Research On Spatial Effect Of Financial Support For Technological Innovation

Technological innovation in promoting the development of the national economy plays an important role.In recent years,as the implementation of the innovative country development strategy,the enterprise technology innovation activity have achieved remarkable effects,but due to the complexity and uncertainty of the process of technological innovation,this is impossible to complete the technology innovation deepening while only rely on their own strength.Therefore,our government should take relevant policies from the perspective of inside and outside at the same time to promote the development of technology innovation.Technology innovation is the inner motivation of a country's sustained economic growth.Now all countries in the world put the technology innovation as a strategic priority in comprehensive national strength and core competitiveness.But as a result of the characteristics of high investment,high risk and earnings period long,making its success requires not only the high quality resources of science and technology,but also need a more efficient and reasonable system of external support.While the external factors affecting technological innovation ability is numerous,but the financial system that can provide financing,spread the risk is undoubtedly the most critical factors.In recent years,our country has obtained certain result on technical innovation,but there is a quite big gap between the Chinese compared with the developed countries.One of the reasons for this phenomenon is the inadequate financial support.Therefore,it is a problem to be solved that how to promote technology research and development,accelerate the technical innovation and give full play to the functions of financial support for technological innovation.We should further study the relationship of financial support and technology innovation,put forward targeted policy suggestions,further promote the country's economic growth.This paper mainly studies the role of financial support and technical innovation.This paper argues that China's current financial support can be divided into two categories,the policy finance and marketability financial.In terms of theoretical analysis,the paper expounds the relationship between the financial and technological innovation,and analyzes the inner mechanism of the policy finance,marketability financial and technology innovation.Using the spatial panel model,draw lessons from cobb-douglas function,the empirical analysis of the relationship between financial support and technical innovation.This paper uses the country 30 provinces,autonomous regions and municipalities regional innovation activities data during 2008-2013,empirical research the financial support for technology innovation.Article selected policy financial support(the government fiscal appropriations of science and technology),marketability financial support(bank credit,insurance market and the stock market),with the four representative indicators to measure the development level of financial support.We use the patent grant as proxy variable of technology innovation level,put the internal R&D spending,economic development level and the foreign opening level into the model,and empirical analysis on the two types of financial support for technological innovation.The research results show that the financial significant support technology innovation,embodied in the explanatory power of the government's fiscal appropriations to technology innovation of science and technology is significantly positive,the explanatory power of bank credit to technology innovation is positive,the explanatory power of the insurance market to technology innovation is positive but not significant,the explanatory power of the securities market to technology innovation is also not significant,which conform with the current environment.According to the results of the study,the author puts forward the following suggestions:actively play a role of the government guidance,vigorously improve the innovation environment;establish a multi-level system of financial support;with the aid of "Internet +" platform,realize the peoples innovation;take the appropriate foreign policy,and guide foreign investment in technology innovation industry;promoting production-study-research cooperation,vigorously support the strategic emerging industries of high technical content.