Research On The Impact Of China's Regional Science And Technology Finance On The High-tech Industry

Over the past 30 years of reform and opening up,China's economy has relied on a large amount of cheap labor and assisted with the government's large-scale investment to achieve the so-called "Chinese miracle".Under the "investment-driven economy",China's economic and social development has been rapid,but as the cost of human resources has increased year by year,a large number of cheap labor markets have ceased to exist,the rapid economic development has been contained,so China's economy urgently needs to find new ways to solve the bottleneck question of economic development.The bottleneck problem faced.At present,China's economy has entered a new normal state,and the rate of economic growth has dropped from high-speed growth,in pursuit of speed,it has also paid more attention to the quality of economic growth.In this background,China has reviewed the situation and established the national innovation-driven development strategy for the first time in the report of the "18th National Congress" and built an innovative country.At present,China vigorously supports and develops high-tech industries,in order to continuously promote scientific and technological innovation and financial innovation,and promote the transformation of China's economic structure.Economic development has changed from the original"investment-driven" to "innovation-driven",and economic development is seeking new kinetic energy.The implementation of innovation-driven development strategy and the construction of an innovative country depend first and foremost on the vigorous development of China's high-tech industries,while science and technology finance is the inevitable choice that promoting the development of China's high-tech industries,supporting the collaborative development of high-tech industrial chains and promoting the transformation of China's economic structure.Based on this,the "13th Five-Year National Science and Technology Innovation Plan" promulgated by the State Council clarifies the connotation of science and technology finance,and clearly points out the overall goal of scientific and technological innovation during China's "13th Five-Year Plan" period.At present,the development of science and technology finance in China is facing the following questions:too many differences in the development level of science and technology finance among regions,insufficient investment in science and technology financial R&D,and an unsound system of science and technology financial institutions,thereby these have led to the low efficiency of science and technology finance in promoting the development of high-tech industries.Based on the problems faced by China's regional science and technology financial development,the paper studies the development process of science and technology finance in China,systematically describes the development status of science and technology finance and high-tech industries,and compares differences between the development of science and technology finance and high-tech industries in the eastern,central,western and northeastern regions,and find the reasons for the formation of regional differences.Subsequently,panel vector autoregressive(PVAR)model was used to empirically examine the interrelationship between the impact of science and technology finance and the high-tech industry from the national and four regional levels,and compared and analyzed the differences in influence at the four regional levels,and reached the following three conclusions:(1)At the national level and at the four regional levels of the eastern,central,western,and northeast regions,it has been shown that science and technology finance promotes the development of high-tech industries with positive and significant results.(2)The investment in science and technology finance and the development of high-tech industries in the past have significantly promoted the investment in science and technology finance and the development of high-tech industries,indicating that the development has inertia effect.(3)From the four regional perspectives,the effect of science and technology financial investment on self-improvement is that the eastern and central regions are superior to the western and northeast regions.The effect of high-tech industry development on self-improvement is better in the central region than in the west region than in the northeast region and in the east region.In the end,according to the current situation of both development and empirical research results,the following three countermeasures are proposed:at the national level,scientific and technological financial investment should be increased,the financing environment of high-tech industries should be improved,and the scientific and technological financial service platform should be set up;At the regional level,regarding issues such as the incoordination of scientific and technological financial development among the four regions,it was pointed out that resources between regions should be reasonably allocated and coordinated development;each region should adapt to local conditions and formulate differentiated science and technology financial policies consistent with the development of the region:a platform should be built for service and cooperation between regions.