Research On The Influence Of China's Financial Structure On The Transformation Of Technological Progress Models In Industrial Enterprises

Technological progress is mainly due to independent innovation and technology introduction.Generally speaking,the state of development of the country is different,and the mode of technological progress is different.For catching countries with relatively backward technology,technological progress is mainly achieved through technology introduction;for technologically advanced countries with more advanced production technologies,the main mode of technological advancement is independent innovation.Finance is the core of the modern economy,and the transformation of scientific and technological achievements into real production capacity cannot be separated from the organic combination of finance and technology.With the continuous optimization of the financial structure,the technological progress model of industrial enterprises will also change.This paper first summarizes the status quo of China's financial structure and technological progress model,and uses the theory of late-comer advantage,financial development theory and new structural economics to qualitatively analyze the relationship between financial structure and technological progress model.Furthermore,the transmission mechanism between financial structure and technological progress mode transition is discussed from four aspects:financing function,risk dispersion function,information disclosure function and incentive constraint function,and a mathematical model is constructed to study the transformation of enterprise technology progress model to financial structure.The mechanism of influence.For the research of technological progress mode,scholars mainly focus on how financial structure supports independent innovation,or how to transform China into an innovative country from the perspective of system.For the first time,this paper studies the changes of China's financial structure from the perspective of financial structure.The impact of transformation.The empirical part uses panel data of inter-provincial industrial enterprises from 2009 to 2016.The ratio of stock market value to the balance of financial institutions' loans is used to represent the financial structure.The ratio of independent research and development funds to technological progress funds represents the transformation of technological progress models.The effect model and the random effects model were empirically tested.The conclusions of the study are as follows:(1)The change of China's financial structure has significantly promoted the transformation of the technological progress mode of enterprises from technology introduction to independent innovation mode;(2)There is no regional promotion of the transformation of China's financial structure to the transformation of technological progress mode.(3)The scale structure of the bank cannot significantly promote the transformation of the technological progress model from technology introduction to independent innovation.