Abstract: Combining the static and dynamic panel date model， this paper use the date of Chinese provinces from 2004 to 2012 to analyze the effect of sci-tech finance investment on sci-tech innovation in China．The results show that：there is a significant positive correlation between sci-tech finance investment and sci-tech innovation in the short term，however，the effect of sci-tech finance investment on sci-tech innovation is not evidently in the long term．Enterprise's own funds，government financial investment and social capital are the main factors affecting sci-tech innovation，and financial market investment have a little effect．There are regional difference in the effect of sci-tech finance investment on sci-tech innovation，that enterprise's own funds and social capital have a greater impact on sci-tech innovation in the eastern areas and western areas，government financial investment have a greater impact on sci-tech innovation in the central areas．Finally，this article presents relevant policy implications according to the research．

摘要： 本文采用2004-2012年中国30个省（市、区）的面板数据，结合静态和动态面板数据模型方法，实证分析中国科技金融投入对科技创新的作用效果。研究结果表明：短期内科技金融投入与科技创新之间呈显著正相关关系，然而长期内科技金融投入对科技创新的作用效果并不明显；其中政府财政科技投入、企业自有资金和社会资本是影响科技创新的主要因素，金融市场投入对科技创新的作用效果较小；科技金融投入对科技创新的作用效果存在地区差异，东西部地区科技创新受企业自有资金和社会资本的影响较大，中部地区受政府财政科技投入影响较大。最后，针对研究结果提出了相关的政策启示。