Research On The Effect Of Financial Mismatch On Technological Progress

In March 2007, financial crisis caused by the subprime crisis in the United States in the world soon spread, such a global financial crisis after the outbreak, let each country's economy appeared different degree of malaise and recession, the outbreak of the financial crisis also let various countries scholars concentrate to invest in financial resources development, allocation and utilization on. Domestic and foreign scholars have conducted a lot of research on this issue. The majority of them are studied from the angle of the relationship between financial tools, financial intermediary, financial market and financial system of the emergence and development and technological progress, and part is from the financial function perspective study of the technical progress of the financial system arrangement. When after financial mistake with this concept appeared, there are a few scholars from the perspective of financial mismatch of technological progress, their research show that financial mismatch is hampered by technical progress, but does not involve financial mismatch on the effects of technological progress calculation, motivation and path specifically asked.In this paper based on the background of financial mismatch of technological progress, on the basis of relevant theories, from point of view of the present financial mismatch on technical progress influence how, through normative analysis, to financial mismatch formation mechanism and the influence regulation study, through empirical analysis of the construction conditions of technological progress model in the presence of financial mismatch, in order to eliminate financial mismatch proposed some countermeasures and suggestions. The main content of this paper are:first, based on China's financial mismatch hinder technology progress, by organizing and summarizing the relevant literature, the core concept of mismatch of resources, distorted financial mismatch, elements, technology progress, total factor productivity were defined and distinguished. Second, find financial mismatch effects on technological progress present situation and the formation mechanism, the problem of Technology Progress Effects of financial mismatch regulate analysis: China's ownership structure in a certain extent, affected the financial mismatch and hinder technology progress, which affects the our country the long-term driving force of economic development. Third, in the normative analysis based on, using econometric knowledge by Stata software on acquisition out of empirical analysis:according to the ownership structure of China's industrial enterprises, the 2009-2014 annual panel data, the innovative method is used to measure the level of technology progress, and the random effects model and the empirical analysis to verify the our country financial mismatch factors of technological progress. Finally, on the basis of the normative analysis and empirical analysis, for designing the countermeasure and suggestion to optimize the allocation of financial resources, improve the technical progress and productivity of reality of speed and effectiveness, finally promote the long-term economic development.