Study On The Combination Efficiency Of Science-technology And Finance In Hubei Province

With the increasing development and enhancement of modern technology and economy, science is obviously occupying a pivotal role in economy booming. Science-technology and finance have become the most active factors in the productivity.The effective combination of Science-technology and finance is often viewed as the premise to guarantee the fast and healthy growing of the macro economy. At present,the combination and innovation of finance and technology in Hubei province are still facing many challenges,which to some extent hindered the stride development of Hubei’s economy.With the background stated above, to study the combination efficiency of science-technology and finance in Hubei, this paper attempts to analyze and explore the factors which improve or lower the combination efficiency of science-technology and finance.The context mainly has six parts including the theoretical research,summary of current situations with problem analysis, model construction, empirical research,case study and policy recommendations.In the theoretical section,a brief literature review on science-technology and finance at home and abroad is carried.And data envelopment analysis, the economic implications in research, is introduced and explained afterwards.In the empirical part,initially, the status quo of science-technology and finance in Hubei province is shown.And the obstacles that influence the combination of science-technology and finance are explored.The paper then count up the average level of financial input and technical output in Hubei and make the comparisons with the nation and central China respectively, with panel data, from the angle of financial input and technical output, based on 29 areas in China during 2006 and 2012.Constructing the evaluation index system of technology-finance input and output efficiency,employing data envelopment analysis method, empirical research on the efficiency of technology and finance is conducted.Through method of data envelopment analysis,specifically,static analysis and dynamic analysis, problem on effective combination of technology and finance in Hubei would be figured out. After studying the successful typical cases of technology and finance integration,some useful ideas could be provided for the development of Hubei and other high-tech zones in China.Finally countermeasures are put forward to improve the combination efficiency of science-technology and finance in Hubei.The main conclusions of this paper are : First, the financial input and output oftechnology in Hubei province have large gap compared with the national average level.Financial investment have made significant improvement.Science and technology output has obvious advantages in the central region.Second, the technical efficiency in Hubei province for DEA is invalid and the combination degree of technology and finance is not high.Pure technical efficiency for DEA is invalid and the technology and management level is relatively backward.They should increase financial input in order to achieve the optimal scale for the scale efficiency for DEA is invalid.Third,The R&D investment in Hubei province appear redundant generally and the high technology exports appear lack generally.Fourth, the improvement of efficiency is mainly driven by technological progress. They should pay attention to the promotion of new technologies and new management methods,improving the technical efficiency.