A Study On The Influence Of The Financial Structure On The Development Of High-tech Industry In China

In May 20,2016,"Outline of the National Strategy of Innovation-Driven Development"appears in China."Outline" clearly pointed out to rely on technological innovation driven development.High-tech industry is the enterprise which takes advantage of independent innovation and technological progress to create economic value.It will play a vital role in promoting technological progress and improving the quality of economic development.The technological innovation of high-tech industry needs a lot of capital injection,especially the support of external financing.Consequently,which kind of financing structure is more suitable for the development of high-tech industry has become a problem worthy of discussion.Based on financial function theory,this paper shows the impact of organization oriented financing structure and market oriented financing structure on China's high-tech industry from the positive and negtive aspects.On this basis,this paper has carried on the empirical analysis from two levels using the 2002-2015 data.Firstly,this paper studies the coefficient of correlation between the main business income of high-tech industry and the total amount of RMB loans,the stock and bond market financing by using grey correlation degree model.The results show that the correlation between the main business income of high-tech industry and the total amount of RMB loans is very high,and the correlation between the stock and bond market financing is small..Secondly,this paper studies the influence of the proportion of medium and long term loans the proportion of stock and bond market financing on high tech industry's main business revenue accounted for the proportion of GDP by using VAR model.The impulse response results show that:(1)The impact of the banking sector on the development of high-tech industry is lagging and unstable.The capital market has a positive impact on the development of high-tech industry,but not significant.(2)The average contribution of the banking sector to the development of high-tech industry is bigger than the average contribution of the capital market to the development of high-tech industry.According to the results of the analysis,this paper argues that the financing structure suitable for the development of high-tech industry in our country is:give full play to the role of organization oriented financing structure,and smooth transition to market oriented financing structure.This paper puts forward suggestions.(1)Suggestions to the government:Set up policy agency;Guide the development of venture capital industry;Perfect the capital market;Regulate the development of microfinance industry and P2P network lending industry.(2)Suggestions for commercial banks:Innovative profit model;Strengthen cooperation with venture capital institutions;Carry on loan securitization;Asset intangible assets pledged loan business.(3)Suggestions for high tech enterprises:Improve the credit level of high-tech enterprises;Rational use of capital market financing;Strengthen cooperation with credit rating agencies and law firms.