A Study On The Relationship Between China's Capital Market And Technology Innovation

Along with the deepening of social and economic development, the impact of finance on innovation becomes more and more great. Financial system, especially capital market system has become an important arrangement influencing innovation advance. With a view to building promoting innovation capital market system, the thesis expounds on questions such as mechanism and realization approach of the interaction of capital market and technology innovation.At first, the thesis analyzes the situation of China's multi-level capital market in the aspect of the interaction of capital market and innovation .Second, Based on the domestic and abroad researches, the author explains the interaction of capital market and innovation. Finally, by application of econometrics and statistics, the thesis analyzes performance of the interaction of capital market and innovation in China. The Empirical findings indicates that capital market doesnot promote technology innovation effectively; enterprises technology innovation positively related to the performance in capital market.In allusion to the question of China's capital market in promoting technology innovation, the author makes overall design on construction of China's multi-level capital market for innovation. The relevant policy suggestions include reforming stock market, promoting the development of OTC and venture capital market and forming the linkage-mechanism.