Research On The Efficiency And Influencing Factors Of Science And Technology Financial Integration In China

Since the official use of the term "technical finance" in 1993,its development has been highly valued by the Party Central Committee,the State Council,and the Ministry of Science and Technology.A series of policy documents and supporting measures have been introduced into the top-level design of science and technology finance.After the 18th National Congress of the Communist Party of China,the driving force of China's economic development changed from factor-driven and investment-driven to innovation-driven.The report of the 19th National Congress of the Communist Party of China emphasized that the construction of a modernized economic system must focus on accelerating the construction of the real economy,technological innovation,modern finance,The industrial system of coordinated development of human resources can be seen that under the innovation-driven development strategy,the effective combination of technology and finance is an inevitable trend.As the core of linking financial investment and scientific and technological output,science and technology finance transforms different financial elements into real productivity through multi-input and multi-output methods,and then forms an industrialization system of scientific and technological achievements,thereby driving the country and the region to develop and innovate and promote the economy of our country.Health is developing at a high speed.Based on this,this paper first introduces the research background and significance of science and technology finance,and determines the research ideas and contents on the basis of combing relevant literatures,including the three aspects of scientific and technological financial efficiency measurement,influencing factors of comprehensive efficiency of science and technology finance and influencing factors of staged output.Empirical Research.Secondly,from the different input sources of science and technology finance(government,enterprises,banks and venture capital institutions)and the different stages of scientific and technological output(research and development stage,scientific and technological achievements transformation stage,and scientific results industrialization stage),the comprehensive index system of science and technology finance is constructed respectively.Using DEA model,Tobit model and staged regression model,the factors affecting the technology finance efficiency,the comprehensive efficiency of science and technology finance and the factors affecting the stage output of 30 provinces and municipalities(excluding Hong Kong,Macao,Taiwan and Tibet)in 2010-2016 were carried out.The research draws the following conclusions:(1)The overall efficiency of China's science and technology finance is in an ineffective state,and the regional differences are large.The overall trend is in the eastern,western,central and northeastern regions.The overall efficiency of science and finance is also dependent on the scale.Efficiency shifts to relying on purely technical efficiency.(2)The government's science and technology appropriation structure,enterprise human resource structure,and risk investment allocation efficiency all have a significant positive impact on the overall efficiency of China's science and technology finance.(3)Different input entities of science and technology finance have different impacts on various stages of output,but the government's science and technology appropriation structure and enterprise material input capacity are significantly positively correlated with the three major stages of science and technology finance.Finally,based on the results of empirical analysis,it proposes to optimize the government's science and technology appropriation structure,strengthen the fund supervision system;pay attention to the introduction and cultivation of scientific and technological talents,efficiently allocate the human resources and financial resources of enterprises;change the bank loan concept and innovate the pledge loan model.