Research On The Impact Of Technology Finance Investment On Innovation Performance Of High-tech Industry

At present,the national economy has entered the"new normal"period of transition from high-speed growth to medium-high-speed growth.Transferring mode and adjusting structure have become the basic follow-up of the economic work for whole social in this critical perood.In order to make up for the lack of economic development and promote the high-quality growth of the national economy,the 18th Party Congress proposed the Innovation-driven development strategy for the first time.The purpose is to build an innovative country by means of improving technological innovation capabilities and promote economic stably.Science and technology create new impetus for the transformation and upgrading of the national economy,while finance allocates resources for the efficient operation of the economic system.Therefore,advancing technological innovation and financial innovation go hand in hand,achieving the perfect integration of technology and finance,and fostering a healthy technology financial market's environment is the only way to go.As the main battlefield of the frontier technology of the whole industry,the high-tech industry's development level and output efficiency not only represent the true level of China's scientific research,but also determine the success or failure of the construction of an innovative country.Therefore,it is of great significance to study the impact of technology finance investment on high-tech industry innovation performance,clarify the mechanism of science and technology finance's role in high-tech industry innovation efficiency,and analyze the impact of different regions'technology finance investment on high-tech industry innovation performance.We use the sample data of 30 provinces in China from 2007 to 2016,including the municipalities and autonomous regions,to study the impact of technology finance investment on the innovation performance of high-tech industrnes.Firstly,this paper reviews the research background,research significance and relevant literature at home and abroad,then reviews the core concepts and related theories,introduces the development status of China's technology finance and high-tech industries.On this basis,the paper analyzes the mechanism of the investment of technology finance to the innovation performance of high-tech industry,and puts forward the theoretical hypothesis.Based on this,an empirical analysis model is constructed.In the fifth chapter,the paper conducts an empirical study.Firstly,it returns from the national sample level to verify the positive effect of the investment in science and technology on the innovation performance of high-tech industries,and then from the East and West regional samples and the regions classified according to the level of development of technology finance.The two levels of the sample were regressed to test the heterogeneity of the impact of regional technology finance inputs on the innovation performance of high-tech industries.Finally,based on the empirical analysis results,this paper puts forward relevant research conclusions and countermeasures.In view of the fact that some of the regional technology finance inputs are not significant,and the level of inter-regional technology finance development is quite different.This paper believes that it is necessary to expand various science and technology financial investments,narrow the gap in regional technology finance development,and realize the deep fusion between high-tech financial funds and technical enterprises.