Research On Enterprise Innovation Effect Of Technology Finance Development

After the reform and opening up,China has maintained high economic growth by relying on labor,land and other production factors.However,with the decline of the population dividend,the aging problem of the country is prominent.The advantages of Chinese manufacturing are gradually losing.Moreover,the world is facing "profound changes unseen in a century".In 2018,the US launched a trade war against China and imposed increasingly harsh technology blockade and sanctions on Chinese technology companies.China’s independent scientific and technological innovation is urgent.Innovation activities are often characterized by high investment,high risk and high uncertainty.Therefore,the development of technological finance supporting enterprise innovation has received high attention.In recent years,the government’s financial investment in science and technology has increased,the credit of financial institutions has tilted toward technological financing,and the establishment and improvement of multi-level capital markets represented by the growth enterprise Market and the science and technology innovation board have shown a momentum of rapid development.Effectively solve the problem of enterprise innovation investment financing difficulty.However,since the development of science and technology finance so far,more empirical evidence and practice have proved that science and technology finance focuses on the promotion of enterprise innovation input,but neglects innovation output and innovation efficiency,which leads to the low innovation efficiency of Chinese enterprises.In this context,this paper will study the innovation effect of technology finance,mainly focusing on: how to define the innovation effect of technology finance and technology finance? What is the innovation effect of science and technology finance? Will it have different effects to study the innovation effect of technology finance from the perspective of heterogeneity? What are the effects of different technological and financial inputs on enterprise innovation? This provides theoretical and practical significance for improving innovation output and efficiency of Chinese enterprises and realizing national innovation-driven and high-quality development.In view of this,this paper uses the research method combining normative research and empirical research,and follows the research idea from theoretical analysis to empirical test to explore the logical relationship between sci-tech finance and the innovation effect of enterprises.Specifically,this paper first defines the effect of sci-tech finance and corporate innovation conceptually by reviewing the literature.Then,the construction index of science and technology finance is calculated,and gives a macro description of the evolution of the development of sci-tech finance and sci-tech innovation,and the innovation effect of enterprises is comprehensively investigated from the perspective of innovation input,innovation output and innovation efficiency,and the DEA-BCC method is selected to measure the innovation efficiency of enterprises.The empirical part mainly examines the corporate innovation effect of sci-tech finance and conducts robustness test,and then further distinguishes the nature of property rights,enterprise size and technology level for heterogeneity test.On this basis,this paper tests the effect of the innovation effect of different sci-tech financial inputs,and puts forward corresponding policy suggestions.The results show that:(1)The development of science and technology finance can significantly improve the innovation input and output of enterprises,but has a negative effect on the innovation efficiency of enterprises.This shows that although science and technology finance plays an important role in the process of enterprise innovation,there is a situation of insufficient resource utilization efficiency,and the actual innovation output does not match the innovation input,resulting in insufficient innovation efficiency.(2)Heterogeneity research shows that the innovation effect of science and technology finance varies among enterprises with different property rights,enterprise sizes and technology levels,and the innovation effect is more obvious in state-owned enterprises,large and medium-sized enterprises and enterprises in technology-intensive industries.(3)The innovation effect of enterprises with different investment in science and technology finance also has different effects.The investment in science and technology finance of the government can significantly promote the innovation input,innovation output and innovation efficiency of enterprises,while the investment in science and technology finance of financial institutions can inhibit the technological innovation of enterprises.However,the impact on enterprise innovation output and innovation efficiency is not obvious.Based on the above research findings,this paper puts forward the following policy recommendations:(1)Encourage and support the development of science and technology finance,optimize the top-level design of science and technology finance,integrate science and technology innovation resources,and improve the innovation efficiency of enterprises.(2)Considering the matching of enterprises’ own characteristics with more targeted sci-tech financial services,we should introduce more effective sci-tech financial policies for non-state-owned enterprises,small and medium-sized enterprises and enterprises in non-technology-intensive industries.(3)Encourage the coordinated development of all kinds of sci-tech finance investment,optimize the investment mode of sci-tech finance,and improve the innovation effect of different sci-tech finance enterprises.