Research On The Impact Of Efficiency Of Technology Finance On The Growth Of Real Economy In China

Since the proposition of "science and technology is the first productive force" was put forward in 1988,China began to attach importance to the position of science and technology in economic development,and actively issued relevant policies to support the development of science and technology.After more than two decades,the technology industry in China has gone through the process of coordinating the development of science and technology under the government financial funds to the construction of a science and technology financial system to support the development of the technology industry.After years of exploration,China's scientific and technological financial development has achieved certain results.As China 's economic growth slows down and the country begins to guide the transformation of its economic structure,the report of the 19 th National Congress of the Communist Party of China proposes that efforts should be made to accelerate the construction of an industrial system of the coordinated development of the real economy,technological innovation,modern finance,and human resources.This shows that China has begun to attach importance to the relationship between the real economy and technology finance,and technology finance has become increasingly prominent in the real economy.Based on the overview and summary of the existing relevant literature,I first elaborates on science and technology finance and science and technology efficiency related theoretical knowledge,and analyzes the operation mechanism of the science and technology financial system.Then it briefly reviews the development process of science and technology finance in China,and the status of the development of science,technology and finance in China is summarized.After that,this paper uses the superefficiency DEA model to conduct an empirical analysis of the science and technology input and output of 30 regions in China from 2008 to 2017,so as to obtain the technological and financial efficiency values of each region,and use the fixed reference Malmquist index to evaluate the technological and financial efficiency of China.Based on the theoretical analysis of technological and financial efficiency and the growth of the real economy,the measured technological and financial efficiency value is used as an explanatory variable,and a panel data model is used to empirically analyze the relationship between technological and financial efficiency and the real economic growth.Based on two parts of empirical research,the conclusions of the article are follows: Firstly,the overall efficiency of science and technology and finance in China has shown a year-on-year trend.Secondly,the provinces with higher science and technology and finance efficiency are mainly Zhejiang,Guangdong,Beijing,and Shanghai.Developed regions,while the level of science and technology and financial efficiency in the central and western regions is relatively low.Thirdly,there is a significant positive correlation between the efficiency of science and technology and the growth of the real economy in China.The improvement of the efficiency of technology and finance has a certain role in promoting the growth of the real economy,but Its degree is not as good as the impact of capital investment on the growth of the real economy,which shows that China is still in a capital-intensive economic growth mode.Finally,based on the research conclusions,the article gives the following suggestion : Firstly,to improve the technology financial system and explore a diversified development model for science,technology and finance;Secondly,to focus on the coordinated development of science and technology and finance to support the development of science and finance in the central and western regions;Thirdly,while improving the efficiency of science and technology finance,we should continue to improve the scale of science and technology industry and accelerate the transformation of scientific and technological achievements.