The Empirical Study On The Affection Of China’s Capital Market To Technological Innovation The Empirical Study On The Affection Of China’s Capital Market To Technological Innovation

In the era of rapid development of the economic globalization,innovation is the source and inexhaustible driving force for a country to thrive.But innovation is a difficult and complicated project.From the thinking of capture innovative,the formulation of program,the application of technology and the position,the creation and promotion of product,a large amount of resources are needed,especially the capital support.As the main source of fund supply,the capital market can provide financing channels for technological innovation activities,improve the efficiency of investment and promote the development of technological innovation effectively.After years of development,the capital market in China is still in its infancy,where the contradiction between financing and capital market has formed,the finance market has turned into double contraction of supply and demand,and the negative feedback mechanism of financing contraction has formed.Therefore,it is particularly important to study how the capital market structure affects technological innovation.Firstly,on the basis of studying the research background and exploring the research significance,this paper summarizes the research status at home and abroad.Secondly,the concepts and related theories of capital market and technological innovation are sorted out respectively,and the function mechanism of capital market on technological innovation is analyzed.Thirdly,combined with the development status of Chinese capital market,technological innovation and the support of capital market for technological innovation,some possible problems are visually described and explained in the form of tables and charts.In the end,this paper takes companies listed in the artificial intelligence board from 2009 to2017 as the research object,and uses the fixed effect model to conduct multiple linear regression.This paper not only discusses the effectiveness of capital market financing on technological innovation,but also analyses the difference of the effect of multi-level capital market financing on technological innovation,and conducts the robustness test for the model subsequently.The conclusions are that enterprise financing in capital market is easier to promote the development of technological innovation;Compared with the enterprises listed in the main board market,the financing of listed companies in the SMES board and the GEM market has played a more significant role in promoting technological innovation.