| China’s economic development has entered a new normal and faced the “Three Stages Superposition”, which simultaneously deal with the slowdown in economic growth, make difficult structural adjustments, and absorb the effects of previous economic stimulus policies. The Fifth Plenum of the 18 th Central Committee of the Communist Party of China has put forward the development philosophy of “Innovation, Coordination, Green, Opening and Sharing”. That’s means to deal with the economic transformation of China’s first task is to promote innovation, which becomes the first power to promote the development of the economy. Especially, the science and technology as the first productivity will become the main force of the first power. At the same time, the Eighteenth National Congress of the Communist Party of China clearly put forward the scientific and technological innovation is a strategy to improve the comprehensive national strength and social productivity. And using “popular entrepreneurship and innovation” as the statecraft, the scientific and technological innovation will make great contribution, which it efficiently promotes the economic transformation. The scientific and technological innovation, which has the characteristics of high investment and high yield, needs the financial support. In order to adapt to "innovation" development philosophy, The 13 th Five-Year Plan has taken financial reform, and requested the capital market to play the decisive role in allocating resources, and established multi-level capital market system and improved the efficiency of financial services entity economy. Therefore, we put forward higher request that the financial support for scientific and technological innovation. With the Chinese finance invests in scientific and technological innovation, how to optimize allocation of financial resources in science and technology innovation, which evaluate the efficiency of financial support for scientific and technological innovation, is deserving of research.Based on the above understanding, this paper studies the core is the efficiency evaluation of our country’s financial support for scientific and technological innovation. Through combing the theory of efficiency, clarifying the characteristics of finance, defining the “efficiency” as the technical efficiency. According to the analysis the status quo of financial input and output of science and technology in the activities of science and technology in our country. We find the problem in the process of the financial support for scientific and technological innovation. On this basis, this article take "efficiency" as the perspective, using the three stage DEA model to evaluate the panel data of China’s financial input and output of science and technology from 2006 to 2013, measuring the efficiency of financial support for scientific and technological innovation on the basis of eliminating the external environment. Then based on the adjusted financial input data, using the Malmquist productivity index to analyze the total factor productivity of the financial support for scientific and technological innovation.Research shows that the external environment has an obvious impact on the allocation of financial resources for scientific and technological innovation. After eliminating environmental factors, the efficiency of financial support for scientific and technological innovation has significantly decreased, the efficiency of research sample also presented obviously decreased, which the main reason is that the lower of scale efficiency. Through cluster analysis found that the eastern coastal area has the highest efficiency value, the rest of the provinces in scientific and technological innovation in the allocation of financial resources not only the lack of effective management, but also there is no scale effect. And the efficiency change of financial support for scientific and technological innovation presents a growth trend in China, which the main reason is the improvement of the technological progress. Especially, the northwest zone’s financial support for scientific and technological innovation has the highest total factor productivity and the Yangtze river economic zone is the second, but the efficiency growth of the coastal areas with higher economic development level is relatively low.Based on the research conclusion, this paper puts forward to transforming the dominant mode of the allocation of financial resources in the science and technology activities, enlarging the scale of financial resources allocation of scientific and technological innovation, strengthening the effective management of resources, establishing the multi-level financial market and adjusting the financial resources’ allocation among different regions to optimize allocation of financial resources in science and technology innovation, so as to improve the efficiency of the financial support for scientific and technological innovation. |
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