Research On The Impact Of Technology Finance Investment On The Innovation Ability Of My Country’s High-tech Enterprises

As the strong support of scientific and technological innovation and the important subject of scientific and technological innovation,high-tech enterprises are the object that our country needs to develop vigorously.As an effective means to promote the development of high-tech enterprises,technology finance has been regarded as the direction of key development since the 12 th Five-Year Plan period,and its importance has become increasingly obvious.For many technology enterprises,the development of technology finance is undoubtedly injected a burst of energizing.In view of the situation in China,the innovation ability of most large science and technology enterprises still needs to be improved,while the small scale enterprises have a series of difficulties in the process of development.This paper studies the influence of sci-tech financial input on the innovation capability of high-tech enterprises in different regions of China,and has important theoretical and practical significance for the analysis of regional differentiation.Firstly,this paper systematically reviews the relevant researches on the impact of sci-tech financial input on the innovation capability of high-tech enterprises.Secondly,it expounds the related theories of sci-tech finance,compares the differences between sci-tech finance and fintech,and analyzes the development status of sci-tech finance and high-tech enterprises in China.Thirdly,this paper selects the input data of government,capital market,venture capital and other subjects in scientific and technological innovation and the output data of high-tech enterprises in 29 provinces,cities and autonomous regions from 2010 to 2019.Data envelopment analysis(DEA)is used to empirically analyze the influence of sci-tech financial input on the innovation capability of high-tech enterprises in China based on reliable data.Finally,on the basis of the research conclusions,relevant policy suggestions are put forward.The empirical results show that in recent years,the investment of science and technology finance in most provinces of China is effective in improving the innovation capability of high-tech enterprises.In the regions with more developed economic development level,the effect of S&T financial input on S&T innovation output of high-tech enterprises is more obvious.Moreover,the investment level of science and technology finance and the innovation level of high-tech enterprises in all provinces of China have been increasing year by year.However,there are still some areas of science and technology financial input redundancy and science and technology innovation output is insufficient.Finally,according to the research results,from the two aspects of scientific and technological financial investment and high-tech enterprises’ innovation ability,the author puts forward some policy suggestions,such as increasing government support,banks’ R&D of new products,reforming the listing system of equity market,strengthening internal management of enterprises and absorbing talents from composite backgrounds.