| China has witnessed the unprecedented economic achievements with increasing economic scale and aggregate in recent 30 years since the reform and opening-up. However, the rapid economic growth mainly relies on the advantage of cheap labor and resources consumption. With the gradual rising of China’s labor cost and resource price, it is imperative to transform the mode of economic growth through science and technology. Fujian province, under the context of national vigorous promotion of economic transformation, will require the innovation of financial service S&T innovation mechanism to build innovation system with regional characteristics, accelerate the development and industrialization of S&T achievements, cultivate strategic emerging industries, and support the transformation in development mode through independent innovation.However, due to such characteristics of high investment, high risk, long cycle and high return of high-tech enterprises, the combination of S&T and finance is the only way to promote the development of S&T innovation in China, which refers to the platform integrated with S&T innovation chain and financial capital chain through such capitals as finance, banking, securities, insurance and risk investment, to provide system arrangement of a series of policies and system for financing support and financial service.By comprehensive applying of institutional cost theory, S&T innovation theory and financial function theory, this paper aims to analyze the supporting effect of financial service mechanism for cluster S&T innovation in Fujian province as well as the necessary system innovation. The contents are as follows:1.the analysis of financial supporting mechanism for cluster S&T innovation; 2.the analysis of status quo and constraints of financial support for cluster S&T innovation in Fujian; 3.the analysis of the basic theories and problems of supporting cluster S&T innovation; 4.the empirical analysis of financial supporting efficiency for cluster S&T innovation in Fujian; 5.the case analysis of financial support for cluster S&T innovation in Taiwan.The study showed that:1. through the capital formation mechanism, risk dispersion mechanism, information disclosure mechanism, and incentive and restraint mechanism, the financial system promotes the cluster tech innovation, to realize the sound combination of technology and finance; 2. the main constraints of financial support for cluster S&T innovation in Fujian include:incomplete policy-based financial supporting system with relatively less support; commercial bank supporting system is difficult to adapt to the characteristics of high-tech enterprises, especially lack of corresponding system in the credit evaluation and intellectual property assets evaluation; for capital market supporting system, sustained profitability requirement for the first 3 years of listing is hard to adapt to the features of high-tech enterprises; less exit channels for venture capital and lagging development of financial service auxiliary system; 3. by adopting Malmquist index based on the DEA model, the paper estimates the dynamic efficiency change and the constitution of financial support for cluster S&T innovation in Fujian during from 2004 to 2010, and the result shows lower efficiency of the financial support; 4. the success of Taiwan’s financial support for cluster S&T innovation mainly relies on the complete policy-based financial supporting system with stronger support, the establishment of a multi-level capital market system, especially the advanced OTC market.A policy-based financial support system should be built in Fujian province, which takes the building of policy-related finance as the core, supplemented by the development of policy-related guarantee institutions and S&T insurance to establish a multi-level capital market system, especially the advanced OTC market. |
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