Empirical Research On The Impact Of Technological Innovation Made By Sci-tech Finance

With the development of social economy, technology innovation has become the corecompetitiveness of enterprise development and played a key role in promoting the moderneconomic’s growth. However the characteristics of technology innovation like high input, high risk,information asymmetry and so on make its success requires not only high quality resources ofscience and technology but also a more efficient and reasonable financial support system.This paper aims to study the effect and efficiency of technological innovation made bySci-Tech Finance,this paper selects the panel data of27provinces, autonomous regions,municipalities directly under the central government from2006to2013as samples of the empiricalresearch about the effect and efficiency of technological innovation made by Sci-Tech Finance. Thearticle chooses subject of technology innovation investment, government’s investment in scie-tech,scie-tech loan of financial institutions and venture investment as four indicators of financialdevelopment; choosing R&D internal expenditure (RDEX) as the "inputs" index of technologicalinnovation; choosing invention patent number (PAT), new product output value (NEPV) as areflection of "output" of index; choosing technology market turnover (TECM) and the new sci-techproducts exports (NEEX) as a reflection of innovation of scie-tech achievements marketizationindex. On this basis, the hybrid OLS model and the individual effect regression model were selectedto analyze the effect of Sci-Tech Finance to technological innovation, combining with the dataenvelopment analysis (DEA) to calculate the technology innovation efficiency of high technologyindustry, making a further analysis of the influence on the efficiency of technological innovation ofSci-Tech Finance.The results of the study show that Sci-Tech Finance has promoting effect on technologicalinnovation, mainly for the subject of technology innovation investment, scie-tech lending offinancial institutions and venture investment have a positive explanatory power on the technologicalinnovation, but the effect of government’s investment in scie-tech is not significant. Sci-TechFinance has promotion effect on the efficiency of technological innovation, main show is thesubject of technology innovation investment and venture investment have a significantly positiveexplanatory power on the technological innovation; while the explanatory powers of government’sinvestment and loan of Sci-Tech on technology innovation efficiency are not significant.