveness of public Sci-Tech finance? To this end,the thesis carries on the relatively comprehensive and in-depth systematic academic discussion.In this paper,through the combination of theoretical research and empirical analysis、comparative research and normative analysis and other research methods,along the logic of what,why and how to do.From the research background and domestic and foreign research status review,the paper expounds the concept of public financial function of science and technology and effectiveness theory analysis,the public financial model structure and the evolution characteristics of science and technology,the public financial effectiveness evaluation system of science and technology building,validity and effectiveness measure influence mechanism and factors analysis,improve public science and technology path design and the effectiveness of the financial policy suggestion,research conclusion and the outlook of further research,etc,gradually in-depth research.The thesis is divided into eight chapters.The main research contents and conclusions are as follows:Firstly,this paper discusses the basic theory of the effectiveness of public Sci-Tech finance.The effectiveness of public Sci-Tech finance is to investigate and test whether it can effectively affect and serve the strong and vulnerable groups of science and technology innovation,such as small and medium-sized enterprises,and the degree of effectiveness through deductive demonstration.The effectiveness of public Sci-Tech finance has the dual characteristics of public effectiveness and economic effectiveness,and the realization conditions of its effectiveness are mainly legal governance,government support and market operation.Based on the theory of financial function view and combined with the research on the effectiveness identification standard of public Sci-Tech finance,this paper explains the unique functional system and transmission mechanism of public Sci-Tech finance,and makes an international comparative study on its functional structure and characteristics.Based on the theory of new structural economics,especially the theory of new structural innovation,new structural public economics and new structural finance,this paper discusses the mechanism of realizing the organic combination of "effective government" and "effective market" in public Sci-Tech finance.Secondly,it analyzes the structure and evolution characteristics of the public Sci-Tech finance model with Chinese characteristics.On the basis of defining and explaining the connotation,denotation and the characteristic significance of the public Sci-Tech finance mode with Chinese characteristics,this paper compares and studies the mode structure and basic characteristics of the public Sci-Tech finance mode in China from three aspects: developmental Sci-Tech finance mode,policy-based Sci-Tech finance mode and government-based Sci-Tech finance mode.Combined with the practice and development of public Sci-Tech finance in China,this paper makes a historical investigation of the evolution process and characteristics of public Sci-Tech finance.From implementation main body function,strength and absence of function implementation,function and offside coexist,functional specifications,and safeguard and so on,analysis of China’s public financial function of science and technology the typical facts and causes of structural imbalances,and under the "binary" new development pattern,perfect the necessity and urgency of public financial function of science and technology.Thirdly,the paper empirically analyzes the effectiveness and influencing factors of public Sci-Tech finance in China and the influencing mechanism of digital transformation path.Firstly,the public Sci-Tech finance index index system(PSTFI)is designed and constructed from four dimensions,including public Sci-Tech loan index,public venture capital index,public Sci-Tech insurance index,public Sci-Tech finance environment index,14 sub-dimensions and 20 evaluation indexes.On this basis,the effectiveness and degree of public Sci-Tech finance in China are empirically tested based on coupling degree model.The results show that on the whole,the development score of public Sci-Tech finance is low,the coordination degree of Sci-Tech innovation and public Sci-Tech finance is still in the middle level,and there are some problems of public Sci-Tech finance and market Sci-Tech finance replacing each other rather than complementing each other.According to the heterogeneity analysis,the coordination degree above presented obvious regional differences.Therefore,the effectiveness of China’s public Sci-Tech finance still has a lot of room to improve,the potential of growth is also large.This paper analyzes the influencing mechanism of the effectiveness of public Sci-Tech finance by using behavioral finance theory and method,and empirically tests the basic factors of the effectiveness of public Sci-Tech finance by using structural equation model(SEM).It is concluded that cognitive bias,behavioral bias and functional deficiency are the main factors affecting the effectiveness of public Sci-Tech finance.That is,from the supply side of public Sci-Tech finance,its insufficient function has a positive impact on the effectiveness of public Sci-Tech finance;From the demand side of public Sci-Tech finance,its cognitive bias and behavioral bias not only have a positive impact on the insufficiency of public Sci-Tech finance,but also have a positive impact on the effectiveness of public Sci-Tech finance.At the same time,using the mediation effect model,combined with the path deduction and definition,the paper empirically analyzes the influence mechanism of the digital transformation path of public Sci-Tech finance.It is concluded that Fin-Tech approaches can influence and drive the digital transformation of public Sci-Tech finance through institutional channels,business processes,financial products and organizational structures that act on it.According to the heterogeneity analysis,Fin-Tech plays a greater role in promoting the digital transformation of public Sci-Tech finance in the eastern and central regions than in the western regions.Finally,the paper discusses the choice of ways to improve the quality and efficiency of public Sci-Tech finance in China,and puts forward a series of policy suggestions.Firstly,the paper expounds four basic principles that should be followed in the optimization design of public Sci-Tech finance path.On this premise,the implementation path of public Sci-Tech finance system mechanism optimization is studied from the aspects of the basic path of inducing function realization,the main path of digital transformation,and the implementation carrier and bearer of the path.At the same time,combined with the theoretical and empirical research of this paper,based on the new development concept and new perspective,From five aspects that promote the development of public financial depth fusion of science and technology and innovation,based on scientific financing short board to realize the coordinated development,to the quality of public financial achievements of science and technology of green science and technology development,deepen the public finance international cooperation and open development of science and technology,small and mid-sized enterprise centered Shared development,etc,proposes and discusses the promotion of public Sci-Tech financial effectiveness of policy recommendations.The main contribution of the thesis is the new topic selection and theoretical perspective.At present,the studies of public Sci-Tech finance is relatively rare,this research mainly based on the financial functional view,topicality to explore the problems of the public Sci-Tech financial effectiveness.Therefore,it is also another new breakthrough for promoting the construction of Sci-Tech finance with Chinese characteristics and prospering the theoretical research of public Sci-Tech finance.Second,the research content is new.In this paper,a series of basic theoretical categories,special functions and index evaluation system of public Sci-Tech finance are defined and constructed scientifically.Using normative and empirical,historical and comparative research methods,this paper discusses the structure of public Sci-Tech finance model with Chinese characteristics from both theoretical and practical levels,and carries out a variety of quantitative joint empirical tests.Third,the application of new countermeasures.By comparing the function structure and the latest practice of public sci-tech finance in foreign countries,this paper deeply discusses the current supply situation and the influencing factors of demand of public Sci-Tech finance in China.Based on the new development concept,this paper summarizes the development law and the best path scheme of China’s public Sci-Tech finance from concrete demonstration,so as to make the countermeasures more targeted,operational and feasible.