| The viewpoint that the technical innovation is the sustainable development power of a country's economics has been widely accepted and recognized by both of theories and practices.But,for developing China,how to promote the technical innovation is become increasingly important.Innovation is the result of various factors,such as government support,enterprise scale,market structure,research and development investment and personnel decision.It needs large amount of research funds to do research,make experiment and achieve commercialization and industrialization to promote the development and large area application of technical innovation.Moreover,many enterprises which need to achieve sustainable development by innovation have to rely on the external financing to support the innovation program because of the lack of internal funds.There are many literatures have analysed the influence route of finance structure to technical innovation and this dissertation try to find a new perspective.Therefore,this essay will discuss the function of finance structure for technical innovation and provide new orientation for promoting technical innovation.First of all,this essay will show the related literatures about development and structure of finance,theories about technical innovation and different structures of finance(including bank intermediary,financial market and informal financial sectors)with different innovation ways.Moreover,this dissertation will illustrate the development and transition of financial structures and characteristics of modern financial structures.Furthermore,this essay will analyse different influences of financial structures to technical innovation meticulously from two aspects: different functions of different financial structures and different modes of technical innovation.It lays foundation for later empirical studies.Additionally,it based on panel data from2003 to 2014 in all provinces of China except Tibet.This essay makes use of the static panel analysis and dynamic panel analysis to do empirical research about the relationship between China's financial structures and technical innovation.After doing a series of analysis researches,choosing the more reliable GMM method to analyse results of empirical studies.The research result shows that the financialstructure which is dominated by financial market is better for overall technical innovation and independent innovation.The informal finance is more conducive to overall technical innovation.Finally,this paper provide some political suggestions based on the theoretical analysis and results of empirical studies.Firstly,governments should establish more diversified financial structures.Secondly,governments should guide the rational development of informal finance.Thirdly,governments should strengthen policy support. |
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