Research On The Innovation Of Sci & Tech Finance In China Under The New Normal

Under the new economy normal,China's economic development has the feature "high speed,excellent structure,new momentum,many challenges".The power of transition is limited on demand side,while lack of motivation on the supply side.Starting with innovation,especially product innovation,may be the best way to solve the problem.Promote the product innovation by supply-side reform and help to develop the small and medium enterprises,sharing the long tail effect brought about by the development of SMEs.Innovation of technology elements is the nature of product innovation.Financial elements are always needed during the process of technology elements innovation.The process,in which technology elements interact with financial elements,also contribute to the development of innovation.At present,the link between technology elements and financial elements is so week and lack of effective integration.Sci & Tech Finance is a part of financial industry,which commits to the development of high-tech industries.The process,of which technology elements and financial elements integrate,is exactly the process of Sci & Tech Financial innovation.Innovation work as the driving force for the new economic normality,which seeks to development in the reform.So is Sci & Tech Finance.That is,innovation and economic reforms are the bridge between Sci & Tech Finance and the new normality.Organic combination of technology and finance is not only the national implementation of independent innovation strategy,but also an important support for economic growth.As to this paper,firstly,use some theory about Sci & Tech Finance as a base to analysis current situation and question about innovation of Sci & Tech Finance.At the same time,point out the requirements of Sci & Tech Financial development from the new Economy normal.Then,select five cities as a sample,which is representative in the innovation of Sci & Tech,to study the factors which effect on Sci & Tech financial innovation.Next,find out questions existing in the innovation of Sci & Tech Finance according to the results of the fixed effects regression model.Finally,give some useful advice on deepening the innovation of Sci & Tech Finance.