Techno-Economic Paradigm Transformation And Firm Finance Access Evolution

Techno-economic. paradigm transformation is a fundamental process of technological revolution in which firms would rearrange their daily operations in conformity with the new technological innovation model. Since 1980s, human society has entered into the fifth round of techno-economic paradigm transformation, R&D model based on horizontal division of labor and external innovation have been replacing traditional Schumpeterian innovation of giant firm and internal innovation. This paper mainly discusses the evolution of finance access during the techno-economic paradigm transformation, we found that market-based finance access is beneficial to widespread, diversified and fast-growing technological activities of small and medium sized enterprises (SMEs), thus spurred the process of techno-economic paradigm transformation.