Capital investment, digital economy and innovation of high-tech industries

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE International Review of Financial Analysis Pub Date : 2024-11-01 Epub Date: 2024-11-06 DOI:10.1016/j.irfa.2024.103761

Yu Liu , Hong Wang , Bo Pang , Shiyong Zhao

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Abstract

This study investigates the spatial spillover effect of high-tech industrial innovation and the possible nonlinear relationship between capital investment, the digital economy, and high-tech industrial innovation. We constructed a spatial Durbin model and a semiparametric spatial lag model based on the panel data of 30 provinces in China from 2000 to 2021. Results indicate a positive spatial spillover effect of high-tech industrial innovation in China's provincial regions, characterized by regional heterogeneity. The partial derivative of physical capital to high-tech industrial innovation exhibited a U-shaped relationship. The Research and development(R&D) capital to high-tech industrial innovation derivative had a linear relationship. However, partial derivatives of human capital and the digital economy to high-tech industrial innovation exhibited fluctuations in the early phase and stable afterward. Thus, we propose that the superior regions of high-the industrial innovation should continue to drive the disadvantaged regions, forming the echelon development mode of high-tech industrial innovation.

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资本投资、数字经济和高科技产业创新

本研究探讨了高科技产业创新的空间溢出效应，以及资本投资、数字经济和高科技产业创新之间可能存在的非线性关系。我们基于 2000-2021 年中国 30 个省份的面板数据，构建了空间杜宾模型和半参数空间滞后模型。结果表明，高科技产业创新在中国省级区域具有正的空间溢出效应，并呈现出区域异质性特征。物质资本对高新技术产业创新的偏导数呈 U 型关系。研究与开发（R&D）资本与高新技术产业创新的导数呈线性关系。然而，人力资本和数字经济与高科技产业创新的偏导数在早期阶段表现出波动性，之后趋于稳定。因此，我们提出高技术产业创新的优势地区应继续带动劣势地区，形成高技术产业创新的梯队发展模式。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.