我國科技金融助推高技術產業(yè)發(fā)展的實證研究
發(fā)布時間：2019-02-20 21:47
【摘要】：現(xiàn)代高新技術產業(yè)，，無論是研發(fā)過程還是產業(yè)化進程，比以往任何時候都需要大規(guī)模金融資本的支持�？萍冀鹑谧鳛榭萍紕�(chuàng)新和金融的有機結合體，將當今時代最活躍的兩個生產力因素——科技資源和金融資源，更迅速更深入地有機融合起來。在我國，高技術產業(yè)經過多年的培育，產業(yè)運行機制和產業(yè)結構日趨完善，獲得長足的發(fā)展。然而，廣大中小型科技企業(yè)仍存在著融資難，成長受限等問題，為使科技金融更好的、更有針對性發(fā)揮對高技術產業(yè)的助推作用，需要對科技金融助推高技術產業(yè)的運行機制進行分析和論證，并以我國科技金融促進高技術產業(yè)發(fā)展的實際效果進行分析。 高技術產業(yè)具有高風險性、高投入性及戰(zhàn)略性三大特點，高技術企業(yè)各個發(fā)展階段有著不同的風險特征和金融需求。在種子期的高技術企業(yè)需要科技金融發(fā)揮孵化作用，促進優(yōu)質科技項目的產業(yè)化和市場化，在起步期和成長期等企業(yè)快速發(fā)展階段，需要各金融主體發(fā)揮有力的助推作用，在企業(yè)進入成熟期，形成穩(wěn)定的產品市場時，需要科技金融對其新的產品開發(fā)和市場滲透活動提供保障。在高技術產業(yè)的發(fā)展中，科技金融對其資本形成機制、風險分散機制、信息公示機制及激勵約束機制的形成起到了促進作用。 為了科技金融與高技術產業(yè)協(xié)同發(fā)展的相關性進行有效測度，必須根據科技金融的內涵和高技術產業(yè)的發(fā)展實際來構建科學的指標體系。本文選取具備代表性的科技金融指標體系——公共科技金融與市場科技金融，并構建財政科技支出、創(chuàng)業(yè)風險投資等四個二級指標。從研發(fā)能力、成果轉化能力及產業(yè)化效果三個方面構建了七個高技術產業(yè)二級指標，從而架構了由科技金融子系統(tǒng)和高技術產業(yè)子系統(tǒng)有機結合構成的復合系統(tǒng)指標體系。利用從2000年至2012年科技金融及高技術產業(yè)的相關數據，建立耦合協(xié)同模型，對科技金融發(fā)展與高技術產業(yè)發(fā)展的協(xié)同性進行測度。在對模型運行結果修正以后，得出結果：高技術產業(yè)和科技金融復合系統(tǒng)協(xié)同度在［0.45，0.70］區(qū)間變動，高技術產業(yè)子系統(tǒng)和科技金融子系統(tǒng)處于的協(xié)同演進狀態(tài)，而且整體協(xié)同度水平較高，為中高度耦合協(xié)同級別。為探求科技金融各因素對高技術產業(yè)的影響作用，建立了以高技術產業(yè)利稅為被解釋變量的多元回歸模型，各因素對高技術產業(yè)利稅的影響力度有大到小分別為政府財政支出、資本市場、創(chuàng)業(yè)風險投資和科技信貸。 適應我國轉變經濟發(fā)展模式的要求，應從制度安排、完善服務體系等方面來逐步提升科技金融服務高技術產業(yè)的能力。首先要多途徑地完善科技信貸體系，具體策略包括大力發(fā)展科技小額貸款公司，設立專門為科技型企業(yè)服務的科技支行等；應繼續(xù)推進科技創(chuàng)業(yè)風險投資的發(fā)展，在資金投入階段、市場準入、資本退出機制等方面進行革新；其次，要繼續(xù)完善多層次的資本市場，以實現(xiàn)與高技術產業(yè)的對接；最后，健全公共服務平臺，完善科技金融體系，使之正好的促進高技術產業(yè)的發(fā)展，并實現(xiàn)二者協(xié)同創(chuàng)新發(fā)展。
[Abstract]:The modern high-tech industry, whether the R & D process or the industrialization process, needs the support of large-scale financial capital at any time. As an organic combination of science and technology innovation and finance, science and technology finance combines the two most active productivity factors, science and technology resources and financial resources in the present era, and more rapidly and in-depth organic integration. In our country, the high-tech industry has achieved great development through the cultivation of many years, the industrial operation mechanism and the perfection of the industrial structure. However, the small and medium-sized science and technology enterprises still have the problems of financing difficulty and limited growth. In order to make the science and technology finance better and more targeted to the boost of the high-tech industry, it is necessary to analyze and demonstrate the operating mechanism of the technology and finance to boost the high-tech industry. The paper also analyses the actual effect of the development of high-tech industry in China's science and technology finance. The high-tech industry has the characteristics of high risk, high investment and strategic three-scale. The high-tech enterprises have different risk characteristics and financial needs at all stages of development The high-tech enterprises in the seed period need the development of science and technology finance to promote the industrialization and the market-oriented of high-quality scientific and technological projects. At the stage of the rapid development of the enterprises such as the start-up period and the long-term, it is necessary for the financial institutions to play a strong role in promoting the development of high-tech enterprises in the start-up period and the long-term. During the period of forming a stable product market, the technology finance is required to provide protection for its new product development and market penetration activities In the development of high-tech industry, science and technology finance has played a role in promoting the formation of its capital, the mechanism of risk dispersion, the mechanism of information publicity and the mechanism of incentive and restraint. In order to measure the correlation between science and technology finance and high-tech industry, it is necessary to build a scientific finger according to the connotation of science and technology finance and the development of high-tech industry. The paper selects the representative scientific and technological financial index system, the public science and technology finance and the market science and technology finance, and constructs four second, such as the financial science and technology expenditure, the venture capital investment, etc. The second-level index of seven high-tech industries has been built from three aspects of R & D, achievement transformation and industrialization, so as to construct a compound system composed of the organic combination of the science and technology financial subsystem and the high-tech industry sub-system. Using the relevant data from 2000 to 2012, the paper sets up a coupling cooperative model, and advances the cooperation between the development of science and technology finance and the development of high-tech industry. After the results of the model operation are corrected, the results show that the cooperation degree of the high-tech industry and the science and technology financial system is changed in the[0. 45, 0. 70] interval, the high-tech industry sub-system and the science and technology financial subsystem are in the cooperative evolution state, and the overall coordination water high level, for medium and high-level coupling In order to explore the influence of the various factors of science and technology on the high-tech industry, a multiple regression model based on the high-tech industry profit and tax as an explanatory variable is set up, and the influence of each factor on the high-tech industry profit and tax is big and small, which is the government's financial expenditure and the capital respectively. The market, venture capital and family To adapt to the requirements of our country's transformation of the mode of economic development, we should gradually improve the high technology of science and technology financial service from the aspects of the system arrangement and the perfect service system. The ability of the industry is to improve the science and technology credit system in many ways, including the development of the science and technology micro-loan company, the establishment of the science and technology branch specialized for the service of the science and technology enterprise, etc.; the development of the venture capital of the science and technology should be further promoted, and the investment stage Second, we should continue to improve the multi-level capital market, so as to realize the docking with the high-tech industry; and finally, perfect the public service platform, improve the scientific and technological financial system, and make it happen to the high-tech. the development of the industry and the realization of the two
