| With the coming of the knowledge- based economy, high-tech industry has become the focus of world economic competition. Especially after the global financial crisis, which was triggered by the current U.S. subprime mortgage crisis, people all happen to wish science and technology, inventions lead the National Economy toward recovery.Chinese High-tech industry has been rapidly developing in recent years, and the total output value has maintained a growth rate of more than 20%.However, we found that: the rapid growth of Chinese high-tech industries mainly depends on high investment, but resources are limited, and can not endlessly increase, so the continued development of high-tech industry must rely on the improvement for R & D efficiency, which will change the growth mode of high-tech industry from extensive to intensive. The improvement for R&D efficiency is a complex system which needs a set of appropriate institutional mechanisms to support. Among them, finance is extremely important to promote R&D efficiency mechanisms and institutional arrangements. A fully functioning and efficient financial system can not only provide funds for R&D, but also has risk management,incentive constraints and other services, which escorts for the development of high-tech industry.This paper mainly discusses how the financial development impacts on R&D efficiency of high-tech industry. Firstly, it analyses in depth the mechanisms that finance promotes R&D efficiency, and demonstrates in detail the capital formation mechanisms, risk spreading mechanism and incentive mechanism of finance for R&D efficiency. Then it describes the status of the finance supporting the development of high-tech industry and identifies the existing problems, and empirically studies on the relationship between China's financial development and the R&D efficiency of high-tech industry. In this paper ,we use SFA to measure China's R&D efficiency of the high-tech industry between 2001-2008 , and considering the three above mentioned mechanisms of finance for R&D efficiency, we selected a few financial indicators from financial intermediaries and financial markets, such as loan amount, the funding amount of stock market and others, to test their technical inefficiency. We concluded that the development of financial intermediation and financial market does promote R & D efficiency, but the mechanism that financial intermediation promotes R & D efficiency has not played the desired effect, and the mechanism of financial markets for R & D efficiency has need to be strengthened. Finally, for existing problems we put forward some suggestions about optimizing the finance system supporting for high-tech industry. |
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