| The report of the 19 th CPC National Congress points out that innovation is the primary driving force for development and the strategic support for building a modern economic system.The outline of the 13 th Five-Year Plan also calls for further implementation of the strategy of innovation-driven development,giving full play to the leading role of scientific and technological innovation in overall innovation,strengthening basic research and original innovation,integrated innovation,and re-innovation through absorption and introduction.As the hub of resource allocation,finance plays an important driving role in promoting the development of scientific and technological innovation.the implementation of the GuangdongHong Kong-Macao Greater Bay Area development planning outline issued by the Party Central Committee and the State Council in February 2019,points out that to build the GuangdongHong Kong-Macao Greater Bay Area into a global impact of the international science and technology innovation center by strengthening the cross-regional cooperation among Guangzhou,Shenzhen,Hong Kong and Macao,giving full play to the function of financial services and capital market,to build international,diversified financing system of technological innovation.We should vigorously expand financing channels and build financial support platforms for scientific and technological innovation.In the Guangdong-Hong Kong-Macao Greater Bay Area,where financial and technological innovation resources are relatively concentrated,it is particularly important to provide financial support for scientific and technological innovation.Based on the literature research on the financial support for scientific and technological innovation and the Guangdong-Hong Kong-Macao Greater Bay Area,this paper firstly expounds the current situation of the financial support for scientific and technological innovation in the Guangdong-Hong Kong-Macao Greater Bay Area,and finds that the policy finance,commercial finance,venture capital and capital market in the Guangdong-Hong KongMacao Greater Bay Area have made some progress in supporting scientific and technological innovation.However,due to the lack of experience and practice,there are still some deficiencies.Then,based on the panel data of the Guangdong-Hong Kong-Macao Greater Bay Area from 2004 to 2018,a model was established to empirically test the relationship between financial support and technological innovation in the bay area.The results show that,on the whole,traditional practices such as government allocation and loans from financial institutions still play a major role in supporting scientific and technological innovation in the Guangdong-Hong Kong-Macao Greater Bay Area,while the supporting role of venture capital in scientific and technological innovation has not been fully reflected due to its late start,small scale and nonstandard operating mechanism.In addition,the development level of science and technology in the Guangdong-Hong Kong-Macao Greater Bay Area is uneven,and the main factors supporting scientific and technological innovation vary from region to region.Finally,the paper introduces in detail the financial support for technological innovation in the three major bay areas in the world,summarizes its enlightenment to the Guangdong-Hong Kong-Macao Greater Bay Area,and puts forward targeted countermeasures and Suggestions based on the empirical test results. |
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