Research On The Supporting Effect Of Different Financing Methods On The Development Of High-tech Industry

High and new technology industry plays an important role in promoting the transformation and upgrading of China's manufacturing industry and realizing the sustainable and healthy development of national economy.However,in the process of development,it is faced with problems such as insufficient total financial supply and single financing methods.At the same time,there are contradictions in the financial field of China,such as "getting rid of the real economy to the virtual economy" and "insufficient service to the real economy".How to promote the coordinated innovative development of high-tech industry and finance,give full play to the industrial support effect of finance and take the road of combining industry and finance has become an important subject under the background of the comprehensive implementation of innovation-driven development strategy.On the basis of sorting out relevant literature,this paper first defines related concepts such as high-tech industries,financing methods,and financial support effects,and then sorts out and summarizes related financing theories,and then uses the theory of industryfinance integration to develop high-tech industries and financial support.Analysis of the mechanism of action and the mechanism and elements of financial support for industrial development.Then,based on the analysis of China's high-tech industry and its sub industry development and the current situation of financing mode,combined with the actual situation of the development of high-tech industry in Wuhan East Lake high tech Zone,the paper selects the United States as the representative with direct financing as the main support system and Japan as the representative with indirect financing as the main support system for research,and summarize the experience of financial support industry development for revealing the problems of financial support industry development.On the basis of theoretical analysis,by constructing a fixed-effect panel data model,from the internal financing,bank credit,equity financing,bond financing,government subsidies and other financing methods,empirically analyze the support effect of different financing methods for the development of high-tech industries and their sub-industries.The empirical results of the overall effect show that the endogenous financing method has a positive support effect on the development of the enterprise and has the highest sensitivity.The support effect of other financing methods has not yet been fully exerted.The empirical results of the sub-industry effect show that the five financing methods of the six major sub-industries play different roles and have large industry differences.Among them,the impact of endogenous financing on my country's computer and office equipment manufacturing industry is negative,unlike other industries.Finally,this paper puts forward countermeasures and suggestions to improve the financial support effect of the high-tech industry from the perspective of the whole and sub-industries of the high-tech industry.The overall improvement of the industry is mainly from the perspective of the government,the capital market and financial institutions,including perfecting the policy-based financing system,strengthening the main function of commercial banks,giving full play to the supporting role of equity financing,optimizing the supplementary function of bond financing,improving the operation mechanism of venture capital,innovating the guarantee mode and credit system,etc.The idea of sub-industry promotion is mainly aimed at the difference of financial support effect of sub-industry.And it is proposed to strengthen the leading financing method of industry development,and give play to the support effect of diversified financing methods to provide refined financial support services.