The Impact Of Technology Finance On Total Factor Productivity

With the interaction between financial deepening and scientific and technological innovation activities becoming more and more frequent,the high coupling of the two forms the category of scientific and technological finance.If we can use the advantages of science and technology finance to promote the technological progress of our country,this will undoubtedly open up a new and effective way to improve our total factor productivity and the quality of economic growth.The improvement of total factor productivity is not only the concrete manifestation of scientific and technological progress and the improvement of production level,but also an important basis for judging the transition of a country's economy from extensive development mode to intensive development mode.Therefore,it is of great theoretical and practical significance to study the effect mechanism and heterogeneity of science and Technology Finance on China,s total factor productivity.On the basis of combing and summarizing the relevant literature at home and abroad,this paper first theoretically analyses and interprets the technological progress path and technical efficiency path of science and technology finance affecting total factor productivity.Secondly,on the basis of theoretical analysis,using panel data of 30 provincial regions in mainland China,the evaluation index system of science and technology finance is constructed to comprehensively measure the development level of science and technology finance in each region.Finally,based on a variety of spatial weighting matrices and spatial econometric methods,this paper empirically examines the role of science and technology finance development on China's total factor productivity(TFP)and its heterogeneity.The results show that:firstly,the development of science and technology finance in the eastern region is the highest,followed by the central region and the lowest in the western region.That is to say,the development of science and technology finance in China is in an unbalanced state,and there is a certain gap in the development level of science and technology finance among regions.Secondly,China's total factor productivity has obvious spatial autocorrelation characteristics.This shows that production activities in different regions are not relatively independent,but have spatial relevance and dependence.Thirdly,throughout the country,the development of science and technology finance can significantly promote the total factor productivity of Industrial Enterprises above the scale of our country,and this influence mainly plays a promoting role through the path of technical efficiency,but the impact through the way of technological progress is not significant.Fourthly,in the eastern and central regions,the development of science and technology finance can promote the total factor productivity of Industrial Enterprises above the regional scale.Although the development of science and technology finance in the westerm region has a positive effect on regional total factor productivity,the results are not significant.However,opening-up and R&D capital stock have significant inhibitory effects on the improvement of total factor productivity.On the basis of theoretical analysis and empirical research,this paper puts forward relevant countermeasures and suggestions.