Abstract: Enhancing the input-output efficiency of the science and technology system through financial resources support is crucial to China’s technological development, economic transformation and international competition. However, the corresponding literature about technology finance efficiency has wide controversy over the input-output indicators, technical route and measurement model, which therefore constrain the establishment of research benchmarks and actual policies. Based on the “four-input, two-output” index system constructed through literature reviewing, the “four-component” panel stochastic frontier model for two-dimensional output evaluation, and the structural differentiation of long-lasting efficiency and time-varying efficiency, this paper measures the two-dimensional technology finance efficiency from a provincial perspective since 2013 to 2017, and analyzes systematically its structural heterogeneity and spatial distribution characteristics. The research reveals that: Firstly, China’s provincial technology finance efficiency level is generally low, and the trend of change is contrary to the increasing input in technology finance resources in recent years; Secondly, the spatial and temporal evolution of technology finance efficiency is mainly dominated by the long-lasting efficiency, namely more subject to the regional economic and social environment, and less responsive to short-term policy stimulus; Thirdly, There are extensive and complex inter-regional differences whether in technological output or commercial output dimension, time-varying efficiency or long-lasting efficiency. Therefore, China’s technology innovation system construction cannot be limited to short-term policy stimulus, but must concentrate on overall and long-term mechanism arrangements; Simultaneously, we should pay more attention to the structural heterogeneity in the process of technological innovation and development in different regions, and explore technology finance efficiency improvement scheme based on regional and differentiated arrangement.

Key words: technological output, commercial output, time-varying efficiency, long-lasting efficiency