Abstract:Based on the innovation value chain, this paper studies the impact of financial structure on the output and efficiency of scientific and technological innovation under different financial development modes by using stochastic frontier analysis model. The results show that: firstly, under the premise of controlling the financial scale, the development of banking system and financial index have a positive impact on the research and transformation achievements of scientific and technological innovation, and there is an optimal bank size. The financial market promotes the research achievements of scientific and technological innovation, and has no significant impact on the transformation achievements of scientific and technological innovation; Secondly, under different financial development patterns, the influence of financial structure on the efficiency of scientific and technological innovation is not significant. Banks and financial markets are complementary, focusing on the comparative advantages of banks and financial markets in meeting the financing needs of different types of technological innovation. Thirdly, under different financial development patterns, there is no significant difference in the transformation efficiency and research efficiency, and the transformation efficiency of scientific and technological innovation is obviously lower than that of research efficiency. This study provides theoretical basis and practical experience for improving the efficiency of scientific and technological innovation and optimizing the financial structure under the innovation-driven development strategy.