Allocative Efficiency Difference In Sci-tech Innovation Fund Under The Perspective Of Time And Space

Gradually,with the progress of the times,people has a deep understanding on the innovation and its influence to the social economy development.Sci-tech innovation became the core power to promote economic growth,to enhance national competitiveness,and to improve people's living standard.Practical experience tells us that sci-tech achievements develop from nothing,then to get the actual application,finally recognized and accepted by people and market,is a relatively long process.Any link problem will make the whole process of innovation stagnated,even to the end.And the corresponding financial support is essential for the relatively long process of innovation.In this paper,the allocative efficiency of innovation of science and technology funds was taken as subject investigated.The process of innovation activities had been divided as technology research and development,achievement transformation and market promotion.The funds of innovation activities had been divided as government funds,direct financing and indirect financing.With the structural sources of funds as starting point,this paper found that besides different structures of funds had different contributions to the same region,the same financing structure has different contribution between the high and low efficiency areas as well.The paper collected input and output data of innovation activities of 27 provinces of China from 2001 to 2013,used data envelopment analysis method,panel regression model and comprehensive analysis method for researching.In order to ensure the integrity of the empirical analysis,this paper used a robustness sample to test,the result is consistent with the original sample.Finally,this paper put forward policy recommendations according the empirical results one by one.First,the siphon effect of the high efficiency areas on the surrounding areas is remarkable,high efficiency areas should play a radiation role to promote the coordinated development of the surrounding areas.Second,government funds play a leading role obviously,indirect financing funds prefer high efficiency areas to the low ones.The various funds should complement each other.The paper put forward the path of transformation of inefficient areas to efficient areas.Third,the contribution of direct financing funds is not high in both areas,this paper argued that the investment and loan linkage model should be experimented.It uses the large volume of indirect financing market,and avoids risks of direct financing market at the same time.