Research On The Coordinated Development Of Technology Finance And Real Economy

In recent years,China's technology finance industry has developed rapidly.The call for technology finance to serve the real economy is also getting higher and higher,which has aroused widespread concern in all aspects of society.The Party Central Committee has also issued various instructions indicating that technology finance should be related to the real economy.The relationship between the two has gradually led to the discussion of social and academic circles,but there are few research literatures on the relationship between the technology finance and real economy.Taking Guangdong Province as an example,this paper studies the relationship between technology finance and real economy in Guangdong Province based on technology finance.At first,this paper explores the current development status of the two,and then uses the empirical test analysis method to explore the relationship between Guangdong's technology finance and the real economy.Through cointegration test,Granger causality test,impulse response function and variance decomposition analysis,the synergistic development relationship between Guangdong's technology finance and the real economy as a whole is deeply analyzed.The conclusion shows that there is a stable cointegration relationship between the technology finance and the real economy in Guangdong Province and the two-way Granger causality.The real economy is the Granger cause of technology finance,and the technology finance is also the Granger cause of the real economy.The response of real economic data to the impact of financial industry data innovation is a positive effect,and the response of technology financial data to the impact of real economic data is also a positive effect.A large part of the fluctuations in real economic data can be explained by technology finance,and technology finance can also be explained to some extent by the real economy.Technology finance has effectively promoted the development of the real economy,which in turn has become the basis for the development of science and technology finance.Finally,based on the analysis of the coordinated development of technology finance and real economy in Guangdong Province,this paper puts forward relevant policy recommendations.