Research On The Synergetic Relationship Of Sci-tech Finance,Technology Progress And Economic Development

As the most active factors in modern economy, the combination of technology and finance can better promote the development of the national economy. This paper take technology and finance as a organic whole, and try to analysis how it affects the nation’s sci-tech output, and further how it affect the economic development.We first construct a reasonable indicator system to evaluate the science-technology. On the basis of that, we use cointegration analysis and error correction model analysis to study the relationship between sci-tech finance and sci-tech output. Secondly, we study on how the sci-tech finance affects the economic growth through the analysis of Threshold Panel. Then according to the theory of synergetic, we construct a synergetic degree model, covering "sci-tech output"、"sci-tech finance"、"economic development", and make an empirical research using the data of China from1995to2012.Finally, we put forward some policy proposals.According to the empirical research, this paper obtained these following three conclusions. First, sci-tech finance has a significant positive effect on the sci-tech output. Sci-tech increase one percentage point, the sci-tech output will produce more than one percentage point of growth effect. Then, sci-tech finance has a role in promoting the economic growth. But it shows different mechanisms of action. Finally, there exists collaborative relations between the "sci-tech output""sci-tech finance "and "economic growth". And the coordinated development degree showed a rising trend year by year.Nowadays, our country still has such problems as imperfect capital market, inadequate institutions and so on. Combined with those conclusions above, This paper proposes the following policy recommendations: Increase the propaganda of sci-tech finance; encourage the local governments continue the financial innovation; improve the internal management system etc.Hope that through the implementation of relevant recommendations, China would proceed the steady development of sci-tech finance and further promote a faster development of economy.