The Effect of Sci-Tech Finance Investment on Innovation of TMT Industry: An Empirical Research Based Panel Date Model

Innovation is the key to the development of Chinese New Economy, and the improvement of innovation ability needs strong financial support. TMT industry, an important part of China’s strategic emerging industries, has contributed the largest technological advancement in the past few decades with the help of government. Based on this, this paper selects panel data of 100 listed companies in A-share TMT industry from 2013 to 2017 as samples to empirically test the impact of sci-tech finance investment on the improvement of innovation level. The main conclusions are as follows: Firstly, enterprises’ innovation investment and venture capital have a significant positive effect on innovation of TMT industry, while government financial expenditure on science and technology and commercial bank credit have no significant impact on innovation of TMT industry, sometimes government support even shows restraint. Secondly, there are significant regional differences in the impact of sci-tech finance investment on innovation performance of TMT industry. At the end of this paper, some reasonable suggestions for the result are offered.