The Influence Of Financial Development On Science And Technology Innovation

More than 30 years of reform and opening up China,s economic development has been rapid.But at the same time,we also found that the rapid development of China's economy is in exchange for high energy consumption and low efficiency of the extensive mode of production.The innovation in science and technology as the first productivity now,in order to maintain economic growth needs we change the mode of production,industrial upgrading,building an innovative country.In this context,although China's financial system development and science and technology innovation have achieved great development.However,the f-inancial development of our country exactly to what effect on technological innovation?To answer this question will be conducive to the reform of the financial the deepening of our country,will also help promote the development of science and technology innovation in China,and to promote China's sustained economic development has the important practical significance.Therefore,on the basis of the literature at home and abroad,this paper from two aspects of theory analysis and empirical research of endogenous growth model,financial function theory and financial technology as the foundation,from the scientific and technological innovation to the three different stages(incubation stage,achievements transformation stage,industrialization stage)of analysis of the effect of different stages of the different components of China's financial development on science and technology innovation.From the view of theory,science and technology progress produced with the introduction of two kinds of learning and scientific research.However,whether which need the financial system to provide necessary support.Because of the innovation of science and technology has a strong professional,and accompanied by high risk and high profit,so the general individual investors is difficult to directly participate in,and the financial system by capital financing,resource allocation,information processing,scattered risk so that social capital can flow to scientific and technological innovation projects,so as to stimulate the innovation of science and technology.In addition,including the government's science and technology dial and risk investment,financial and technological supports the development of science and technology innovation.From the empirical study,this reference to the endogenous growth model to design a model with panel data of 30 provinces from 2003 to 2013 as a sample,Using Stata software studied the impact of financial development of science and technology innovation in different stages of technological innovation,”From the analysis of the empirical results can be seen in general.In terms of China.s financial development of science and technology innovation plays a promoting role.The different financial development factors have different impact on technological innovation in different stages,because our present situation makes some significant differences between the influencing factors and theory.Th1s paper analyzes these differences,summed up China's financial development support existing problems in innovation.Combined with these problems the paper put forward some suggestions:to establish a multi-level banking system,innovation of banking financial services;vigorously develop the risk investment Capital,encourage private capital to enter the field of science and technology innovation;building a perfect capital market,abundant financing channels.In order to improve our countryls financial development,strengthen financial development to the innovation of technology role in promoting,in order to achieve the further development of the economy of our country.