Research On The Non-governmental Financial Support For Technology Innovation In Guangdong Province

Technology innovation is the internal power source and the leading element of a country's sustained economic growth, and the essence of innovation lies in the combination of factors of production, through the rational allocation of resources, can promote production efficiency and upgrade the industrial structure. Modern market economy is a finance-led economy, good financial support system has become an important factor for the sustainable development of technology innovation, and the impact of the financial support for innovation is increasing.Guangdong's traditional economic advantages are gradually weakening in recent years, and the comprehensive development cost is increasing, thus it is the only way to upgrade its industrial structure through independent innovation. Sufficient technical innovation is built on sound financial support, good financial support system can promote innovation, and poor financial support system will hinder innovation.This study aims to explore the role of non-governmental financial support for technical innovation. Firstly, we analyze difficulties and characteristics of technical innovation, and explore the promotion mechanisms of financial intermediaries and capital markets to technology innovation. Then through the comprehensive analysis of the financial markets in Guangdong Province, and make empirical analysis on the impact of financial intermediaries and the stock market on technology innovation, and get the result as following:And then through the comprehensive analysis of the financial markets in Guangdong Province, and make empirical analysis on the impact of financial intermediaries and the stock market on technology innovation, and get the result as following:The financial intermediaries in Guangdong Province have a positive impact on technology innovation, especially on patents for invents. Financial deepening promotes technology innovation. Financial intermediaries can raise capital for technology innovation, provide risk diversification and management, supply information screening mechanism, offer loans for businesses, and monitor the process of enterprises'innovation. The capital market also has a positive effect on technology innovation, but the influence is comparatively small, and has not fully played the role for supporting technical innovation. Based on the status of non-governmental financial support in Guangdong Province, the article absorb and draw upon fruits of Japan and the United States, use the functional paradigm view, we propose some suggestions on optimizing the non-governmental financial support for technology innovation in Guangdong Province from both aspects of the financial environment and financial operation system.