Research On China’s Efficiency Of Finance And Technology Combination

Since the beginning of21st century, there is no doubt that science and technology has made irreplaceable contribution to the development of China. At the meantime, countries around the world have set the level of science and technology as an important criteria of a country’s comprehensive strength. The development of science and technology is closely linked to the military power, education level as well as national economic prosperity. It also plays a decisive role in the level and structure of national productive forces. It is the core of a country’s economic development. Technology operation system is very complex as the indicators of input and output have strong correlations with each other. Even though there has been an increasing trend in annual investment in science and technology, many problems reveal in the technological advances. In the process of science and technology development, there is no absolute positive link between input and output. Therefore, how to make best use of limited technology input to get the maximum output is the core of the combination of technology and finance.This essay constructs an objective and reasonable index system by using the measure of Non-negative Independent Component Analysis (NoICA) on the basis of the panel data of financial input and technological output of31provinces and cities from2007to2011. Using the DEA measure, we compute the performance of integration between financial input and technological output, and find the regional differences. To illustrate the factors that influence the performance, this essay analyzes these factors by using Tobit Model and identifies the main factors. The author recommends several effective measures and policies including increasing financial input, optimizing investment structure, improving team quality, valuing high-end application-oriented talents, accelerating the commercialization of research findings and realizing the industrialization of science and technology.Application of non-negative Independent Component Analysis (NoICA) is mainly selected input index and output index of financial technology, to construct the performance evaluation index system. Determined from the selection principle of index, the index selection, index interpretation of content, to the last use of nonnegative independent component analysis method to select three input and three output indicators as input and output index system, provides the data support for the research of this paper. After building the index system, combining the performance using the DEA method to calculate the financial input and output of science and technology, and some conclusions are obtained:One is2007-2011in the5years, Beijing, Shanghai, Guangdong and Hainan4provinces and cities of science technology and finance integration performance is always effective, other provinces and cities are not all effective level, but from the overall, the average performance of the5year value is on the rise. Two is a science and technology finance in China area combining performance have structural differences. Affected by the regional economic development level, geographical differences and historical management system and many other factors, China’s31provinces, city, autonomous region financial technology performance are also different, even in the East, West, each containing provinces also has bigger difference. Two is a science and technology finance in China area combining performance have structural differences. Affected by the regional economic development level, geographical differences and historical management system and many other factors, China’s31provinces, city, autonomous region financial technology performance are also different, even in the East, West, each containing provinces also has bigger difference. In order to combine the performance impact on China’s science and technology financial factors analysis, find out the main factors to produce these effects, this paper uses Tobit model to analyze the factors affecting the performance of value of science technology and finance integration, and some conclusions are obtained: One is the local finance science and technology funding, R&D per capita investment, enterprise technology introduction and digestion and absorption of expenditure significantly affected the performance of science technology and finance integration, the estimated coefficient regression results are positive, is to improve the performance of important influence factors of science technology and finance integration. Two is the basic research investment and financial technology performance is negatively related to basic research input, that there may be some waste of resources, or understand, compared to input, the output is not ideal.According to the results of empirical research, draw two conclusions:one is China’s science technology and finance integration performance varies greatly, especially the imbalance of regional development is more obvious. The two is the eastern region’s economic developed provinces of science technology and finance integration performance in general is effective, such as Beijing, Shanghai, Guangzhou, Hainan province and other regions, but also has the performance lags behind relatively backward economy, even lower than the average technical efficiency in Western Sichuan, Guizhou and Guangxi provinces value. Finally, according to empirical results, this paper puts forward relevant policy suggestions:one is to increase financial input in science and technology, optimize the investment structure; the two is to improve the quality of science and technology team, pay attention to the high-end application type talents of science and technology; three is to accelerate the transformation of scientific and technological achievements, to realize the industrialization of science and technology, some effective measures and policy suggestions.