Empirical Study About Impact Of Financial Services On Regional High-tech Industry

The current economic development mode of China faces the adjustment ofindustrial structure and transformation of economic growth pattern, objectivelyrequires it to take the road of sustainable development. High-tech Industries have thecharacteristics of high-technology, good economic benefits, low resourcesconsumption and little environmental pollution, play an important role in thetransformation of economic growth pattern and impetus regional economic toSustainable develop."Twelfth Five-Year Plan" puts forward to play a role insupporting and leading the major science and technology projects, carry out theprojects of industrial innovation and development, strengthen the supporting of fiscaland financial policies, promote high-tech industry to become bigger and stronger.Therefore, How to provide better financial services for high-tech industry toaccelerate development, has important practical significance in the current.This paper summarizes the domestic and foreign scholars on the basis of financialdevelopment and economic growth, financial development and industrialdevelopment and other related research, the study focused on the relation betweenfinancial services development and high-tech industry development in China, suggestthat the development of regional financial services, including the development ofregional financial services scale and improvement of efficiency, will provideexogenous momentum for regional industrial development through the expansion ofcapital, the reduction of transaction cost, the strengthening of risk managementcapacity, and the improvement of Savings-investment transformation capacity andefficiency of resource allocation. In addition, because of the strong fund-raisingcapacity and Social capital-oriented capacity for financial services institutionsthemselves, industry choice of financial services is particularly important for thedevelopment of specific industries. On this basis, we use a number of indicators toevaluate regional high-tech industry and financial services development level, select regional panel data of29provinces from2003to2010, empirical Analysis aboutimpact of regional financial services scale and efficiency level on regional high-techindustry development. The results show that the growth and expansion of regionalfinancial services scale in China does not effectively promote the development ofregional high-tech industry. Due to more effective to meet fund demand of regionalhigh-tech industry, the improved efficiency of regional financial services promote thedevelopment of regional high-tech industry significantly. On this basis, the paperfurther analysis the status of financial services of regional high-tech industry in China,suggest that the presence of low investment level and the lack-support for researchactivities in financial services are existed in high-tech industry of China. In order topromote regional development of high-tech industry, need to make more efforts inmodern corporate System reform of commercial banks, the development mechanismof securities market, and policy financial support.