Research On The Impact Of Science And Technology Finance On The Innovation Efficiency Of High-tech Industries

The 20 th China National Congress of the Communist Party’s report postulates that the very crux of productivity lies within science and technology,with talent taking precedence as the paramount resource,and innovation being the premier driving force.It becomes unequivocally clear that steadfast adherence to an innovation-driven development strategy is of the utmost importance,forging new paths,unearthing novel fields,and ceaselessly cultivating fresh momentum and competitive edges for development.An emphasis is placed on hastening the growth of scientific and technological innovation,while concurrently expediting the materialization of high-level autonomous development in these areas.China’s high-tech industry,an embodiment of the most densely clustered scientific and technological achievements,undeniably plays a pivotal role in the construction of a modern industrial system.Nevertheless,the sheer magnitude of investment and risk associated with this high-tech industry poses a formidable challenge in attracting capital support,necessitating a targeted financial support system for the sustainable progression of high-tech enterprises.The article proceeds to delve into the intricate realm of science and technology finance,meticulously examining its influence in spurring the advancement of high-tech industries.By grasping the underlying development principles,it seeks to foster the sustainable and high-caliber growth of these industries.Embarking on a multifaceted journey,this thesis commences with theoretical literature research,traverses through empirical model analysis,and culminates in a compendium of targeted countermeasures and recommendations.This intricate exploration probes the innovation efficiency of science and technology finance in relation to high-tech industries.Initially,the thesis delves into the theoretical underpinnings of science and technology finance and high-tech enterprises,scrutinizing the impact mechanism of science and technology finance on the innovative development of high-tech industries,employing financial innovation theory,endogenous growth theory,supply guidance,and demand supply theory.Subsequently,data pertaining to China’s government financial science and technology expenditure,commercial bank science and technology credit,and venture capital from 2013 to 2020 are gathered and employed to construct a science and technology finance evaluation system.Leveraging the entropy weighting method,the weights and development level scores of China’s science and technology finance are calculated,while The DEA data envelopment approach is used to Compute the innovation efficiency of China’s high-tech industries.Ultimately,based on the measured scores of the development level of science and technology finance and the innovation efficiency of high-tech industries from 31 provinces(cities,autonomous regions)in China between 2013 and 2020,a fixed effect model is erected to empirically analyze the repercussions of science and technology finance on the innovation efficiency of high-tech industries.Informed by the empirical findings,efficacious countermeasures and suggestions are proffered to stimulate the growth of science and technology finance resources and enhance the innovation efficiency of high-tech industries.Finally,corresponding policy recommendations are proposed based on the research findings.Through the meticulous execution of empirical analysis,a fascinating discovery surfaces: the influence of government financial science and technology expenditure,commercial bank science and technology credit,venture capital,bond market custody amount,and stock market financing amount on the innovation efficiency of high-tech industries is undeniably positive.Independent of regional economic development disparities,science and technology finance plays a substantial,positive role in fostering the innovation efficiency of high-tech industries.Intriguingly,the impact on the innovation efficiency of high-tech industries in the western region outstrips that of the eastern and central regions.Amidst the selection of control variables,factors such as the innovation atmosphere,industrial scale,industrial structure,and incentive degree of scientific and technological innovation all contribute positively to the innovation efficiency of high-tech industries.However,technology income may,to a certain extent,impede the enhancement of innovation efficiency within these industries.During the research on the efficiency of high-tech industries,it was found that technology finance has a significant improvement effect on both technological efficiency and scale efficiency of high-tech industries.Drawing upon the aforementioned conclusions,this thesis proffers a compendium of countermeasures and recommendations,meticulously crafted to propel the symbiotic fusion of science,technology,and finance,ultimately augmenting the innovation efficiency of high-tech industries.The strategic blueprint encompasses unleashing the full potential of government supply guidance;attenuating the financing thresholds imposed by commercial banks;refining the multifaceted tapestry of venture capital;and meticulously constructing a multi-tiered capital market landscape.