Study On The Effect Of Innovation Fund On Technological Innovation To China's Small And Medium Technology-Based Enterprises

It has been 15 years since the innovation fund to small and medium technology-based enterprises established, the innovation fund keeps optimizing its assisting mechanism and provide considerable funding conditions to the small and medium technology-based enterprises which are in their incubation period or initial stage. These enterprises also share a preferential policy support of the innovation fund, and their financing environment accordingly improves. However, the technological innovation fund still faces with many practical difficulties, several adverse factors exist which weaken the implementation effect and hinder a further development of the innovation fund. Therefore, by analyzing innovation fund implementation and the current situation of enterprise development, studying on the proper method of developing the innovation fund's policy guiding function, we can achieve the both theoretical significance and practical significance on solving the technology-based enterprises' capital shortage issue and the issue of technological innovation promoting of technology-based enterprises' development.This paper is based on the Schumpeter's Innovation Theory, the Investment Multiplier and Accelerator Theory, and the National Innovation System Theory. It is divided into three main writing stages of recognizing problem, studying problem and giving strategy. This paper adopted the research method of theory and practice combining, quantitatively analyzed the implementation effect of the technological innovation fund running since its establishment, and provided a comprehensive evaluation analysis to the technological innovation fund's operation system. Firstly, this paper defined the conception of technological innovation fund and small and medium technology-based enterprises with a clear research category, then adopted the Data Envelopment Analysis(DEA) analytic approach based on China's technology-based enterprises' supporting level and policy detailed implementation status from the technological innovation fund, provided a comprehensive comparative analysis on the investment efficiency of the technological innovation fund by the standpoint of the matching fund investment given to small and medium technology-based enterprises and their benefit output. The empirical research result affirms the guiding function of technological innovation fund on solving small and medium technology-based enterprises' financing problem, indicates that the innovation fund has optimized the financing environment of the small and medium technology-based enterprises at the same time, pushes forward the promotion of small and medium technology-based enterprises' innovation efficiency. Nevertheless, the technological innovation fund is still need to be upgraded in several aspects like supporting tendency, support mechanism, policy-making, etc.At last, on the basement of the technological innovation fund's running condition study, this paper analyzed the problems exist among the innovation fund and their cause of formation, and proposed specific policy proposals in three parts of nation, enterprises and local region to achieve the goal of improving the running efficiency of technological innovation fund and promoting a high-speed healthy development of small and medium technology-based enterprises. By the mutual cooperation and interaction among nation, local region, and enterprises, build a well-designed technology innovation financing platform for those small and medium technology-based enterprises, give full play to the supporting and guiding function of the innovation fund, create a well financing environment, enhance the sustainable innovation ability of small and medium technology-based enterprises further and promote the enterprises' healthy and high-speed development.