Strengthening financial support for scientific and technological innovation is crucial to financial sup-ply-side reform and high-quality economic development.However,the existing research on the efficiency of sci-ence and technology finance has wide differences in empirical methods and research conclusions.Based on the re-vised"four-component"panel stochastic frontier model,using China's provincial-level panel data from 2013 to 2017,the overall measurement and structural decomposition of regional science and technology financial efficiency in China,combined with gray correlation analysis to search for relevant linkage factors.The research shows that:Firstly ignoring the influence of regional heterogeneity will significantly overestimate the level of regional sci-tech finance efficiency,but simply assuming all regional heterogeneity that does not change with time as inefficiency will lead to significant underestimation of the level of regional sci-tech finance efficiency.Index selection,model design and heterogeneity control are the root causes of the wide divergence of current measurement results.Scondly the in-ter-regional differences in China's science and technology financial efficiency are mainly dominated by regional fixed effects and persistent inefficiency,and rely on The overall economic,social and cultural environment,the role of short-term policy stimulus or single policy support is relatively limited.Thirdly the long-term mechanism to im-prove the efficiency of science and technology finance needs to be based on the supporting reform of economy,socie-ty and culture,among which the cultural atmosphere,economic growth rate and openness degree are the most critical elements.Therefore,to promote the overall improvement and inter-regional balance of China's technology and fi-nance efficiency,we should not only avoid the tendency of"one size fits all",but also base on the combination of long and short in policy design,and commit to the supporting reform of stable growth,promoting opening up and sha-ping culture.
关键词
科技金融效率/地区异质性/灰色关联度
Key words
Technology finance efficiency/Heterogeneity of regions/Grey relational degree
万方数据