提出了金融支持科技创新的概念性框架，从技术轨道强度及其变化的角度探讨了金融在促进技术与经济发展中的功能和规律。在技术轨道强度较弱阶段，政府主导的机构和资本对技术轨道的形成具有重要作用。随着轨道强度逐渐加强，市场导向的金融资本逐渐成为促进技术轨道成形和加速发展的重要推动力量。在技术轨道强度较高的时期，政府的政策导向和规划作用再次凸显出来。通过对4个创新型国家的经济和主要产业技术轨道发展的历史性分析，对理论框架进行了论证，并探讨了相关政策含义。

This paper investigates the role of finance in facilitating industry and economic development. An industry technology development-centered framework is established to analyze the function of finance in driving the development of technological innovation that triggers the new wave of economic development. It makes a classification of finance based on the financial demands of technologies which are at different development stages. It is found that government-led capitals and financial institutions are more important at the early stage of industry technological trajectory (ITT) development. When the ITT becomes more and more powerful, the market-oriented capitals and financial institutions become more active. However, when ITT becomes powerful and markets are mature with low risks and steady return of investment, the planning role of the governments' policies becomes more significant again. Through historical analysis of the development of ITTs and financial structures in four innovative countries, the paper demonstrates the theoretical framework and the relevant policy implications are discussed.