DATA-DRIVEN EVALUATION OF REGIONAL SCI-TECH FINANCE EFFICIENCY

Authors

  • Yuan Wang Business School, Suzhou University, Suzhou 234000, Jiangsu, China
  • YaLiu Yang (Corresponding Author) Business School, Suzhou University, Suzhou 234000, Jiangsu, China
  • Cui Wang Business School, Suzhou University, Suzhou 234000, Jiangsu, China
  • XiaoWei Zheng Business School, Suzhou University, Suzhou 234000, Jiangsu, China
  • XiaoXiao Si Economics & Management School, Huaibei Institute of Technology, Huaibei 235000, Anhui, China

Keywords:

DEA-Malmquist index, Sci-tech finance, High-quality development

Abstract

Sci-tech finance is the catalyst for the transformation of technological progress into real productivity. Hence, to improve sci-tech finance efficiency and promote high-quality regional economy development, a data-driven evaluation model of sci-tech finance efficiency is constructed. The collected data are processed using the DEA-Malmquist index. The efficiency level of sci-tech finance is determined according to the Total Factor Productivity index, and the main influencing factors of sci-tech finance efficiency are determined through the decomposition analysis of this index. This study calculates the efficiency level and dynamic change of sci-tech finance in the Yangtze River Delta. The results show that technological progress is an important factor affecting sci-tech finance efficiency. Surprisingly, the growth of R&D personnel has a negligible effect on sci-tech financial efficiency instead, and Shanghai ranked third in terms of sci-tech financial efficiency, which is no match for Zhejiang and Jiangsu provinces. Hence, we propose targeted suggestions to improve sci-tech finance efficiency in the Yangtze River Delta. This study not only provides theoretical and methodological support for the evaluation of regional sci-tech financial efficiency but also provides a reference for sci-tech finance policymakers and researchers.

References

[1] Rumyantseva A, Bichurina V. Special Aspects of Technological Entrepreneurship Financing at the Present Stage, International Science Conference SPBWOSCE-2017 Business Technologies for Sustainable Urban Development, 2018.

[2] Schumpeter JA. The Theory of Economic Development; Harvard University Press: Cambridge MA, 1912: 170.

[3] Ma LY, Li XM. Does science and technology finance policies promote regional innovation? Quasi – Natural experiment based on the pilot policy of combining science and technology with finance. China Soft Sci, 2019, 12: 30–42.

[4] Fombang MS, Adjasi CK. Access to finance and firm innovation. Journal of Financial Economic Policy, 2018, 10: 73–94. DOI: 10.1108/JFEP-10-2016-0070 .

[5] Sabir S, Latif R, Qayyum U, et al. Financial development, technology and economic development: The role of institutions in developing countries. Annals of Financial Economics, 2019, 14. DOI: 10.1142/S201049521950012X .

[6] Wang MX, Gu R, Zhang JR. Research on the impact of finance on promoting technological innovation based on the state-space model. Green Finance 2021, 3: 119–137.

[7] Benfratello L, Schiantarelli F, Sembenelli A. Banks and innovation: Microeconometric evidence on Italian firms. Journal of Financial Economic Policy, 2008, 90: 197–217. DOI: 10.1016/j.jfineco.2008.01.001 .

[8] Khan SU, Shah A, Rizwan MF. Do financing constraints matter for technological and non-technological innovation? A (re)examination of developing markets. Emerging Markets Finance and Trade, 2021, 57: 2739–2766. DOI: 10.1080/1540496X.2019.1695593 .

[9] Lee J, Lee C, Kim J, et al. An empirical study on the effect of innovation financing on technology innovation competency: Business performance of SMEs in Korea. Journal of Electronic commerce in organizatlons, 2019, 17: 1–15. DOI: 10.4018/JECO.2019010101 .

[10] Czajkowska A. The role of financing innovative technological investments with credit for technological innovations. Ekonomia I Prawo-Economics and Law 2019, 18: 413–423.

[11] Jun-won L. Comparative analysis of business performance between technology financing SMEs and general SMEs – Analysis based on technology financing SMEs that received technology credit loan. Innovation Studies, 2019, 14: 279–300.

[12] Davidenko N, Skrypnyk H, Titenko Z, et al. Modeling of the optimum level of financial provision of Ukrainian enterprises’ innovative activities. Global Journal of Environmental Science and Management, 2019, 5: 197–205.

[13] Zhang L. A research on the effect of equity and debt financing on technological innovation performance. Management Science, 2020, 41: 95–104.

[14] Adikari AMP, Liu HY, Marasinghe MMSA. Inward foreign direct investment-induced technological innovation in Sri Lanka? Empirical evidence using ARDL approach. Sustain, 2021, 13: 7334.

[15] Tsedilin LI. Funding of science: A comparison of approaches and outcomes in Russia and Germany. Voprosy Ekonomiki, 2021, 2: 147–160. DOI: 10.32609/0042-8736-2021-2-147-160 .

[16] Spatareanu M, Manole V, Kabiri A. Do bank liquidity shocks hamper firms’ innovation? International Journal of Industrial Organization, 2019, 67. DOI: 10.1016/j.ijindorg.2019.06.002 .

[17] Dang CL, Wang BQ, Hao WY. An optimal banking structure from the perspective of enterprise technological innovation—Empirical evidence from Chinese industrial enterprises. Applied Economics, 2020, 52: 6386–6399. DOI: 10.1080/00036846.2020.1795069 .

[18] Zhao CW, Chen CF, Tang YK. Science Technology Finance. Science Press: Beijing, 2009, 4: 91–92.

[19] Wang RX, Yang M. Spatial agglomeration and dynamic evolution of the coupling efficiency of technology and finance system in China. Economic Geography, 2018, 38: 104–112.

[20] Hu JL, Yang CH, Chen CP. R&D efficiency and the national innovation system: An international comparison using the distance function approach. Bulletin of Economic Research, 2014, 66: 55–71. DOI: 10.1111/j.1467-8586.2011.00417.x .

[21] Li YN, Yang Y, Zhao X. Evaluating financial support efficiency for innovation: A comparative study of the coastal and non-coastal regions of China. Journal of Coastal Research, 2019, 94: 971–975. DOI: 10.2112/SI94-191.1 .

Downloads

Published

2024-12-13

Issue

Vol. 6 No. 7 (2024)

Section

Articles

DOI:

https://doi.org/10.61784/ejst3051

How to Cite

Yuan Wang , Ya L iu Yang , Cui Wang , Xiao W ei Zheng , Xiao X iao Si . Data-driven evaluation of regional sci-tech finance efficiency. Eurasia Journal of Science and Technology. 2024, 6(7): 10-20. DOI: https://doi.org/10.61784/ejst3051 .