The Mechanism And Empirical Research On Financial Support For Technological Innovation In High-tech Industry

In recent years,the economic growth of China switch from high-speed to medium-high speed,economic is in the key period when the old industries switch to the new and the kinetic energy conversion,its operation is also facing downward pressure.It is difficult for enterprises to provide the necessary technological innovation funds for industrial development alone.So,it is necessary to use exogenous financing to maintain the capital chain of enterprise R&D(Research and Development)and achievements' transformation.And the support of financial sector has become an indispensable external basic condition for the development of high-tech industry.Therefore,it is of great practical value to study the mechanism and optimization strategy of the financial support system for high-tech industry innovation.The paper based on the characteristics of stage in China's high-tech industry innovation activities and their financial needs.We comprehensively use the theory of Financial Development Theory and Technical Innovation Theory,studied the internal mechanism of financial support for China's high-tech industry from dimensions of demand and supply.After that,we use the provincial panel data from 2005 to 2014 as the samples,empirically research the impact of different types of financial support system on the output of high-tech industry innovation activities(R&D stage and achievement transformation stage)and the differences of supporting effects of financial support system in east,central and west region.The result shows:(1)From the overall situation:in R&D stage,the financial support of government and the capital market show a significant enhancement on the innovation output,and the impact of financial institutions' credit is not significant.The financial support of capital market can effectively promote the transformation of high-tech industry,and the credit support of financial institutions will inhibit the transformation of technological activities.The financial support of the government has no significant effect on the transformation activities.(2)From the perspective of regions:the financial support of government can effectively promote R&D output in the eastern,central and western regions,which is the same as the results of the transformation activities in the central region.But in the western region,government support shows a negative impact in the sales of new products.Capital market in the eastern and central region can significantly promote R&D and technological transformation activities.In the western region,it is not good for R&D,and the effect in the transformation is not significant.The credit support of financial institutions can effectively promote R&D and technological transformation activities in the western region,but shows a curb effect on R&D output in the eastern region and central region.Also,it is not conducive to the technological transformation in the eastern region.Finally,we give the suggestions on how to optimize and improve the financial support system of technological innovation in China's high-tech industry,which is combined the mechanism with the empirical research results of provincial panel data.From the national level,to strengthen the construction of financial support system for the high-tech industry technological innovation,we should exert the guiding role of the government in the development of high-tech industry technological innovation,optimize the financing of financial institutions and enrich the capital market financial tools.Based on the technological innovative regional positioning,this paper explores the optimal financial support model in each region,and points out that the eastern region should explore the linkage mode of investment,loan and insurance,the central region ought to bring forth new ideas of the"Government+ Market" mode and to realize the "Capital + Service" mode in the western region.