| China's economy has entered a new normal,which means it is facing multiple problems including cyclical,structural and institutional ones.The traditional mode of growth based on factor input has been unsustainable,and the need for transformation of using scientific and technological innovation to promote development has become the current priority.In the 18 th and 19 th National Congress of the CPC,innovation driven development strategy and high-quality development strategy were put forward respectively,with the construction of national innovation system and the maintenance of healthy and sustainable economic development as the top tasks.How to promote innovation agglomeration and sustainable production,so as to achieve regional sustainable technological progress,has become a common concern of the government and academia.Among them,the externality effect of innovation is the key factor to study the generation and effect of innovation activities,which is called "the engine of growth" by endogenous growth theory.In the past researches of innovation economics or knowledge economics,this kind of externality effect is considered by most scholars as pure technology externality.However,in the face of the historical opportunities and challenges in the global economy due to innovation and technological development,the research on regional innovation behavior and regional technological progress based on the theory of technological externality under the balanced assumption gradually exposes some problems.On the one hand,these theories only put forward the one-way path mechanism of spillover to the surrounding after innovation,which is difficult to establish a micro-meso compatible relationship between enterprise behavior and regional overall technological progress,and can not explain the continuous generation of local innovation activities;on the other hand,the theoretical and empirical researches taking the local industrial structure and agglomeration state as the focuses seem to be unable to obtain a stable result.On this basis,some scholars have tried to introduce the concept of pecuniary externality into the discussion of innovation activities,but they only focus on its role in the input-output of enterprise knowledge production.There is still a lot of space for the specific application and empirical research of this concept in the selection of enterprise innovation input based on production and the overall regional technological progress.According to the combing of the practical and theoretical problems,this paper puts forward three research questions:(1)Is there pecuniary external economy in regional innovation activities,and what are the specific definition,production mechanism of it?(2)How does this pecuniary externality affect innovation input and regional technology progress?(3)What role can it play in the regional economic development of China?Based on these research problems,using the latest development of knowledge economy,innovation economy and endogenous growth theory,this paper expands Antonelli's attempt to apply the concept of currency externality in the process of knowledge production.It proposes the concept of innovation pecuniary externality,which is generated by the unbalanced conditions of factors and knowledge markets,and acts on the direction,scale and form of enterprises‘ innovation input;by the "structural effect" and "substitution effect",innovation pecuniary externality can have positive effect on regional technological progress through enterprise innovation input.Using the panel data of 29 provinces in China from 2008 to 2017 to construct the intermediary effect model,it confirms those hypotheses.And according to the actual needs of China's regional economic development,this paper analyzes the case of the government promoting innovation currency externality in the rapid development of Guizhou big data industry and Beijing intelligent manufacturing industry,and puts forward the role of promoting innovation pecuniary externality on the current regional economic development and specific policy recommendations.According to the theoretical and empirical analysis,we can get:(1)when the price advantage appears in the factor market or knowledge market,it will stimulate the improvement of the overall regional technology progress level through the positive influence on the innovation input of enterprises,showing the role of innovation pecuniary externality;(2)The price advantage of factor market and knowledge market will have a positive impact on the regional overall technological progress in terms of two decomposed items: technological efficiency and technological improvement,showing two different impact mechanisms: "structural effect" and "substitution effect";(3)in the current regional technological progress under the influence of innovation pecuniary externality in China,the innovation pecuniary externality produced by factor market has Leading role.Through specific case analysis,we can get:(1)Guizhou provincial government has formed the power price advantage in the operation and production of big data enterprises through the utilization and strengthening of local natural endowment,produced the innovation pecuniary externality in factor market,which played an important role in the rapid development of big data industry.(2)Through the utilization of local knowledge accumulation advantages and the improvement of technology market system,Beijing government has formed the convenience for the introduction of information technology and the rapid landing of scientific and technological innovation in the intelligent manufacturing industry,created the pecuniary externality of knowledge market innovation,which played a key role in the integrated development of intelligent manufacturing industry.According to the above research results,the following conclusions are drawn:(1)in the innovation activities of regional enterprises,in addition to technology externalities,there will be the impact of innovation pecuniary externalities This externality is generated by the unbalanced conditions of local factors and knowledge market,and acts on the direction,scale and scale of enterprise innovation investment,and further has a positive impact on regional technological progress;(2)Innovation pecuniary externalities have different effects on innovation input and regional technology progress through "structural effect" and "substitution effect",respectively.The former constitutes the motivation for enterprises to innovate in specific direction,forms the local shared knowledge pool and relative technology development advantages,and finally realizes the regional technology‘s path-dependence generated by market conditions.The latter leads to the substitution of internal knowledge by the input of external knowledge elements,and realizes the transformation and evolution of local innovation system and the knowledge-based upgrading of local economy.(3)In the current process of seeking innovation driven and high-quality development of China's regional economy,promoting the emergence of innovation pecuniary externalities can play a positive role in the rapid development of local high-tech industry and the continuous emergence,inflow and landing of innovation,which can play a role in promoting the integration of the two strategies,optimizing the connection mode of industrial chain and innovation chain and solving the problem of "flowers in the wall,fragrance outside the wall".The innovation points of this paper are as follows:(1)This paper extends the logic that pecuniary externality only acts on the input-output process of enterprise knowledge,and holds that under the non-equilibrium assumption,the enterprise innovation activities will also be affected by the innovation pecuniary externality besides the technological externality.It can form a dynamic analysis framework different from the impact of technological externalities.(2)The innovation pecunairy externality caused by market disequilibrium conditions produces the localization characteristics of enterprise innovation input and regional technological progress through "structural effect" and "substitution effect",which will promote the further dynamic accumulation and self maintenance of itself,and form the mechanism of regional differential economic endogenous growth and innovation sustained production.It provides endogenous factors based on market level for the localization and path dependence of regional technological innovation system in innovation economics research.(3)Using the provincial data and intermediary effect model in China,this paper proves that under the influence of innovation pecuniary externality,the indirect and direct positive effects of regional factor price advantage and knowledge market scale advantage on regional technological progress and its decomposition items with enterprise innovation input as intermediary variable,which provides a new way to demonstrate the concept of pecuniary externality in the development of regional innovation.(4)In the process of promoting regional innovation and development,the government can be not only the "watchman" of innovation market,but also the "promoter" of deep integration of science and economy.Through reasonable and clear market conditions set,the cost and price advantages of production and innovation in specific directions of emerging industries can be realized.The government can realize regional high-level innovation development by promoting the emergence of innovation pecuniary externality. |
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