Reaserch On Innovation Of Science And Technology For China

Sound and high-efficiency operation of the financial system can provide funds for the innovation of science and technology,as well as can share the risks of technological innovation investment and financing,will escorting the innovation of science and technology.Technological innovation of enterprise needs a lot of funds,it tend to choose a variety of financial support.But most of the existing research analyze it from only one aspect like banking,capital markets,and exiguous research the difference of supporting innovation between financial,capital markets,Banks,and venture capital.It is unfavorable of the enterprises when they choose the financial support measures combination.This paper comprehensive analyzed the effect of support of science and technology innovation from the policy finance,capital markets,banks,and venture capital at present in our country.The results showed that,the support of capital market and venture investment for science and technology is very small at this stage,especially the smaller of venture capital.Based on this,this article selected 25 years data from China's financial yearbook from 1990 to 2015,built the VAR model,empirical studied the supportive effect of science and technology innovation and its difference on both Banks and the policy finance.The results show that,the effect investment of financial is remarkable on innovation output of science and technology,and the intensity of influence is increasing.Bank loans were used for technology development can improve the output of scientific and technological innovation;The banking-oriented financial system has the greatest role in promoting technological progress.Based on present situation and inductive problems of commercial bank and policy financial support for scientific and technological innovation in our country,combined with our empirical research results,this paper puts forward a series of financial supportive advice for the government and Banks in support of science and technology innovation,such as the government should build more platforms that financial institutions and enterprises cooperation in scientific and technological innovation;The capital market should establish corresponding risk investment institutions and credit guarantee mechanism to promote scientific and technological innovation.The bank should strengthen the cooperation with the scientific and technological innovation enterprises,expand the enterprise loan way and so on.In the context of China's new era of building an innovative society,these suggestions are of positive significance for the government and banks to formulate new policies and measures to further support scientific and technological innovation.