| The paper of the 19 th National Congress of the CPC put forward new development concepts,changed the mode of economic development,and moved from a high-speed growth stage to a high-quality development stage.As a technology-intensive and knowledge-intensive industry,the high-tech industry is one of the leading industries for achieving high-quality economic development with high-tech innovation as the driving force for development.However,high-tech enterprises encountered problems such as shortage of funds during the development process,which is not conducive to the development of high-tech industries.Science and technology finance emerged at the historic moment,organically combining science and technology resources and financial resources to provide services and financial support for high-tech enterprises at different stages of development.With the continuous development of science,technology,finance and high-tech industries,imbalances have emerged between regions.This has a lot to do with conditions such as policy support,economic foundation,and geographic location in eastern,central,and western China.Therefore,on the one hand,a sound science and technology financial system should be established to enable high-tech enterprises to smoothly conduct business and R & D activities,and to promote the rapid development of China's high-tech industry;on the other hand,it should pay attention to the balanced development of science and technology finance and high-tech industries between regions.The article introduces the concepts of science and technology finance and high-tech industry on the basis of reviewing domestic and foreign literature on science and technology finance and high-tech industry,and analyzes the theoretical basis of science and technology finance and high-tech industry,mainly including financial development theory,innovation theory,and industrial association Theory and regional financial development difference theory,and then analyzed the direct and indirect impact of technology finance on high-tech industries.Then based on the panel data of30 provinces and cities from 2009 to 2017,the entropy method was used to construct the indicators of science and technology finance and high-tech industries,and analyze the changes in the development gap of science and technology finance and high-tech industries across the country and the developmental gap between the three major regions,eastern area,middle area and western area;and then use the panel model toempirically analyze the impact of science and technology finance on high-tech industries and regional heterogeneity.The empirical results show that: at the national level,the overall development gap between science and technology finance and high-tech industries shows an increase first and then a decrease trends;there is a positive relationship between science and technology finance and high-tech industries,and at the same time the results presents a threshold effect,indicating that the higher the level of technology finance is,the more beneficial it is to promote the development of high-tech industries;high-tech industries are not only dependent on time but also on space there is a spillover effect;science and technology finance in neighboring areas has a spatial spillover effect on the high-tech industries in the region.At the regional level,science and technology finance and high-tech industries basically show a staircase development characteristic,east> central> west;science and technology finance of each region has a promoting effect on high-tech industries,but the effect is in order according to decreases which are existing in the east,middle and west regions;there is no threshold effect on science and technology finance in the western region for high-tech industries,and there is a threshold effect on science and technology finance in the eastern and central regions for high-tech industries.The threshold and threshold effects in the eastern sector are higher than those in the central region;The science and technology finance has a spatial spillover effect on the high-tech industries in the region,and the effect shows the characteristics of east>west> central.Based on the above analysis,the article puts forward two suggestions at the national level to improve the science and technology financial system.First,strengthen the role of science and technology finance;second,focus on spillover effects between regions;third,promote the free flow of resources,finally,the development of high-tech industries will be driven.At the regional level,three countermeasures are put forward to adapt to local conditions.First,formulate corresponding technological and financial policies;second,focus on spillover effects between regions,reduce regional development gaps;last,build east,west,and west science and technology financial services and cooperation platforms,thereby reducing regional development gaps. |
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