我国科技金融助推高技术产业发展的实证研究

发布时间：2019-02-20 21:47

【摘要】：现代高新技术产业，，无论是研发过程还是产业化进程，比以往任何时候都需要大规模金融资本的支持。科技金融作为科技创新和金融的有机结合体，将当今时代最活跃的两个生产力因素——科技资源和金融资源，更迅速更深入地有机融合起来。在我国，高技术产业经过多年的培育，产业运行机制和产业结构日趋完善，获得长足的发展。然而，广大中小型科技企业仍存在着融资难，成长受限等问题，为使科技金融更好的、更有针对性发挥对高技术产业的助推作用，需要对科技金融助推高技术产业的运行机制进行分析和论证，并以我国科技金融促进高技术产业发展的实际效果进行分析。高技术产业具有高风险性、高投入性及战略性三大特点，高技术企业各个发展阶段有着不同的风险特征和金融需求。在种子期的高技术企业需要科技金融发挥孵化作用，促进优质科技项目的产业化和市场化，在起步期和成长期等企业快速发展阶段，需要各金融主体发挥有力的助推作用，在企业进入成熟期，形成稳定的产品市场时，需要科技金融对其新的产品开发和市场渗透活动提供保障。在高技术产业的发展中，科技金融对其资本形成机制、风险分散机制、信息公示机制及激励约束机制的形成起到了促进作用。为了科技金融与高技术产业协同发展的相关性进行有效测度，必须根据科技金融的内涵和高技术产业的发展实际来构建科学的指标体系。本文选取具备代表性的科技金融指标体系——公共科技金融与市场科技金融，并构建财政科技支出、创业风险投资等四个二级指标。从研发能力、成果转化能力及产业化效果三个方面构建了七个高技术产业二级指标，从而架构了由科技金融子系统和高技术产业子系统有机结合构成的复合系统指标体系。利用从2000年至2012年科技金融及高技术产业的相关数据，建立耦合协同模型，对科技金融发展与高技术产业发展的协同性进行测度。在对模型运行结果修正以后，得出结果：高技术产业和科技金融复合系统协同度在［0.45，0.70］区间变动，高技术产业子系统和科技金融子系统处于的协同演进状态，而且整体协同度水平较高，为中高度耦合协同级别。为探求科技金融各因素对高技术产业的影响作用，建立了以高技术产业利税为被解释变量的多元回归模型，各因素对高技术产业利税的影响力度有大到小分别为政府财政支出、资本市场、创业风险投资和科技信贷。适应我国转变经济发展模式的要求，应从制度安排、完善服务体系等方面来逐步提升科技金融服务高技术产业的能力。首先要多途径地完善科技信贷体系，具体策略包括大力发展科技小额贷款公司，设立专门为科技型企业服务的科技支行等；应继续推进科技创业风险投资的发展，在资金投入阶段、市场准入、资本退出机制等方面进行革新；其次，要继续完善多层次的资本市场，以实现与高技术产业的对接；最后，健全公共服务平台，完善科技金融体系，使之正好的促进高技术产业的发展，并实现二者协同创新发展。
[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
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.44;F832.46

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