Research On The Impact Of Technology Finance On Total Factor Productivity

In the process of accelerating the realization of modernization in China,the role of science and technology has become more obvious,science and technology and finance have been integrated at different levels,and the degree of development has a particularly significant impact on economic development.The report put forward for the first time an important requirement to comprehensively improve total factor productivity,which is an important force for sustainable economic development under the new normal.Therefore,this thesis focuses on the impact of the development level of science and technology finance on my country’s total factor productivity.By sorting and summarizing relevant domestic and foreign literatures,this thesis firstly discusses the direct effect and transmission mechanism of science and technology finance on total factor productivity.Secondly,using the panel data of 30 provinces and cities as the research samples,a set of comprehensive evaluation index system is constructed to comprehensively evaluate the development of science and technology finance in each region.Thirdly,using multiple spatial weight matrices,based on the spatial econometric model,the impact of technological finance development on total factor productivity is studied.Finally,from the perspectives of technological innovation,financing capacity and industrial structure,it empirically analyzes the transmission path of technology finance to total factor productivity.It is found that,firstly,the situation of science and technology finance in different regions is very different,and the regional development is uneven.Secondly,there are obvious differences in the level of TFP in China between regions.Third,science and technology finance and total factor productivity have a strong spatial correlation.On the one hand,technology finance will drive stable economic growth and influence local total factor productivity by improving the efficiency of resource allocation and effectively saving the cost of using science and technology funds;on the other hand,it will also promote technological progress and efficiency improvement by breaking the geographical limitation of knowledge transmission and accelerating the spread of knowledge between regions,broadening the tacit.The spatial spillover effect of knowledge will generate knowledge spillover and promote the flow of factors to drive the total factor productivity of neighboring regions.Fourth,science and technology finance can improve China’s total factor productivity level by promoting science and technology innovation,alleviating financing constraints and upgrading industrial structures,and mainly by promoting science and technology innovation and alleviating financing constraints.Accordingly,the following policy recommendations are made:Firstly,the government should promote the coordinated development of regional technology finance,and on the premise of giving full play to its own advantages,further strengthen the investment in science and technology in the central and western regions,and provide adequate policy assistance.Secondly,when formulating policies,government departments also need to take full account of the spatial links between regions and focus on integrated regional development.The state should formulate relevant resource utilisation plans at an overall level and develop differentiated strategies to improve the efficiency of the allocation and use of production factors.At the same time,the level of exchange and sharing of production technology,knowledge and experience between regions should be increased,and the efficient flow of innovative talents should be promoted.Thirdly,the government,commercial banks and investment institutions should pay more attention to technology finance,so as to improve the efficiency of the use of science and technology finance by innovative enterprises and ultimately promote the improvement of total factor productivity.The government,commercial banks and investment institutions should pay more attention to technology finance to improve the use efficiency of technological finance,thereby promoting the development of the entire economy.