| As a knowledge-intensive and technology-intensive industry,high-tech industries take scientific and technological innovation as a powerful driving force and have a decisive role in promoting the development of the national economy and the transformation and upgrading of industrial structure.At present,China's economy is still in the period of structural adjustment.The development of high-tech industries is an inevitable choice for China to promote industrial transformation and upgrading and to build a modern industrial system.General Secretary Xi Jinping also emphasized in the report of the Nineteenth Congress that the development of high-tech industries is conducive to the transformation and upgrading of China's industrial structure.Over the years,China has attached great importance to the deep integration of scientific and technological innovation and finance,and has provided new momentum and space for the development of high-tech industrial industries through science and technology finance.At the same time,science and technology finance has also contributed to the development of the real economy.With the support of science and technology finance,China's high-tech industry has achieved very good development.However,due to the high investment,high risk,and information asymmetry,high-tech companies still have difficulties in financing their development,hinder the pace of technological innovation in high-tech industries,and are not conducive to the development of high-tech industries.At the same time,when science and technology finance provides services for the development of high-tech industries,it is a hot issue that China is currently concerned about the extent to which the various scientific and technological financial investment entities influence the development of high-tech industries.This article first introduced the structure of science and technology finance and the characteristics of high investment,high risk,high returns,and high industrial growth rates of high-tech industries.The application of industrial relevance theory,financial development theory,and enterprise life cycle theory analysis of science and technology finance promotes the development of high-tech industries.The mechanism of action.Secondly,it analyzes the status quo and existing problems of China's high-tech industry development status and the development of high-tech industries promoted by science and technology finance.Thirdly,applying the method of building a regression model,using high-tech industry related data from 1996 to 2016 to analyze the impact of technology finance on the development of high-tech industries,the results show that the enterprises themselves,government finance,financial institutions,and venture capital institutions are developing high-tech industries.There is a positive effect,among which the role of science and technology finance in promoting the development of high-tech industries is the most significant for the government,followed by financial institutions and venture capital institutions;and the technology capital market has no significant impact on the development of high-tech industries.Finally,basing on China's basic national conditions,from the perspectives of companies,governments,financial institutions,scientific and technological capital markets,and risk investment institutions,we propose strategies to promote the development of high-tech industries through the development of science and technology finance. |
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