Research Of The Relationship Among Financial Innovation,Capital Allocation And Strategic Emerging Industries' Technical Innovation

In recent years,our country put the innovation on the first place and raised the call“public entrepreneurship and innovation”.Technical innovation is the endogenous driving force of economic growth.”Thirteen Five”plan suggested “Make the best use of technical innovation in leading overall innovation”.Faced with the market fulled of diversified competition,it is necessary for enterprises to take advantage of technical innovation to improve productivity structure and expand market demand,thus achieving sustainable development.Technical innovation activity is a relatively lengthy process,there is a growing and sustained demand for funds from research and development to the industrial stage.Plus technical innovation activities have no real assets,traditional financing methods can not provide adequate funds for enterprises' technical innovation.Financial innovation can break the framework of traditional financing and provide new financing channel and methods,thus meeting the needs of technical innovation at this stage.Currently,researches on financial innovation promoting technical innovation are more abundant,but most of them focus on the macro level and seldom pay attention to the micro level.Researches on the channel of financial innovation affecting technical innovation are very few.This paper discussed related concepts and theories based on previous studies.This paper constructs the theoretical framework on the basis of endogenous financial development theory and the efficient internal capital market theory.Introducing capital allocation as a mediating variable,this paper analyzed the mechanism of financial innovation's effect on technical innovation.Combined with theories,this paper put forward the research hypothesis and did empirical analysis,then get conclusions and suggestions.This paper set the seven strategic emerging industries in the “decision” to speed up cultivating and developing strategic emerging industries”as the goal.Select 343 listed companies' data during 2011-2015 as the sample based on this paper's goal and data availability.Using a panel data model and Wen Zhonglin's testing methods and steps of mediation effect,this paper take advantage of descriptive statistical analysis and multiple regression analysis to research on the relationship among financial innovation,capital allocation and technical innovation.Then this paper calculated enterprises' technical efficiency by using DEAP2.1 to do Robust analysis.The results show that financial innovation can promote enterprises' technical innovation.Improving capital allocation can have a positive effect on technical innovation.Financial innovation can improve capital allocation efficiency.The final conclusion is that on the on hand,financial innovation can directly promote enterprises' technical innovation,on the other hand,it will indirectly promote enterprises' technical innovation through improving capital allocation efficiency.The conclusion provides theoretical reference for strategic emerging industry companies to make best use of financial innovation and improve capital allocation efficiency,thus facilitating technical innovation.