Research On The Performance Evaluation Of Financial Investments On S & T In Hubei Province

In recent years, Hubei province thoroughly implemented the strategy that Promoting Hubei province by Science and Education, the government financial investment on S&T continued to grow. From 1990 to 2008, the financial investment annual growth on S&T is at an average rate of 17.7%, slightly higher than the national average rate of 17.27%, but the corresponding average GDP growth rate in our province is only 15.8%, significantly lower than the country's rate of 17.25%. This shows that the financial investment on S&T in our province is higher than the national average level not only at growth speed but also at increase rate. However, how much do the output in social science and technology area increase? How strong does the input on S&T promote social and economic progress? And how is the performance of government financial investment on S&T? Therefore, it is theoretically and practically significant to analyze the finance investment performance of our province for local scientific and technological progress and economic growth.Starting from the realistic situation of finance investment on S&T in Hubei province, using the Data Envelopment Analysis Method, it evaluated the performance of Hubei province's investment during 1990-2008 with the model DEA-CCR. It comes to the following conclusion: Firstly, the performance of inputs on S&T in our province is relatively low. Secondly, it is not enough to control the growth mechanism of the government financial investment on S&T. Thirdly, the financial investment on S&T guiding social capital is at a certain extent, and there is"crowding out effect". Finally, the reason of inadequate investment in basic research and the lack of research output is that the structure of finance investment on S&T is irrational.In connection with relatively inefficiency of finance investment in our province, this paper presents four policy recommendations: First, to develop detailed policies and regulations and improve the growth mechanism of the government financial investment on S&T. Second, clarify the government's financial technology investment focus, and strengthen the guiding role of financial investment through formulating a variety of preferential policies. Third, optimize the structure of financial investment and increase investment in basic and public research, creating good technology condition. Last, strengthen capital intensive management and improve funds efficiency.