All publication are peer-review
Peer review will take the from of double-blind review Judge objectively and impartially
There is no conflict of interest for the reviewer
Review articles shall be kept strictly confidential prior to publication

Science & Technology Strategy and Policy

The Evolution and Logic of China's Science and Technology Finance Policies: A Structural Analysis Based on the Policy Text 

Yang Kairui1，2 , Yan Chuanli1 , Shi Ke1 , Cui Lu3 

(1.School of Public Administration, Henan University of Economics and Law, Zhengzhou 450046, China; 2.Hebi  Industrial Technology Research Institute, Hebi 458000, China；3.School of Humanities and Law, Henan Agri⁃ cultural University, Zhengzhou 450046, China)

Abstract: Over the past forty years since the reform and opening up, science and technology  finance policy has rapidly entered the field of capital supply for science and technology innova⁃ tion as a new model. Science and technology finance policy serve as important guidelines for the  development of technology and finance. It is an indispensable prerequisites and foundations for the rational allocation of technology and financial resources, as well as institutional guarantees  for the industrial development of technology-based industries. Therefore, systematically comb⁃ ing and exploring the history and trajectory of China's science and technology financial policy  changes, as well as clarifying the implied logical motivations, will be of great significance. It will  help to clarify the long-term direction and strategic focus of the development of science and  technology finance, and plot the path of scientific and technological finance in the new era. What's more, it will also boost the deepening of China's innovation-driven development strat⁃ egy, and promote science and technology innovation and economic development to realize new  achievements and new leaps. Based on a comprehensive analysis of 239 science and technology finance policy texts is⁃ sued by China's central government departments from 1978 to 2020, the study constructs a sci⁃ ence and technology finance policy model for each five-year plan. The model is based on the  logical relationship among multi-dimensional elements, including policy attention, policy sub⁃ jects, policy issues, and policy tools. Additionally, utilizes software such as ROSTCM6 is em⁃ ployed to conduct detailed and comprehensive content mining as well as quantitative statistical  analysis of the policy texts. Combining the contents of each five-year plan, the paper found that the evolution of  China's science and technology financial policy since the reform and opening up has been  roughly divided into three stages: the period from the 5th Five-Year Plan to the 7th Five-Year  Plan, the period from the 8th Five-Year Plan to the 10th Five-Year Plan, and the period from  the 11th Five-Year Plan to the present. What's more, it generally shows the law characteristics: sustained and unbalanced development, more passive response than forward-looking guidance, a preference for contingency over rigid solidification, and more administrative guidance than plu⁃ ralistic coordination. Building on this, the study also deeply explores the logical law and original  motive behind the changes in China's science and technology financial policy. It discovers that  these changes mainly responds to the realistic needs of China's scientific and technological inno⁃ vation and progress, fits the development course of China's deepening economic system reform, and embodies the institutional arrangement of China's proactive government, etc. Finally on this basis, the study puts forward the policy recommendations for the future for⁃ mulation and development of China's science and technology financial policy to enhance the  forward-looking guidance of policy and alleviate the problem of policy lag, strengthen the re⁃ sponsibility of the main body of policy, promote the synergistic interaction among policies, and  enhance the synergistic capacity of policy, can to some extent benefit the formulation and devel⁃ opment of China's science and technology finance policies. 

Key words: science and technology finance; policy text; policy evolution; policy logic