【作者】 孙晓慧；

【导师】 蒋岳祥；

【作者基本信息】 浙江大学 ， 金融学， 2019， 硕士

【摘要】 2018年“中美贸易战”拉开序幕,对我国农业、相关实体经济带来一定的输入性物价通胀,人民币出现阶段性的贬值;2019年5月,美国通讯企业受其政府政策影响,不再为我国科技型企业华为提供芯片,华为如同2018年的中兴一样,进入了具有一定风险运营的时间周期。这些风波,表面上看是市场经济和贸易发展不平衡的问题,但是归根结底我国的综合科技实力才是这场贸易战的真正核心。一个国家或区域的科学技术创新发展程度决定了一个国家或地区的科学技术发展程度,而科学技术创新离不开金融资本(科技金融)的强有力支撑,这就对金融的创新能力提出了更高的要求,进而得出研究科技金融、科学技术创新、科学技术产出三者的发展机制尤为重要。本文在全国、东部、西部、中部面板数据的基础上,分析科技金融、科学技术创新、科学技术产出三者之间的关系,并将科学技术创新过程分为三个阶段,最终得出结论:不同的科学技术创新阶段、不同区域范围内,三者间作用机制不同。在孵化阶段,科技型上市公司数量越多,市场资本(风险性)对科学技术投入额越大,作为科学技术产出衡量变量的专利授权数越多,一国或地区政府财政在科学技术方面的支出总额越高,作为科学技术产出衡量变量的专利授权数呈减少趋势;在科学技术成果转换为实际生产力阶段,在大部分区域,科技金融、科学技术创新、科学技术产出三者间的协同发展作用较低,需要政府制定相应的政策予以支持;在新兴技术产业化阶段,具有市场特性的科技金融资金提供者愿意出资的规模越大,科学技术产出水平越高,相反,一国或地区政府财政在科学技术方面的支出对科学技术产出却没有什么影响。更多还原

【Abstract】 The beginning of the Sino-US trade war in 2018 has brought some imported price inflation to China’s agriculture and related real economy,resulting in the gradual devaluation of RMB.In May 2019,under the influence of the government’s policies,American telecommunications enterprises no longer provide chips for Huawei,a technology-based enterprise in China,and Huawei has entered a time cycle of operation with certain risks,just like ZTE in 2018.These disturbances,on the surface,are the unbalanced development of market economy and trade,but in the final analysis,China’s comprehensive scientific and technological strength is the real core of this trade war.The degree of scientific and technological innovation development in a country or region determines the degree of scientific and Technological Development in a country or region,and scientific and technological innovation can not be separated from the strong support of financial capital(science and technology finance),which puts forward higher requirements for the innovative ability of finance,and then comes to the development mechanism of research on science and technology finance,science and technology innovation,science and technology output,especially.It’s important.Based on the panel data of the whole country,the east,the West and the central regions,this paper analyses the relationship among science and technology finance,science and technology innovation and science and technology output,and divides the process of science and technology innovation into three stages.Finally,it comes to the conclusion that the mechanism of action among them is different in different stages of science and technology innovation and in different regions.In the incubation stage,the more the number of Listed Companies in science and technology,the greater the market capital(risk)investment in science and technology,the more the number of patent authorizations as a measure variable of science and technology output,the higher the total expenditure of government finance in science and technology in a country or region,the less the number of patent authorizations as a measure variable of science and technology output.In the stage of actual productivity,the synergistic development among science and technology finance,science and technology innovation and science and technology output is relatively low in most regions,which needs the support of the government to formulate corresponding policies.In the stage of emerging technology industrialization,the larger the scale of financial fund providers with market characteristics are willing to invest,the higher the level of science and technology output is,on the contrary,one country or another.The expenditure of regional government finance on science and technology has little effect on the output of science and technology.更多还原