Research On The Capital Market Supporting The Scientific And Technological Innovation

Finance is the core of the economy. As an important part of the financial market, Capital market is playing an increasingly important role in the economic development. Since China is building an innovative society, capital market should be more vigorous in promoting the development of science and technology innovation in this course. It is of great significance for the innovation and economic development to research the relation between capital market and technological innovation.Based on the theoretical analysis of the capital market to support the scientific and technological innovations ,we do an empirical analysis of the relationship between scientific and technological innovations of China's capital market .And make a simple description of the status that China's capital market support scientific and technological innovation. Scientific and technological innovation is commercialized activity in which a new concept runs through research and development to practical application, and produces economic and social benefits. It can be divided into three different phases: knowledge creation, knowledge application and knowledge dissemination. the empirical analysis toward the relations between Chinese capital market and innovation three-stage shows that: Regardless of the medium and long term credit market or the stock market, in three stages of scientific and technological innovation - knowledge creation, knowledge application and diffusion of knowledge are very limited effect, and it play a significant role in promoting science and technology innovation. The role of capital market supporting scientific and technological innovation is not obvious. China's capital market has many defects and shortcomings to support scientific and technological innovation in the system, structure, products, etc.By learning from the experience of the international capital markets supporting the science and technology innovation, combined with the development of China's capital market status, in order to better support the development of scientific and technological innovation, we put forward the following measures and proposals to further develop the capital market: establishing a new innovation-oriented concept of capital market, and pushing forward innovation through different aspects of capital market system; setting a multi-level market structure to promote the development of enterprises of science and technology; updating capital markets products to meet the financing needs of high-tech enterprises.