The Effect Of Financial Ecological On Self-Innovation Of Strategic Emerging Industries

Strategic emerging industries are the direction of industrial development in China. Independent innovation is the engine of strategic emerging industries development in the new period. Promoting strategic emerging industry self-innovation needs great support from good financial ecology. Good financial ecology can reduce information and transaction costs, smooth financing channels, improve allocation efficiency of financial resources, and meet the financing needs of strategic emerging industries self-innovation. Therefore, this study conducts theoretical research and empirical analysis along the logical thinking which it is "analyzing the impact of financial ecological on strategic emerging industries self-innovation-how it works-influence degree-how to optimize".First, we explore the function of financial ecology and the financing needs of strategic emerging industries self-innovation. Then explain the impact of financial ecology on emerging strategic industries independent innovation, and build a theoretical model.Second, we take the new generation of information technology industry of China and the United States as the research object, and select data of sample from 2001 to 2011. On this basis, two models, Malmquist index method and panel data model are used to study how financial development affected the innovation efficiency of information technology industry. The results show that:(1) From 2001 to 2011, China’s information technology industry independent innovation efficiency mean value is 1.253, America’s is 1.231. (2) China’s financial securitization rate, R&D expenditure intensity interrelations ratio, per capita GDP are significant positive correlation with the information technology industry self-innovation, the correlation coefficient are 0.490,0.370,0.303 and 0.166, respectively. China’s financial structure, government support, bank non-performing loans rate are significant negative correlation with the information technology industry self-innovation, the correlation coefficient are -0.835、-0.471 and -0.330, respectively. (3) America’s per capita GDP, R&D expenditure intensity, financial structure, financial interrelations ratio are significant positive correlation with the information technology industry self-innovation, the correlation coefficient are 0.97、0.672、0.163 and 0.138, respectively. America’s securitization rate proves significant negative correlation with the information technology industry self-innovation, the correlation coefficient was-0.273. Bank non-performing loans rate, government support both prove not significant.Third, we take Fujian Star-net Communication Co., Ltd. as case study, analyze its general situation and self-innovation condition, and summarize the influence of financial ecological on Star-net self-innovation.Finally, we put forward some countermeasures from the following aspects: enriching financial ecology, speeding up the development of securities market, innovating bank credit products and increasing government support, and establishing a sound social credit system.