Study On The Effect Of Financial Support For Innovation Performance Of High-tech Industry

Innovation is the cornerstones of high-tech industry, the guiding and dominant industry of China. Some problems still exist in the development of innovation performance. Especially with the character of high-investment and high-risk, innovation brings the problem of financing distress. So as to relieve the financing pressure and enhance innovation performance, this thesis targets at the relationship between financial support and innovation performance.Depending on the theory of financial development and others related, the thesis introduces the framework of “financial support –innovation performance”. Dividing financial support into policy financial institution, commercial financial institution and capital market, the thesis statistically analyzes current status about financial support for innovation performance. And then, dividing financial support into financial scale, financial structure and financial efficiency, the thesis inquires into the mechanism and empirical analysis. In the holistic perspective empirical research, technology change index, computed by data envelopment analysis, is counted as innovation performance. The co-integration test reveals that the positive long run co-integration relationship exists between financial support and innovation performance, with coefficients calculated. The lag-effect analysis declares that financial structure impulse has a positive and largest impact in the observation period. In the phased perspective empirical research, innovation process is divided into technology development stage and achievements transformation stage. The innovation performance is respectively presented by patent quantity and new product sales revenue. In the first stage, the co-integration test indicates that different relationship exists between financial support and innovation performance, specifically, financial efficiency restrains patent quantity. However, the lag-effect analysis demonstrates financial support is with while financial efficiency the most striking. In the second stage, the co-integration test illustrates that financial support promotes new produce sales revenue, with short time lag. Financial structure makes great contribution to innovation performance.Based on the importance and necessity of financial support for innovation performance of high-tech industry, combining the empirical analysis results, the thesis puts forward a number of policy proposals, for instance, expanding capital formation basis, fulfilling the multi-layer capital market system, improving the banking support, encouraging financial innovation, et al.