Research On The Impact Of Independent R&D And Technology Spillover On TFP Of Chinese High Tech Industry

The high-tech industry plays a more and more important role in manufacturing industry and even in the whole national economy in China.During the process of high technology industry development,the emphasis should be placed not only on the quantity of the investment in R&D,but also on the efficiency of the investment.Especially in the special period of economic transformation,growth model relied on a large quantity of input factors at the expense of the environment can no longer survive.With the background of advocating scientific progress and transformation of growth mode,the efficiency has become a primary indicator of the industry development quality.Scholars generally agree that technological progress is playing an important role in the ascension of the TFP.However,in opening economic systems,continuous technology promotion needs independend R&D investment and technology spillovers.The main goal of the current study was to evaluate the TFP of Chinese high-tech industry.Based on the panel data of 29 regions during 1997-2015,we used the Hicks-Moorsteen TFP method to measure the productivity,and then analyzed the impact of independend R&D investment and technology spillover on productivity by instrument variables(IV)estimation.On this basis,we used a threshold regression model to further test the threshold characteristics of effect factors.Our main conclusions are:(1)The TFP of whole Chinese high-tech industry showed a slow growth trend.Technology change and technical efficiency both is the cause of the growth of TFP,but technology change has made greater contributions to the TFP than technical efficiency.However,the main cause gradually transforms to technical efficiency.The improvement of pure technical efficiency promotes technical efficiency,when the contributions of scale efficiency seems less.The mix efficiency which could not been decomposed by the tradition method Malmquist Index seems backward.The TFP among regions of the high-tech industry was also quite different;the average TFP of 3 regions was: mid-China > east China >west China.(2)The factors that improving the TFP include independend R&D investment and technology spillovers of public R&D,FDI and export trade,but not technology spillovers of import trade.Technology spillovers of public R&D plays the great role,and then the following factors are R&D investment and technology spillovers of export trade,FDI while impacts on the TFP are not entirely the same.(3)The impacts on the TFP of independend R&D investment and technology spillovers present different threshold characteristics,which factors including R&D investment,government R&D subsidy,profit,scale,human capital,financial developme and trade openness.Corporate profit is a very important threshold factor which not only improves the positive effect but also reverse the negative effect.Objectively,there is an optimal interval of independend R&D investment,trade openness and scale,but government R&D subsidy needs the minimum threshold.This paper could raise some policy implications in practice: The TFP of Chinese high-tech industry increased slowly in the past years,but also seems backward in some years,while the mix efficiency seems backward.The industry should focus on improving the technological efficiency while improving the innovation input and promoting the technological progress of the front side,and make efforts in the construction of the system and management innovation.Improving the mix efficiency by adjusting the combination ratio of capital and labor.There are obvious regional differences,so we should take classification management on different areas.It shoule be continue to increase investment of R&D,public R&D,FDI and export trade in order to improve the TFP,while adjust the structure of imported products in order to reduce the inhibitory effect of technology spillovers of import trade.We also found that independend R&D investment TFP show similar "inverted U" relationship substitute for linear relation in traditional ideas.So it would be better to keep independend R&D investment in a certain scale than to increase input all the time.The factors of industry will restrict the technology spillover effect,the government should invest public R&D resourse to those regions which have high level of profits,independend R&D investment and human capital.And then to help expand the scale of FDI,import and export activities on areas with better industrial benefits would promote technology spillover effect.Conversely,other regions should control the scale of FDI,import and export activities.The government should also regulate environmental factors by such as keeping trade openness in a reasonable range,creating a favorable financial environment and providing sufficient scientific support,in order to promote TFP.