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| Efficiency Measurement and Influencing Factors Analysis of Science and Technology Finance Development in China |
| Xue Ye,Lin Qizhu,Gao Xiaoyan |
| College of Economics and Management, Taiyuan University of Technology, Taiyuan 030024, China |
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Abstract Based on the Entropy method and Bayesian Stochastic Frontier Analysis model, this paper measures the efficiency of sci-tech & finance integration of provinces in China from the aspect of comprehensive outputs from 2001 to 2014. Then this paper analyses the factors that influence the efficiency of sci-tech & finance integration in China based on Panel data econometric model. Based on the researches in this paper, some conclusions can be drawn as follows that the research on the weights of the three sci-tech outputs based on the entropy method shows that every output index has different weights in different years and each output index account for a large proportion in the total output. Therefore, only considering the three sci-tech outputs comprehensively can measure the efficiency of sci-tech & finance integration in China objectively, the efficiency of sci-tech & finance integration in 30 provinces has been increased over time, but the increase range is very different among provinces, the national finance expenditure on sci-tech, the venture capital investment and the capital market financing for sci-tech have significant positive effect on the efficiency of sci-tech & finance integration in China, while the sci-tech loan from banking industry have a significant negative effect on the efficiency of sci-tech & finance integration in China. With the researches above, this paper hopes to provide some theoretical basis for the optimal allocation of financial resources.
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Received: 06 September 2016
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Corresponding Authors:
Xue Ye
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