The Impact of Financial Factor Market Distortion on Green Innovation Efficiency of High-tech Industry

Using the panel data of China's provincial high-tech industry innovation input and output and industrial wastewater exhaust emissions from 2008 to 2016, the non-radial and non-angle SBM-DEA model based on slack variables is used to measure China's high technology considering environmental factors. This paper applies DEA-TOBIT two-step method and Probit model to study the degree of impact of financial innovation on the green innovation efficiency of high-tech industries in various regions. The study finds that the distortion of the financial factor market has a significant inhibitory effect on the green innovation efficiency of high-tech industries in the country, the eastern and central regions. However, it has a certain degree of promoting effect on the green innovation efficiency of high-tech industries in the western region. According to the research conclusions and the actual situation, the corresponding policy recommendations for the development of high-tech industry innovation activities in the three regions are proposed.