{"title":"Capital investment, digital economy and innovation of high-tech industries","authors":"Yu Liu , Hong Wang , Bo Pang , Shiyong Zhao","doi":"10.1016/j.irfa.2024.103761","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103761"},"PeriodicalIF":7.5000,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521924006938","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
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.
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.
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