Research On The Effect Of Financial Channel Of R&D To Technical Efficiency Of High-tech Industry

As the mainstay of the traditional industry, high technical industry has an important role to promote convertion of economic pattern and adjustment of industrial structure. Compared with other industry, high-tech is significant to promote the competitiveness of the whole country. On the other hand, more capital is needed for innovation activities of high-technology industry. The technical efficiency of high-tech industry may be different if the capital is invested from different channel. The subject, pattern and objective for a capital injection may produce diversity. So it is important to study the capital source of high technology industry.First, we review lots of aboard and domestic research, from those studies, we learn theoretical and empirical approach which can be used in the next part. We study and analysis theory of R&D financing channels and technology efficiency.Then we use the model of DEA to get the result of technical efficiency, pure technical efficiency and scale efficiency of the west, middle and east region. We also get a conclusion that technical efficiency has improved in our country, the reducing of technical efficiency in eastern region is caused by its scale efficiency.Then we use Tobit model to do a regression. We get a result that four kinds of financing channels can improve the efficiency of technology in our country; enterprise's cash flow, financing, venture capital can improve the eastern technology efficiency; the enterprise's profitability and government investment can enhance efficiency of central region technology; and the government investment is helpful for improving the technology efficiency in western region. At last, base on the result of empirical, we make an analysis and give some advice which can be useful to operate the high-tech industry innovational policy in different areas.