R&D funding and technological innovation from the financing environmental perspective
Li Juncheng1,Ma Jing2
1.School of Finance,Central University of Finance and Economics,Beijing 100081,China; 2.School of International Economics and Trade,Central University of Finance and Economics,Beijing 100081,China
Abstract：Based on data of China's 31 provinces for the year of 2003—2014 with panel threshold regression method,we studied the relevance of R&D investment and technological innovation from the perspective of financing environmental.The results show that,R&D funding and technological innovation are significantly positive correlated,and the financial structure and financial support are also significantly positive correlated with the scientific and technological innovation,and the realization of technological innovation and foreign investment intensity are significantly negative correlated.The R&D investment and technological innovation have a higher correlation with higher market-driven degree and financial support degree.Thus,the increase of market financing and financial technology spending may improve the efficiency of R&D funding in the technological innovation process,and the increase foreign investment will undermine its effectiveness.
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