Research on the measurement and influencing factors of sci-tech finance efficiency based on the DEA-Tobit model

The development of sci-tech finance is conducive to promoting technological innovation and providing important technical support for comprehensively deepening reforms. Using the DEA-Malmquist model, a mainstream method for efficiency evaluation, this paper collects panel data on sci-tech finance of various provinces nationwide from 2008 to 2019, selects six input-output factors to measure the dynamic and static efficiency of sci-tech finance, and analyzes the results. It is concluded that the efficiency of China's sci-tech finance is mainly affected by pure technical factors; the eastern region performs better than the central and western regions; the total factor productivity of China's sci-tech finance has declined, while the central and western regions are developing well, along with other conclusions. Based on the empirical results, seven theoretical and practical factors are selected, and the Tobit model is used for empirical analysis. It is found that the level of internet development is significantly positively correlated with the efficiency of China's sci-tech finance and has a relatively large impact, while R&D expenditure investment is negatively correlated, and other factors are positively correlated. On this basis, suggestions for improving efficiency are put forward from three dimensions: strengthening innovation capabilities and technological progress, improving the management level of sci-tech and financial enterprises, and promoting the coordinated development of the eastern, central, and western regions.