中文摘要：

科技创新活动可以划分为创新导入阶段和创新展开阶段。在此视阈下,科技金融体系四部门对科技创新活动各阶段的作用呈现异质性特征,即政府科技投入与银行贷款在创新活动的双阶段中都起到了积极作用;风险投资在导入阶段抑制创新,在展开阶段则推动创新;资本市场在双阶段的作用都不显著。据此,本文提出要充分尊重与发挥四部门在各阶段的异质性作用,扬长避短、因势利导,构建以政府为先导、银行为主体、风险投资、资本市场为补充的“主银行”科技金融体系。

英文摘要：

Science and technology innovation activity could be divided into innovation import phase and innovation expansion phase. In this perspective, the four departments plays different role in double phas- es, in which government technological inputs and bank loans play positive role in both phases, while VC capital plays negative role in innovation import phase and positive role in innovation expansion phase, and capital market shows no effects. Therefore, the main bank financial system is recommended which is governmentoriented, bank-centered, and VC ＆ capital market-supplemented.