Research On The Effect Of Multi-level Capital Market In Supporting Scientific And Technological Innovation In Jiangs

Technological innovation is a major strategy in my country’s "14th Five-Year Plan" period,and the capital market is an important engine of technological innovation.Technological innovation begins with technology and becomes capital.Since the reform and opening up,my country has formed a multi-level capital market consisting of the main board,the Chi Next,the Science and Technology Innovation Board,the Beijing Stock Exchange,the New Third Board,and regional equity markets.Jiangsu is one of the first pilot provinces to promote the integration of science and technology and finance.The role of the capital market in promoting scientific and technological innovation has become increasingly prominent,and the level of scientific and technological innovation has been continuously improved.During the "14th Five-Year Plan" period,enhancing the pivotal role of the capital market and promoting the indepth integration of finance,technology and industry are the key measures for the construction of Jiangsu’s innovative province,and the only way for Jiangsu’s highquality economic development and modernization.This paper firstly analyzes the support effect of multi-level capital market on scientific and technological innovation theoretically,and then expounds the development status of multi-level capital market and scientific and technological innovation in Jiangsu Province.On this basis,starting from the main board,GEM,NEEQ,Jiangsu Equity Exchange Center and other levels,based on the panel data of 13prefecture-level cities under the jurisdiction of Jiangsu Province from 2013 to 2020,a multiple linear regression model is established to measure multi-level The support effect of the capital market on the three stages of scientific and technological innovation activities in Jiangsu Province(research and development,achievement transformation,and industrialization).The study found:First,the supporting role of the multi-level capital market for scientific and technological innovation activities shows differentiated characteristics:(1)The supporting role of the A-share market in the stage of research and development and the transformation of achievements is positive but not significant,while the supporting role of the A-share market in the stage of research and development and the transformation of achievements is positive but not significant.stage showed a significant supporting effect.(2)The main board market plays an obvious role in promoting the stage of largescale commercialization,and the market capitalization and industrialization expansion are closely connected,but the participation in the early stage of research and development and the transformation of achievements is not high.(3)The GEM market has significant effects in the three stages of scientific and technological research and development,achievement transformation and industrialization,and its supporting role has been strengthened in turn.(4)The NEEQ market has an obvious supporting role in the research and development stage and the achievement transformation stage,but lacks stamina in the industrialization stage.(5)Jiangsu equity trading market has no significant support effect on the three stages.Second,the credit market of financial institutions has effectively promoted the process of scientific and technological innovation,and played a very positive role in the stages of research and development,achievement transformation and industrialization.Government financial funds and intellectual investment of R&D personnel have obvious supporting effects in the stage of research and development and transformation of achievements,but have little effect in industrialization development.Third,in contrast,in the two stages of research and development and transformation of achievements,the support of the capital market is generally weaker than that of the credit market of financial institutions,government financial support and the intellectual investment of R&D personnel;in the industrialization stage,its advantages gradually appear.Based on this,this paper puts forward the following countermeasures and suggestions: first,vigorously expand the "technical map" of capital markets at all levels;second,continuously optimize the "technological ecology" of Jiangsu Equity Exchange Center;third,systematically build a multi-level capital market transfer mechanism;The fourth is to accelerate the formation of a distinctive capital market "Jiangsu Sector".