Financial Mismatch, Government Incentives And Innovation Efficiency In High-tech Industries

At this stage,our country has entered the ranks of innovative countries,and the contribution rate of scientific and technological progress has reached more than half.Innovation will also become an important engine for the new generation of economic development.As a knowledge and technology-intensive industry,the innovation and development of high-tech industries is even more important based on the national strategy.The government's incentive policies for high-tech industry innovation activities have played an important role in the development of industrial innovation.However,at present,the innovation model of my country's high-tech industry is still extensive development,and the problem of low innovation efficiency caused by the misallocation of financial resources is stretched.Therefore,under the background of my country's financial marketization,how to define the optimal range for the government to play an incentive and guiding role How to alleviate the problem of inefficiency in innovation caused by financial mismatch,so as to help the innovation-driven development of high-tech industries is particularly important.This paper combines theory and empirical research.First,select the high-tech industry panel data of 30 provinces(cities,districts)in my country from 2009 to 2016 as the research sample,and use the super-efficiency DEA model to measure the high-tech industry innovation from the perspective of input and output.Efficiency index.Secondly,the spatial Durbin model is used to analyze the spatial spillover effect of high-tech industry innovation efficiency,and the impact of financial mismatch with regional high-tech industry innovation efficiency.Then,from the perspective of government subsidies and tax incentives,it studies the moderating effects of these two incentive policies on the innovation efficiency of high-tech industries.Finally,the threshold effect model is used to test the nonlinear threshold effect of tax incentives on the innovation efficiency of high-tech industries.The empirical results show that:(1)The innovation efficiency of my country's high-tech industry shows a fluctuating upward trend and has a positive spatial spillover effect.In addition,the innovation efficiency of high-tech industries in various provinces still has obvious differences.(2)The degree of financial mismatch has a significant detrimental effect on the innovation efficiency of local high-tech industries,but from the perspective of spatial spillover,the degree of financial mismatch in neighboring regions does not substantially inhibit the innovation efficiency of local high-tech industries.There is only a weak negative space overflow.(3)There are significant differences in the adjustment effects of government subsidies and tax incentives on the relationship between financial mismatch and high-tech industry innovation efficiency.