Effects And Influencing Factors Of Chinese Financial Investment In Science And Technology On High-tech Industry's Innovation

According to Report to the Eighteenth National Congress of the Communist Party of China,scientific and technological innovation provides strategic support for raising the productive forces and boosting the overall national strength,and we must give it top priority in overall national development.China is building an innovative country and has entering into a 'new normal' of economic development.Chinese economy is focusing on changing the means of growth.Independent innovation capacity will become the fundamental driving force for China's long-term economic growth.Chinese government has steadily strengthened financial investment in S&T innovation over several decades.Nevertheless,since 2014,the overall fiscal revenue has relatively slowed down,especially the revenue in 2016,fiscal revenue growth rate is 4.5%.Therefore,it is of significance to improve effectiveness and efficiency of S&T expenditures and avoid the waste of government's resources caused by pointless investment.High-technology industry is one of significant targets of financial investment in S&T.The study on effects and influencing factors of Chinese financial investment in science and technology on high-tech industry' innovation has theoretical and practical significance.The contents are divided into four aspects.Firstly,this article theoretically emphasizes the functions and position of Chinese government in high-tech innovation activities,fully discusses the effects of S&T investment in the increasing efficiency of high-tech industry's innovation.The second part starts with terms of the gross,structure and relative intensity to analyze the situation of financial S&T investment in China and the situation of the funds used by high-tech industry,and make global comparisons.Then this article summarizes the common characteristics of financial S&T investment in innovative countries and figure out the disadvantages of china.The third part mainly utilizes Chinese provincial data between 1995-2015 and DEA method to measure and evaluate the innovation efficiency of high-tech industry.Build Tobit model,empirically test the effect of fiscal input in S&T on high-tech industry innovation.Finally,in Tobit model,in order to make empirical tests of factors influencing financial S&T investment effects cross terms of financial S&T investment and economic development,and stability of financial policies are added.Research shows the following results.First of all,there are significant gaps between four economic regions.What's more,there is an inverse U-curve relationship between financial investment in S&T and innovation efficiency in the high-tech industry.Thirdly,the evidence shows positive correlation among internal R&D expenditure in high-tech enterprises,profitability,economic development in the regions,degree of agglomeration and innovation efficiency in the high-tech industry.There is a negative correlation between input of human resource and innovation efficiency in the high-tech industry.Finally,economic development in different regions and stability of financial investment in S&T play the important role in the effect of the input.The more developed the economy is,the weaker the positive impact of financial input on the efficiency is.Moreover,the less the fluctuation of the input is,the stronger the positive impact of financial input on the efficiency is.