Research On The Effect Of Financial Innovation And Financial Subsidy To Support Enterprise Science And Technology Innovation

At present,China's economy is in the critical period of transforming the development mode,optimizing the economic structure,and transforming the growth momentum.The key to ensuring the transformation from high-speed growth to high-quality development lies in the construction of a modernized economic system,and the core of which is the scientific and technological innovation of enterprises.This paper takes enterprises as the research object,and builds the Schumpeter's economic growth model including intermediate products,and explores the impact of financial innovation and financial subsidies on enterprise innovation from the theoretical and empirical levels,and proposes policy recommendations,as follows.On the theoretical level,the paper analyzes the financial innovation and financial subsidies to support the scientific and technological innovation of enterprises.On the basis of this,starting from the Schumpeterian economic growth model,constructing the financial innovation and financial subsidies to support the theoretical model of technological innovation of enterprises and conduct in-depth analysis.The following propositions are obtained:(1)There is an optimal technical level in corporate innovation,and the greatest benefit of innovation is at this level;(2)The weaker the innovation ability of financial institutions in the current period,the stronger the substitution effect of the financial institutions of the previous period on the innovation level of the current financial institutions,which in turn leads to higher profits for enterprises with weaker innovation,which is not conducive to technological innovation of enterprises,and vice versa;(3)The stronger the technological innovation capability of enterprises,the greater the incentive effect of financial innovation on the investment in technological innovation of enterprises,and the financial subsidies can amplify this effect.;(4)Fiscal support has improved the enterprise's optimal technological level,so that enterprises can obtain greater profits,of which the effect on enterprises with strong innovation ability is direct,while the effect on enterprises with weak innovation ability is indirect.On the empirical level,four propositions proposed in the theoretical analysis were empirically tested using the instrumental variable model,threshold model,fixed effect model and random effect model with the A-share listed companies in ShenZhen and Shanghai from 2007 to 2016 as samples.The results showed that:(1)Within a certain scope,there is an optimal technical level in corporate innovation,and the innovation income at this level is the largest.After exceeding the certain range,the innovation benefits of enterprises will increase with the improvement of technological level of enterprises;(2)Financial innovation has a stimulating effect on enterprise innovation behavior,and fiscal support has further strengthened this role;(3)Fiscal support has improved the enterprise's optimal technological level,so that enterprises can obtain greater profits;(4)At present,financial innovation,financial subsidies and technological level of enterprises have promoted the investment in science and technology innovation of enterprises.However,the synergy between enterprises to promote technological innovation is weak.Financial subsidies and technological level of enterprises have the highest synergy,and financial innovation and The synergy of financial subsidies is low,and the synergy between the three is the lowest.Finally,the following policy recommendations are proposed for the research conclusions:(1)Strengthen fiscal policy to guide financial institutions to participate in enterprise science and technology innovation projects;(2)Promote the integration of finance and technology;(3)Formulate a tilt policy.