A Study on the Vulnerability of the Technological Innovation and Financial Innovation System

Decomposing the vulnerability of the technological innovation and financial innovation system into sensitivity and resilience and build the assessment system. The results show that the vulnerability in the five countries of "BRICS" are relatively high, however the trend are downward during 2006 to 2012. In China, the factors that hinder the sustainable development of technological innovation and financial innovation system contain the business environment, the financial innovation environment, the ratio of finance to economy, the input of technological innovation, credit risk in the banking system and the ability to raise funds, registered efficiency and operational efficiency of the contracts, and the lacking economic efficiency.