Research On The Efficiency Of Science And Technology Finance In The Guangdong-Hong Kong-Macao Greater Bay Area

The "Guangdong-Hong Kong-Macao Greater Bay Area Development Plan Outline" issued on February 18,2019 clearly pointed out that it is necessary to actively promote the construction of a financial support platform for scientific and technological innovation,and gradually form the economic development model with scientific and technological innovation as the main driving force and support.Guangdong-Hong Kong-Macao Greater Bay Area is one of the key national development strategies,and it's also a gathering place for input and output factors of science and technology finance,so how to effectively guide the support of science and technology financial output,and then promote the rapid growth of science and finance efficiency in the bay area,which is of great significance to the future construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the continuous growth of the national economy.At first,this paper makes a statistical description of the input and output indicators of science and technology finance in the technology financial efficiency evaluation system of the Guangdong-Hong Kong-Macao Greater Bay Area.Secondly,use the PCA method to reduce the dimensionality of the input-output index,so as to satisfy the rule of DEA model and improve the differentiation degree between efficiency indexes.Finally,in order to avoid the influence of environmental factors,use the three-stage DEA to calculate the efficiency of the science and technology finance of the bay area.Based on the above analysis conclusions,this paper puts forward suggestions on how to further improve the efficiency of science and technology finance in the future construction of the bay area from the perspectives of government,market and enterprises.Among them,in terms of the input and output indicators of science and technology finance in the science and technology financial efficiency evaluation system,both the science and technology financial input indicators and the output indicators of the bay area have shown a sharp upward trend.In terms of the efficiency of science and technology finance in the bay area,the overall efficiency is relatively low,and the poor scale efficiency is the main reason for the inefficiency of science and technology finance.Besides,the efficiency of science and technology finance in Hong Kong,Shenzhen and Guangzhou is relatively high,the efficiency of science and technology finance in other regions is relatively low,and the difference in technology financial efficiency between regions is relatively large.At the same time,the regression result of the second stage SFA shows that there is a significant negative correlation between the proportion of education funds in environmental variables and the redundant variables of science and technology financial input.Based on the above research results,this paper proposes the following suggestions.At the government level,it is necessary to gradually establish an organizational mechanism for coordinating the increase of the efficiency of science and technology finance in the bay area,improve the policy system for the increase of the efficiency of science and technology finance,and gradually increase regional investment in education at the source of science and technology.At the market level,it is necessary to continue to increase the investment in science and technology finance of commercial banks,accelerate the development of technology guarantee companies,gradually improve the support system for science and technology innovation capital markets,and accelerate the development of venture capital.At the enterprise level,it is necessary to strengthen the management and supervision of investment in science and technology finance,actively promote the development of the carrier of scientific and technological innovation,and fully mobilize the enthusiasm of science and technology innovation of the enterprises.If so,the efficient combination of input and output factors of science and technology finance will be promoted,and the efficiency of science and technology finance of the bay area will be improved,so as to promote the future construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the continued growth of the national economy.