Research On The Impact Of Financial Development On The Technological Innovation Capability Of High-tech Industry In China

President Xi proposed that innovation is the primary driving force during the NPC and CPPCC sessions and ‘first motivation' has become a hot word.Judging from the contents of the two sessions,the party and the government need to focus on promoting high quality development relying on technological innovation.Compared with the general manufacturing industry,the high-tech industry is an important force to implement innovation-driven development strategies,which is more intensive in technology and faster in technological change and renewal.Under this background,the study about the impact of financial development on the technological innovation capability of high-tech industry based on intellectual property protection has important practical significance,which will deepen our thinking on financial development and intellectual property protection,formulate relevant policies to meet the needs of various regions and enhance the technological innovation capability of high-tech industry.Principles and knowledge on statistics,economics,finance,and other fields are comprehensively used to study the impact of financial development on the technological innovation capability of high-tech industry based on intellectual property protection from theoretical and empirical aspects.The relevant concepts are defined on the basis of summarizing the existing research results,and the mechanisms of technological innovation capability of high-tech industry affected by financial development and intellectual property protection are revealed.The level of financial development and the technological innovation capability of high-tech industry in various provinces from 2007 to 2015 are measured by the global principal component analysis and global entropy method after a brief analysis of the current situation and selecting indicators that can reflect financial development,high-tech industry technological innovation capability and intellectual property protection.The non-linear impact and threshold characteristic of financial development on the technological innovation capability of high-tech industry based on intellectual property protection are examined further by using the measurement results to construct a panel threshold regression model.And the differences in the impact of different regions are analyzed by combining the imbalances of interregional development in our country.Four main conclusions are as follows:(1)All provinces in China have obvious imbalances in their financial development,technological innovation capability of hightech industry and intellectual property protection.(2)The impact of financial development on the technological innovation capability of high-tech industry based on intellectual property protection is nonlinear,existing double threshold effect.(3)No matter where the intellectual property protection is located,the impact of financial development on the technological capability of high-tech industry is significantly positive.It means that financial development can improve the technological innovation capability of high-tech industry.(4)The impact of financial development on the technological innovation capability of high-tech industry has a diminishing effect on marginal efficiency.If intellectual property protection is between the two thresholds,financial development will play the greatest role in promoting the technological innovation capability of high-tech industry.If intellectual property protection is lower than the low threshold,financial development will play the least role.Finally,according to the results of empirical analysis,the suggestions for improving the technological innovation capability of high-tech industry are proposed from the perspective of intellectual property protection and financial development.