| Hi-tech industry of China makes remarkable progress in decades, but compared with developed countries, a lot of problems still exist. The combination of technical innovation and financial capital is the precondition of hi-tech industry development. Hi-tech industry with characteristics like high added value, high-involvement and high technology, which makes it demand more funds than traditional industries. But due to the high risk, information asymmetry, high proportion of intangible assets, hi-tech enterprises especially SME high-tech enterprises face restrictions in financing. Under this situation, it is of great significance to carry out research on financing problems on hi-tech industry.On the basis of literature review, combined with the characteristics of hi-tech industry and its influencing factors, this article concludes the mechanisms by which financial industry development affects hi-tech industry, that is capital configuration mechanism, risk dispersing mechanism and corporate governance mechanism. Besides, we put forward five hypotheses to test. Later on, this article selects provincial panel data between year1998and2011as samples, empirically tests the effect of financial development on hi-tech industry. During the theory analysis of affecting mechanism, this article finds that government intervention and legal system environment will affect the impact that financial industry plays on hi-tech industry. Therefore, after the overall effect analysis, this paper considers the degree of government intervention and the legal system environment perfection as adjust variables for further empirical tests.After empirical test, this article draws some conclusion. Firstly, in general, financial industry development plays a positive role in promoting hi-tech industry. Taken separately, expansion of overall credit and improvement of financial markets can promote the development of hi-tech industry, but the expansion of financial institutions’lend to science and technology activities seems promote hi-tech industry astatically. Secondly, R&D funds and human capital investment can effectively promote the development of hi-tech industry. Government’s funding plays a positive but unstable role on hi-tech industry, while FDI has negative spillover effects obviously. Thirdly, the greater the degree of government intervention is, the less financial industry promotes hi-tech industry. And the better the legal system environment is, the more financial industry promotes hi-tech industry. |
PDF Full Text Request