Study Of The Financial Support For Scientific And Technological Innovation Of China

Scientific and technological innovation as an important driving force for industrial restructuring will play a huge role in the sustainable development of the economy. Previous domestic and international research on the financial support of scientific and technological innovation carried from banking, capital markets, or a combination research of economic growth, and failed to analyze the specific role of financial in the innovation of science and technology separately. Therefore, this article will refine financial factors, and give a comprehensive study of the issue of financial support for scientific and technological innovation.This paper is divided into five chapters:Chapter One introduces the background, significance, content, methods, inadequate and innovative points, literature review. Literature review introduces the research status at home and abroad for financial support for scientific and technological innovation issues, and has conducted research commentary. Chapter Two studies the financing characteristics of scientific and technological innovation, and the role of financial support for scientific and technological innovation in the capital formation mechanisms, risk diversification mechanism, incentive and restraint mechanisms, information revealing mechanism, and the role of government at different stages and different types of scientific and technological innovation. Chapter Three introduces the United States, Japan, India financial supports for technological innovation, extracted from the excellent experience for our reference in policy finance, banking, capital markets, venture capital and system of guarantees. Chapter Four is the current situation and empirical analysis. Firstly analyzes the current situation of China’s financial support for scientific and technological innovation with the latest data. Then selects indexes on behalf of financial policy, banking, capital markets, insurance as independent variables, the R&D investment, innovative achievements, industrial output as the dependent variable, the company’s own capital investment, financial input, human capital investment as control variables, carries out the unit root test, cointegration test, granger causality test, regression analysis. Then on the basis of comparison of the lateral and vertical contrast on the financial support, proposes financial support for scientific and technological innovation is insufficient in our country, and dig out the causes of these deficiencies. Chapter Five gives suggestions to optimize our financial support for technological innovation from the government, banking, capital markets, venture capital, and insurance aspects according to the results of empirical analysis. Government should set up the cooperative platform for each financial subject in the scientific and technological innovation, and gives full support from the legal, economic and policy aspects. Banks should develop cooperation with companies, and innovative financial products and services. Capital markets and venture capital join development to build the cooperation pattern for national and regional markets, the exchange market and the OTC market. Innovative credit products and encourage more companies to join the credit guarantee system, and learn the advanced experience of foreign countries, strengthening the cooperation with foreign insurance, mortgage, guarantee agencies.