S & T Finance Efficiency And Influencing Factors

In order to realize the developmental level and current situation of science and technology and finance in China, figure out the relative problems in its development process, promote the interactive development between science and technology and finance, this paper firstly review relative research and make theoretical analysis concerning science and technology and finance and its efficiency, define the connotation of science and technology and finance and its efficiency, point out the mechanism and condition that how finance influence science and technology, review the development history of science and technology and finance, analyze its current situation and problems, and then measure the efficiency of science and technology and finance during the year2005and2011through DEA method and analyze the factors which influence the efficiency of science and technology and finance through Tobit model, and finally reach following conclusions:(1) Current research toward science and technology finance are not sufficient;(2)China’s overall financial development level of science and technology finance is not well-pleasing, the east region owns the highest efficiency of science and technology and finance which followed by the west region, the middle region has the lowest efficiency of science and technology and finance, there is no obvious rise or decline trend of the efficiency of each region from2005to2011as well as the corresponding efficiency distribution;(3) Government,financial market and enterprise all influence the efficiency of science and technology and finance.However the impact of these three factors are different. Increase appropriation for science and technology will hamper the improvement of the efficiency of science and technology and finance, the expansion of the scale of financial market and high-tech enterprise will promote the enhancement of science and technology and finance. Based on conclusions above we propose following suggestions:(1)Establish supporting mechanism of science and technology and finance;(2) Deepen the reform of financial market;(3)Strengthen the ability to obtain investment and service efficiency of fund of science and technology enterprises.