| Innovation is the first driving force for development.With the implementation of China's innovation-driven development strategy and the construction of an innovative country,accelerating the transformation of scientific and technological achievements,cultivating strategic emerging industries,and deepening supply-side structural reforms have become important directions for modern social and economic development,in addition,the focus of financial effective service to the real economy is to promote the advancement and innovation of science and technology.As an important guarantee for scientific and technological innovation and a key path to improve the economic efficiency of financial services,science and technology finance is highly valued by the state and will usher in a broad development opportunity under the new situation.On the other hand,high-tech enterprises,as knowledge-intensive and technology-intensive economic entities,have a very important strategic position in China's innovation system and are the leader and main force of technological innovation.At this stage,the development of China's science and technology finance is still not perfect,and the impact and support for scientific and technological innovation,especially the technological innovation of high-tech enterprises,needs to be further analyzed and studied.Therefore,it is of great significance to explore the mechanism and influence of science and technology finance on scientific and technological innovation with high-tech enterprises as the research object.Focusing on the impact of technology finance on the technological innovation of high-tech enterprises,this paper first introduces the background and significance of the research,reviews and sorts out the relevant domestic and foreign literature about technology finance,technological innovation and the impact of technology finance on technology innovation of enterprises.Then,based on the relevant theoretical foundations such as innovation theory,R&D endogenous economic growth theory and financial development theory,combined with the characteristics of high-tech enterprises,the paper analyzes the mechanism of science and technology finance supporting high-tech enterprises' technological innovation.Next,rationally select relevant indicators to build an indicator system,based on the panel data of 30provinces(autonomous regions and municipalities)in China from 2007 to 2016,the panel data model is used for empirical analysis.The study found that science and technology finance has a good role in promoting the technological innovation ofhigh-tech enterprises as a whole,but in concrete terms,there are differences in the impact of various science and technology finance entities on technological innovation:The company's own R&D investment is the most important source of funds for high-tech enterprises' scientific and technological innovation,followed by government financial technology investment;the impact of venture capital investment and capital market on the technological innovation of enterprises has a phased characteristic;and financial institutions' technology loans have not played their due role yet.On the other hand,the impact of technology finance on technological innovation in the eastern,central and western regions of China has obvious differences,regional development is uneven.Finally,in order to promote the role of science and technology finance in the technological innovation of high-tech enterprises,this paper proposes relevant recommendations from the perspectives of government,enterprises,financial institutions,venture capital institutions and capital markets based on research conclusions and actual conditions. |
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