A Research Based On The DEA-tobit Model To The Influential Factors Of Technology And Financial Efficiency

In 2015,the economic development of our country into a "new normal".The economic structure turn to the "transfer of stock" and "excellent increment".Governments pay more attention to scientific and technological progress and innovation.By the end of 2015,China’s investment in science and technology is high,no matter from the R&D expenditures of the government or each enterprise’s research and development spending,there are a huge growth.However,the technology and financial system is a complex whole.It has a large connection between input and output index.Whether the increase of science and technology input can be effectively transformed into scientific and technological achievements and bring economic benefits to the development of China’s high-tech industry in our country?And what are the factors affecting the efficiency of technology and financial in our country?This is a question of common concern to the government at all levels.Therefore,this paper starts with the literature review of technology and financial,summarizes the related concepts of technology and financial,defines the technology and financial and the technology and financial efficiency.Then according to the development of technology and financial in 2009-2015,this paper makes a descriptive statistical analysis.After that the data envelopment analysis(DEA)was used to measure the efficiency of technology and financial in 24 provinces of China during 2009-2015.Finally,we use Tobit model to analyze the technology and financial input and output data of 24 provinces in 2009-2014.To explore the influence of various factors on the efficiency of technology and financial from the high-tech enterprises、government and venture capital enterprises which are three scientific and technological financial entities.The study found that:(1)Based on the literature review from domestic and foreign about technology and financial,compared with foreign studies,we found that China’s research on technology and financial starts late and lacks of a complete theoretical system.(2)During 2009-2015,China’s overall level of the development of technology and financial is steadily rising,but the regional distribution is extremely uneven,the level of development of technology and financial in eastern region is much higher than the central and western regions.(3)The TE of China’s technology and financial efficiency is in the upper and lower volatility,the PTE in the east and west was higher than central and northeast trend,while the SE is on the contrary,central and western regions in the eastern region.(4)The efficiency of technology and financial is closely related to the overall situation of high-tech industry and the development of venture capital enterprises,but the government’s investment in technology and financial has a negative impact.Based on the above conclusions,this paper puts forward the following policy implications for the development of China’s technology and financial:(1)Improving the supervision of financial funds,and balancing the allocation of government’s science and technology resources.(2)Expanding the scale of high-tech industry and adjusting the industrial structure.(3)Establishing high-tech industry development fund to guide the development of venture capital enterprises.