| The efficient financing channel is a crucial factor to promote enterprise’s technical innovation. It is supposed that the technical innovation has a close relation with the financial development. With the emergence of the new businesses, new tools and new markets, the total financial volume, financial structure and finical efficiency gradually begin to change. However, whether the finical development can promote the technical innovation is needed to be deep investigated. In order to make our analysis more meaningful, Yangtze River Delta is chosen as our research focus, one of the most prosperous regions in China.The present thesis employs the game theoretical approach to investigate how the financial development influences the technical innovation. For the completeness of our analysis, we build Cournot and Stackelberg competition models to address the above issue, and find that the financial development can stimulate the technical innovation. Furthermore, on the basis of our theoretical analysis, we also use the data collected from Yangtze River Delta and empirically test the robustness of our theoretical results. Our empirical findings are in accord with those obtained by the theoretical models. In addition, the present thesis also indicates that the increase in the firm’s production scale and the state owned enterprises impede the technical innovation. The government intervention and the firm’s operation period are not closely related to the technical innovation.In order to strengthen the positive impacts of the financial development on the technical innovation, the present thesis also gives the following policy suggestions. The first one is that we should improve the financial system, serving for the enterprise’s technical innovation. The second one is that the firms’mergence ought to be encouraged and the government should further strengthen the finical support. The third one is breaking the firm’s monopoly power and activating the state-owned enterprises. |
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