| The world is facing a new round of technological and industrial revolution, the Chinese economy has entered a new normal development and the innovation-based economy has become inevitable trend. An effective combination of science and technological innovation activities and finance could release huge energy which may promote scientific and technological innovation, improve the efficiency of technology conversion, and finally impetus the development of the national economy. The development in technological finance to promote the combination of technology and finance in order to strengthen the core position in the development of all around Jiangsu Province, which is the inevitable requirement to rely on the progress of science and technology innovation to promote economic restructuring and upgrading during the period of the 13th Five Year Plan, and also the only way to improve the economy in Jiangsu Province.In order to carry out financial work better to find out the problem of scientific technology and financial development in Jiangsu Province, the essay firstly defined the concept of technological finance by reviewing both the domestic and international correlative research. It points out that technological finance is a systematic project, which technology and finance are mixed and interacted to create value and develop synergism. Subsequently, this essay is directed by science and technology concept and based on the innovation theory, financial development and industrial innovation theory, and treats Jiangsu science and technology financial behavior as a starting point to develop the whole article. This essay first analyzes the current situation of the development of science and technology in Jiangsu Province, and then makes an evaluation on the efficiency of Hi-tech industries supported by technological finance by using CCR and BCC Model of the DEA-Malmquist index method. To further study the influence of the financial markets for high-tech industries, we use Bootstrap small sample method of calculating the high-tech industry by DEA-Malmquist TFP index model value as a dependent variable using the two-stage Tobit model, analyze the correlation between the scale of development and financial development efficiency two factors and high-tech industries in total factor productivity. Finally, The main results obtained in this paper are as follows:(1) Jiangsu need to continue to deepen the development of technology finance. On the one hand, financial support science and technology high-tech industries in Jiangsu Province has improved the efficiency of input and output in the current management system which has reached the optimal level, but the input and output does not match its development scale; on the other hand, there are still many financial problems in Jiangsu, they are the performance of the government financial support for efforts need to be improved, financial institutions support system needs to be improved and the rapid of development of the capital market is slow. (2) financial scale and efficiency of financial development for the development of high-tech industry has a positive role in promoting high-tech industry where financial TFP mechanism of action, the main effect is to progress through technology.Lastly, in order to promote the effective combination of technology and finance in Jiangsu Province and improve performance, several suggestions are proposed in this essay:(1) Further improving the policy support mechanisms and innovative financial investment mode, which could give the full play to financial leverage. In addition, the institutional environment and establishment of laws and regulation should be improved, where specific institutions could be set up. (2) Deepening the reform of financial institutions especially the reform of commercial banks. In this case, innovative bank-enterprise cooperation, and actively support the development of science and technology branch, and to promote, including non-bank financial institutions such as venture investment development, strengthening the banking and non-banking institutions, improve capital allocation efficiency of financial institutions. (3) Developing multi-level science and technology capital market and encouraging high-tech enterprises listing and financing. What is more, it could be a practical way to improve the science and technology bond market and actively develop the third board market, expand financing channels. |
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