Research On Financial Support Power Sources For Smes’ Technological Innovation

Technology is the primary productive force,innovation is the primary driving force for development,and technological innovation is the strategic support for improving social productive forces and comprehensive national strength.Under the new and complicated international competition situation,General Secretary Xi Jinping emphasized the core technology of the blockchain as a breakthrough point for China’s independent innovation during the eighteenth collective study of the Political Bureau of the Central Committee.The importance of technological innovation as the country’s core competitiveness.China is currently the world’s second largest economy,but in the2018 Global Innovation Index report,the innovation capability ranked only 17 th,and the technology application level ranked behind 50 th,mainly due to the low independent innovation capability of China 2.Weak talent base and insufficient R & D investment.Seventy percent of China’s new product research and development,technological innovation,and achievement transformation come from SMEs.SMEs play a very important role in achieving China’s innovation strategy and accelerating the process of building an innovative country.However,problems such as the difficulty of financing for small and medium-sized enterprises have always hindered the development of enterprises,and technological innovation activities of SMEs cannot be separated from the support of the financial system.In recent years,the development of China’s financial system has become more and more perfect.Although China’s financial development started late compared to developed countries,it has developed rapidly,its financial structure has become increasingly sophisticated,its financial instruments have become more abundant,and its financial efficiency has continued to improve.The essence of finance is to promote capital circulation,to invest limited capital in enterprises with high production efficiency and good development prospects,to improve the efficiency of resource allocation,enhance the efficiency of corporate innovation,increase the rate of technological progress,and thereby promote economic growth.Although the government has made great efforts to provide financial support to SMEs’ technological innovation through policies and various financial institutions,the level of technological innovation in SMEs has improved,but the performance has been slowly improved,the overall level of innovation performance is still low,and financial support has been strengthened.Not directly proportional.Obviously,financial support has not been effectively transformed into a strong driving force for SMEs’ technological innovation.Blindly enhancing external financial support for SMEs’ technological innovation does not seem to solve the direct cause of low innovation performance.Perhaps we should look for efficiency from the perspective of SMEs.Breach of ascension.Therefore,in the context of the innovation-driven development strategy and the country’s increasing financial support for SMEs ’technological innovation,the search for the most accurate financial support method for SMEs’ technological innovation from the perspective of dynamic and traffic power sources,and the transformation of financial support into innovation Strong impetus,improving the technological innovation capacity of SMEs,and improving innovation efficiency have very important theoretical and practical significance.This article first defines the meaning of SMEs and financial support power sources.Based on the recent development of SMEs in China,combining technical innovation theory,financial support power,and other theoretical basis,this paper analyzes the problems of financial support power sources for SME technology innovation.And why.Then select the annual data of small and medium-sized companies listed on the Shenzhen Stock Exchange from 2013 to 2017,and use data envelope analysis to measure the technological innovation efficiency of small and medium-sized enterprises,and then build a panel vector autoregressive model for technological innovation,financial system power sources,external financial power sources,and Dynamic analysis of four variables of internal financial power source.The following conclusions are drawn: According to the analysis of the efficiency measurement results,the overall efficiency of SMEs’ technological innovation and pure technology are low,the overall level of scale efficiency is high,and the overall efficiency and pure technology efficiency are on the rise,but the upward trend is relatively flat and the scale efficiency is increasing.Obviously,the increase in scale efficiency is the main reason for the increase in comprehensive efficiency.According to the analysis of panel vector autoregressive results,the technological innovation efficiency of the SMEs in the previous period and the sources of financial support have a positive impact on their later periods,and the peaks are in the future.The financial system supports the sources of power and the internal financial support The technological innovation of small and medium-sized enterprises has a positive role to play.The external financial support power source plays a negative role.Pure external funding support cannot solve the fundamental problem of technological innovation.It should improve the technological innovation capability from the perspective of the enterprise itself.In order to promote the level of technological innovation of small and medium-sized enterprises,while improving financial support in all aspects,it is also necessary to convert rough capital investment,focusing on the internal operation and management of funds,precise planning of input and output of technological innovation activities,and integrity management of enterprises.Start from various aspects,give play to the subjective initiative of the enterprise,and then promote the improvement of its own technological innovation capabilities.Finally,from the three aspects of the financial system support power source,internal financial support power source and external financial support power source,three suggestions are given to optimize the financial support power source for SMEs.