| During the 14 th Five Year Plan period,China focused on the new development stage,actively implemented the new development concept,and continued to make efforts to break through the difficulties of key core technologies,so as to promote high-quality economic growth and gradually improve China’s ranking in the global queue of innovative countries.As an important carrier of technological innovation,high-tech industry should shoulder the new mission entrusted by this era.Enhancing the international competitiveness of high-tech industry can effectively enhance China’s position in the global industrial division chain.In order to promote the better development of high-tech industry,it is necessary to deeply implement the innovation driven development strategy,improve the innovation ability of key core technologies and reduce the dependence on external technologies.Practice has proved that expanding and strengthening the multi-level and diversified financial market can not only alleviate the financing difficulties faced by the high-tech industry,but also greatly improve the allocation efficiency of financial resources in the high-tech industry,better monitor and manage the risks existing in the innovation activities of the high-tech industry,and promote the healthy development of the high-tech industry.In order to explore the dual impact of various investment in scientific and technological financial resources on the innovation performance of high-tech industries,This thesis selects31 provinces in China from 2010 to 2018 This thesis makes an empirical analysis on the panel data of science and technology financial investment and technological innovation performance of high-tech industries(municipalities directly under the central government and autonomous regions).According to the different subjects of science and technology financial resource investment,this thesis takes government financial science and technology investment,science and technology loan,capital market science and technology investment,venture capital investment and science and technology human resource investment as explanatory variables,the number of patent applications as explanatory variables,and enterprises Taking the self owned capital,enterprise asset scale and regional openness as the control variables,this thesis establishes a static panel model and a dynamic panel model to study the direct impact of science and technology financial resource investment on the innovation performance of high-tech industry,and introduces the cross variable total profit of high-tech industry to explore the dual impact of science and technology financial resources on the innovation performance of high-tech industry.Finally,the robustness test is carried out by changing the measurement form of explanatory variables and lagging the control variables.The results show that government financial investment in science and technology,science and technology loans,science and technology human resources investment and enterprises’ own funds can directly promote the performance of technological innovation,and government financial investment in science and technology can indirectly improve the technological innovation ability of high-tech industry by improving the business situation of enterprises.The research conclusion of this thesis has passed the robustness test and has a certain robustness.Finally,this thesis puts forward the following policy suggestions on how to effectively promote the innovation of high-tech industry: increasing financial investment in science and technology and optimizing the innovation environment;Improve the operation mechanism and release the vitality of venture capital;Introduce and cultivate high-level scientific and technological talents and improve service quality;Improve the multi-level capital market and enhance the financing capacity;Create "characteristic" credit products and provide special financial support;strengthen precise management and accelerate the industrialization of technological innovation achievements. |
PDF Full Text Request