Research On The Impact Of Technology Finance On High-Tech Industries

As a knowledge-intensive and technology-intensive industry,high-tech industry plays a decisive role in promoting the development of national economy and the transformation and upgrading of industrial structure.However,limited financing channels and capital supply have restricted the further development of the industry for a long time.Therefore,technology finance came into being gradually.Financial based on technological innovation,science and technology research and development,the achievements of the reality demand,through different development periods of high and new technology enterprise with matching financing services of financial institutions,financial instruments and the combination of financial policy,he has been widely applied to support the development of high-tech industries,but finance for science and technology influence the effect of high and new technology industries really how to still need to verify.In the past,scholars mainly analyzed the relationship between technology finance and the quality of economic growth as well as the impact of financial environment on high-tech industry by building a regression analysis model of a single region or the whole country as the main body of research,but this method ignored the individual effects and endogenous problems of variables between different regions.Therefore,on the basis of literature analysis at home and abroad and in combination with the development status of China's technology finance and high-tech industries,this paper conducts an empirical analysis of the relationship between the two by building PVAR(panel vector autoregressive)model in 31 provinces and cities.This paper first introduces the relevant concepts of technology finance and high-tech industry,expounds the structure system of technology finance,the status quo and characteristics of high-tech industry,and analyzes the development status of high-tech industry based on the data of economic output,innovation output,industrial scale and personnel scale.After,in view of the science and technology financial support for the diversity of high-tech industries and support the status quo are introduced,and then from the capital formation,the allocation of resources,risk management three aspects to the financial impact of science and technology explain the mechanism of action of high and new technology industries,for empirical research on science and technology promote the development of new and high technology industries to provide the theoretical support.On the basis of theoretical support,by building PVAR model of 31 provinces and cities in 2007-2017 financial data associated with the high and new technology industry of science and technology to carry on the empirical analysis,the results show that financial has significant positive effect to high and new technology industry of science and technology,but at the same time lag effect of science and technology financial impact on development of high and new technology industry is far less than the impact of high and new technology industry itself.Finally,based on the empirical conclusion,this paper proposes relevant countermeasures to improve the system of technology finance and promote the development of high-tech industry from three aspects: improving the service system of technology finance,optimizing the operating environment of technology finance,and establishing an efficient independent innovation system.