Research On The Impact Of Government Science And Technology Funds And Financial Mismatch On The Efficiency Of Technology Innovation In High-tech Industry

High-tech industry as the leading pillar industry of China's economic transformation is of vital importance to China's economic growth.High-tech industry technology innovation efficiency is an important indicator to measure the effective development of high-tech industry innovation activities.Increasingly every year,can the efficiency of enterprise innovation be effectively improved?At present,China's financial market is not yet mature,and the phenomenon of mismatching of financial resources is still very serious.What role does financial mismatching have with the technological innovation efficiency of enterprises?In order to study the above problems,this paper uses the panel data of 30 provinces in China from 2008 to 2016 to measure the financial mismatch index,and builds the SBM-DEA efficiency measurement model to measure the technological innovation efficiency of high-tech industry.Through the construction of the DEA-Tobit model,we empirically study the impact of financial mismatch,government science and technology investment,and the interaction between financial mismatch and government technology funding on the efficiency of technological innovation in high-tech industries.Mainly got the following conclusions:(1)From 2008 to 2016,the average efficiency of technological innovation in high-tech industries nationwide was 0.592,and the overall level was not high.In most provinces,the technological innovation efficiency of high-tech industries maintained a tortuous growth trend.The average value of technological innovation efficiency in the country increased from 0.503 in 2008 to 0.679 in 2016.Among them,the average value of technological innovation efficiency in the eastern region increased from 0.673 in 2008 to 0.73 in 2016;the average value of technological innovation efficiency in the central region increased from 0.389 in 2008 to 0.667 in 2016;the average value of technological innovation efficiency in the western region from 2008 The 0.416 increase to 0.653 in 2016.The efficiency of technological innovation in most regions has shown a rising trend.It can be seen from the distribution of the regions that the regions with high innovation efficiency are mainly developed regions in the east and central regions,and the regions with low innovation efficiency are mainly the underdeveloped provinces in the west and the northeast regions,which indicates the degree of economic development and the efficiency of innovation in high-tech industries.There is a strict correspondence between them.From 2008 to 2016,the overall level of technological innovation efficiency of high-tech industries in the country is not high,and the technological innovation efficiency of most provinces maintains a trend of tortuous growth.The average value of technological innovation efficiency of high-tech industries in the eastern,central and western regions decreased in turn(2)Financial mismatching has a significant inhibitory effect on the green innovation efficiency of high-tech industries in the eastern,central and western regions;the government supports a significant suppression of the green innovation efficiency of high-tech industries in the eastern and western regions,while the central region The high-tech industry's green irnovation efficiency has a positive effect.(3)In the eastern and western regions,government support can improve the suppression of financial mismatches in the green innovation efficiency of high-tech industries.In the central region,government support will increase the restraining effect of financial mismatch on the green innovation efficiency of high-tech industries.According to the above conclusions,more feasible suggestions are proposed:1.In order to eliminate financial mismatch,a government-led guarantee platform for service-innovated private and small-and medium-sized enterprises can be established;policies are introduced to encourage and guide small and medium-sized financial institutions and innovative finance.The development of service enterprises;formulate specific policy measures for the government to gradually withdraw from the credit market;introduce specific measures to encourage free credit contracts with high market efficiency;2.In order to increase government support while reducing rent-seeking behavior,the government should Supporting criteria for industry attributes and enterprise efficiency to reduce the protection of inefficient enterprises and increase support for high-efficiency enterprises and high-tech enterprises;encourage and support enterprise green technology innovation by means of financial subsidies or tax reductions...