Research On The Mechanism Of Unancial Arrangement To Enterprise Independent Innovation

With the development of social economy, technology innovation turns to be the key factor of enterprise development and economic growth. Therefore, the government put forward strategic object of building an innovation-originated nation, boosting up independent innovation capability is a central link to adjust industry structure and convert production fashion. Under this economic background, the research on the active effect of financial development on technology innovation is significant, which is useful for financial system to fasten the step of reformation of financial system, improve the financing environment, and give better service to technology innovation and economic development. Since Schumpeter emphasized the importance of finance support to innovation in "Theory of Economic development", more and more theory about financial development and technology innovation came up. However, there was not so much related research or theories focused on financial arrangements and independent innovation; especially exploring the intrinsic function mechanism between the variables was rarely seen.Based on literature review on the financial arrangements and independent innovation related studies, the thesis made theory analysis on the influence of prompting independent innovation by FDI spillovers and external financing, also explored the direct transmitting path and indirect transmitting path between FDI spillovers, external financing and independent innovation, eventually by proposing hypothesis and building this structure equation model to study the relationship between the financial arrangements and enterprises independent innovation.This study selected31provinces, autonomous regions and municipalities from2001to2010annual data as the sample of observations, using structural equation model of the financial arrangements of the three sub-dimensions (the scale of the financial system, financial architecture, financial allocation efficiency) and enterprise empirical analysis of the relationship of independent innovation, the results show that financial development scale, the structure of the financial system and the financial allocation efficiency had significant positive effects on independent innovation, which reflect our current financial institutional arrangements for enterprises has play a significant role to enhance the capability of independent innovation;Secondly FDI spillovers, external financing has made a indirectly transmitting function between the financial arrangements and independent innovation, the scale of financial development, financial architecture and financial allocation efficiency through FDI spillovers and external financing to effects enterprises independent innovation indirectly. Further inspection revealed that among three sub-dimensions of the financial arrangements, while the structure of the financial system of independent innovation of the scale of financial development role in promoting independent innovation of enterprises. The scale of financial system plays most significant role in promoting enterprises independent innovation capability, while structure of financial system has least effect on enterprises independent innovation. Based on empirical research results, some corresponding suggestions have been made on reforming of the financial system and promoting the independent innovation capability.