摘要：Finance has an important influence on technological innovation (TI). There are several stages of, as well as various financial constraints on, TI. In this article, we divide TI into four stages: the development, growth, maturity, and decline stages. Concurrently, we classify TI funding sources into five types: enterprise funds, government funds, venture capital funds, loans from financial institutions, and capital market funds. Based on the analysis of the stages and financing constraints of TI, this paper constructs a state-space model to study the effects of various funding sources on TI in Hebei Province, China, from 2005 to 2018. The results show a long-term equilibrium relationship between finance and TI, whereby different financial methods have different effects on each stage of TI. Enterprise funds play a primary role in the development, growth, and maturity stages. Government funds play a prominent role in the development and growth stages. Capital market funds and loans from financial institutions only play a role in the maturity period. The role of capital market funds was positive, while that of loans from financial institutions was negative. The effect of venture capital was not noticeable at any stage. Finally, we give our conclusions and put forward some countermeasures and suggestions to promote TI in Hebei Province.
