| Innovation,the primary driving force for development,plays a strategic role for supporting to establish a modern economic system,which is presented by the report of the 19 th National Congress of the Communist Party of China.High-tech industry,with the most concentrated scientific and technological innovation achievements,is the industry,whose development plays a key role in accelerating the process of building a modern industrial system in my country.It is difficult for high-tech industries to obtain funds because of the high investment and high risks,which means that continuous and targeted financial support is indispensable if high-tech industries want to develop continuously.Technology finance can be an effective method of solving the financing problems of high-tech industries.Exploring how technology finance stimulate financial resources to boost the development of high-tech industries and mastering their development regulars can futher advance the integrated development of technology and real economy,and finnally promote the sustainable and high-quality development of high-tech industries.This paper follows the research idea of theoretical analysis empirical analysis countermeasures and suggestions,and takes technology finance and innovation efficiency of high-tech industry as the research object.Firstly,interpreting the definition of technology finance and innovation efficiency of high-tech industry by way of the literature,this paper analyzes the action mechanism of technology finance on innovation efficiency of high-tech industry according to financial development theory,technology innovation theory and enterprise life cycle theory.Secondly,collect the index data of China’s technology finance and high-tech industry from 2005 to 2019;build a more reasonable technology finance index system;use the entropy method to calculate China’s provincial technology finance development index;use the three-stage data envelopment analysis to calculate the innovation efficiency of China’s high-tech industry.Finally,according to technology finance development index and high-tech industry innovation efficiency of 30 provinces(cities and autonomous regions)in China from 2005 to 2019,this paper establishes a panel regression model to empirically analyze the impact of technology finance on high-tech industry innovation efficiency,and proposes effective countermeasures and suggestions to advance the development of technology finance and promote the innovation efficiency of high-tech industry on account of the empirical results.Through the empirical analysis,we draw the following conclusions:(1)The explanatory power of technology finance resources,technology finance outlay,technology finance financing and technology finance output to the innovation efficiency of high-tech industry is positive significantly.(2)The explanatory power of technology finance to the scale efficiency or pure technical efficiency of high-tech industry is positive significantly,and the improvement of scale efficiency of high-tech industry by technology finance is lower than that of pure technical efficiency.(3)No matter how the regional economic develops,technology finance has a positive impact on the innovation efficiency of high-tech industries.Compared to the eastern and central regions,technology finance has a more obvious effect in promoting the innovation efficiency of high-tech industries in the northeast and western regions.(4)The industrial structure hinders the innovation efficiency of high-tech industry;the innovation atmosphere,the degree of opening to the outside world and the incentive degree of scientific and technological innovation have a positive impact on the innovation efficiency of high-tech industry among the control variables selected in this paper.Based on the above conclusions,some countermeasures and suggestions for promoting the development of technology finance and improving the innovation efficiency of high-tech industries are put forward:(1)Focus on the cultivation of talents in technology finance.(2)The government strengthens policy guidance to encourage technological innovation.(3)Widen access to capital and improve the construction of the technological financial system.(4)Expand the degree of opening to the outside world. |
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