Analysis Of China's Sci-tech Financial Efficiency And Its Influencing Factors Based On Time Delay Effect

Since 2012,China's economic development has entered a "new normal",that is,economic growth has slowed down,economic structure has been optimized and upgraded,and development momentum has been transformed.In order to promote the efficient development of the economy and promote economic transformation and upgrading,sci-tech innovation needs to be a new driving force for development.Leading economic development with technological innovation.The development of technological innovation cannot be separated from the support of the financial system.As the integration of technology and finance deepens,sci-tech finance is critical to the realization of the strategic goals of innovation-driven development.In this context,it is necessary to accurately assess the efficiency of sci-tech finance,and put forward feasible suggestions for the improvement of sci-tech financial efficiency.Therefore,the purpose of this study is that on the basis of accurately grasping the characteristics of China's sci-tech finance development,find environmental factors that affect the efficiency of sci-tech finance,provide a basis for improving the efficiency of sci-tech finance and building a sci-tech financial system.In this paper,the related theories of sci-tech finance are analyzed firstly.By comparing various kinds of time delay measurement models and efficiency measurement models,the research methods suitable for this paper are determined.Then it analyzes the current situation of input and output of sci-tech finance and related policy,as well as the existing problems in the development of sci-tech finance.The delay effect is measured by Almon polynomial method,and the lag and lag coefficients of the input and output of sci-tech finance are determined.It is found that the input with 3 years delay contributes the most to the output.According to the measured lag coefficient,the input data of sci-tech finance are adjusted.Bring new input data into the DEA model,and calculate the efficiency value of China's 30 provinces(except Tibet)in 2012-2016.It is found that the development of sci-tech finance in various regions of China is uneven,showing that the east is higher than the west and the west is higher than the middle.Characteristics,and the difference in efficiency values in various regions has a certain relationship with the investment in sci-tech finance.To further explore the impact of environmental factors,the Tobit model was used to analyze the influencing factors.The empirical results show that education is highlyvalued,labor quality,local government support,high-tech industry development level,and financial market efficiency have a significant positive impact on the development of science and technology finance.Among them,local government support has the greatest impact.Second is the level of development of high-tech industries and the efficiency of financial markets.The quality of labor and education are less affected.At the end of the article,firstly,based on the results of the analysis of influencing factors,four suggestions from the national level are proposed:(1)Formulating reasonable policies and regulations,and effectively exerting the guiding role of the government,mainly from improving the sci-tech financial policy and regulation system and accelerating the sci-tech innovation policy.(2)Adjusting the investment in research and development and optimizing the management of the R&D process of the enterprise,that is,it is necessary to establish a comprehensive technology investment system,strengthen R&D management and optimize the R&D process.And to ensure continuous investment in research and development funds;(3)To improve the financial support system for technological innovation,in order to do this well,we need to accelerate the construction of multi-level capital markets,improve the banking industry support system,and actively develop venture capital;(4)Deepen education reform and introduce scientific research talents through multiple channels.It mainly includes adjusting education investment,promoting education reform,broadening the channels for introducing scientific and technological talents,and adjusting the talent supply and demand market.Secondly,in response to the imbalance between the development of sci-tech finance in various regions,the fifth point is proposed.When formulating the sci-tech development strategy for each region,it is necessary to combine regional differences and select the key points.