Author(s)

Jiansuer Julaiti ¹

Affiliation(s)

¹ School of Management, Beijing Union University, Beijing, 10010, China

Corresponding Author

Jiansuer Julaiti

ABSTRACT

This paper studies the impact of S&T finance on technology innovation using a panel model based on the data of China from 2013-2019. S&T innovation is divided into three stages, and S&T finance are divided into public S&T finance and market S&T finance, and the 31 provinces are divided into east, central, west and northeast for analysis. The results show that: in the technological innovation stage, the proportion of listed companies and VC have a positive effect on the number of patents granted, but the ratio of government investment has a negative effect on the number of patents granted. In the stage of technology transformation, different regions have different results, and in most cases, technology finance has no significant effect on technology innovation. At the stage of high-tech industrialization, market-based s S&T finance has a catalytic effect on technology innovation, but the ratio of government investment in S&T has no significant effect on S&T innovation. In different regions and at various stages, S&T finance has different effects on technology innovation.

KEYWORDS

S&T finance, penal model, venture capital, technology innovation

CITE THIS PAPER

Jiansuer Julaiti, Research on the Impact of China S&T Finance on Technology Innovation. Financial Engineering and Risk Management (2023) Vol. 6: 25-34. DOI: http://dx.doi.org/10.23977/ferm.2023.060504.

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