【學位授予單位】：中國海洋大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F276.44;F832.46
本文編號：2427317
[Abstract]:The modern high-tech industry, whether the R & D process or the industrialization process, needs the support of large-scale financial capital at any time. As an organic combination of science and technology innovation and finance, science and technology finance combines the two most active productivity factors, science and technology resources and financial resources in the present era, and more rapidly and in-depth organic integration. In our country, the high-tech industry has achieved great development through the cultivation of many years, the industrial operation mechanism and the perfection of the industrial structure. However, the small and medium-sized science and technology enterprises still have the problems of financing difficulty and limited growth. In order to make the science and technology finance better and more targeted to the boost of the high-tech industry, it is necessary to analyze and demonstrate the operating mechanism of the technology and finance to boost the high-tech industry. The paper also analyses the actual effect of the development of high-tech industry in China's science and technology finance. The high-tech industry has the characteristics of high risk, high investment and strategic three-scale. The high-tech enterprises have different risk characteristics and financial needs at all stages of development The high-tech enterprises in the seed period need the development of science and technology finance to promote the industrialization and the market-oriented of high-quality scientific and technological projects. At the stage of the rapid development of the enterprises such as the start-up period and the long-term, it is necessary for the financial institutions to play a strong role in promoting the development of high-tech enterprises in the start-up period and the long-term. During the period of forming a stable product market, the technology finance is required to provide protection for its new product development and market penetration activities In the development of high-tech industry, science and technology finance has played a role in promoting the formation of its capital, the mechanism of risk dispersion, the mechanism of information publicity and the mechanism of incentive and restraint. In order to measure the correlation between science and technology finance and high-tech industry, it is necessary to build a scientific finger according to the connotation of science and technology finance and the development of high-tech industry. The paper selects the representative scientific and technological financial index system, the public science and technology finance and the market science and technology finance, and constructs four second, such as the financial science and technology expenditure, the venture capital investment, etc. The second-level index of seven high-tech industries has been built from three aspects of R & D, achievement transformation and industrialization, so as to construct a compound system composed of the organic combination of the science and technology financial subsystem and the high-tech industry sub-system. Using the relevant data from 2000 to 2012, the paper sets up a coupling cooperative model, and advances the cooperation between the development of science and technology finance and the development of high-tech industry. After the results of the model operation are corrected, the results show that the cooperation degree of the high-tech industry and the science and technology financial system is changed in the[0. 45, 0. 70] interval, the high-tech industry sub-system and the science and technology financial subsystem are in the cooperative evolution state, and the overall coordination water high level, for medium and high-level coupling In order to explore the influence of the various factors of science and technology on the high-tech industry, a multiple regression model based on the high-tech industry profit and tax as an explanatory variable is set up, and the influence of each factor on the high-tech industry profit and tax is big and small, which is the government's financial expenditure and the capital respectively. The market, venture capital and family To adapt to the requirements of our country's transformation of the mode of economic development, we should gradually improve the high technology of science and technology financial service from the aspects of the system arrangement and the perfect service system. The ability of the industry is to improve the science and technology credit system in many ways, including the development of the science and technology micro-loan company, the establishment of the science and technology branch specialized for the service of the science and technology enterprise, etc.; the development of the venture capital of the science and technology should be further promoted, and the investment stage Second, we should continue to improve the multi-level capital market, so as to realize the docking with the high-tech industry; and finally, perfect the public service platform, improve the scientific and technological financial system, and make it happen to the high-tech. the development of the industry and the realization of the two
【學位授予單位】：中國海洋大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F276.44;F832.46
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