Research On The Effects Of Core Dimensions Of Entrepreneurship Ecosystem On Total Factor Productivity

As the mindset of “mass innovation and entrepreneurship” as well as “optimization and upgrading of entrepreneurial environment” keep deepening,there has been an increasingly heated discussion amid academic world on whether improving the entrepreneurial environment can affect China’s traditional extensive economy,and contribute to high quality growth of economy by promoting the improvement of Total Factor Productivity(TFP).This shows that the research on the relationship between entrepreneurship and economic growth should not stop at a single enterprise perspective,but should develop to a broader perspective of entrepreneurial resources and environment.In this context,related research on the entrepreneurial ecosystem has been carried out and has become one of the most important topics in the field of economic management.However,although the research on entrepreneurial ecosystem has a certain foundation in China,the research time is short,and the innovation is more than enough to deepen.The research is mainly limited to the lack of intermediate processes on the impact of entrepreneurial ecosystems on national economic growth,and due to the large number of elements in the entrepreneurial ecosystem,the impact on different economic units at different stages is also heterogeneous.Therefore,it is necessary to make a specific division of the elements of the entrepreneurial ecosystem and the process of their impact on the economy,in order to clarify the impact mechanism of the entrepreneurial ecosystem on total factor productivity.In order to make up for the above limitations,this study summarizes the existing entrepreneurial ecosystem and total factor productivity literature,and finally selects the Global Entrepreneurship Monitor(GEM)with a research history of more than 20 years as the blueprint,combined with the dynamic evolution process of the entrepreneurial ecosystem to define the economic units it affects continue to develop from entrepreneurial enterprises,industries,regions to countries and the world.According to its dynamic evolution process and the changing characteristics of the six core dimensions of my country’s entrepreneurial ecosystem since 2012,including finance,market,support facilities,policy,culture,and human capital,an analysis framework has been established that includes dimensions layer by layer.Combined with enterprise life cycle theory,monopoly competition theory,location theory,innovation theory,and triple helix theory,it analyzes the impact mechanism of core dimensions on total factor productivity.Based on this,the main research contents and conclusions of this study are as follows:First,identify the main role of the financial dimension at the firm level,the research applied OP decomposition method as well as TFP decomposition method,integrated GEM(Growth Enterprise Market)data,and then decomposed static TFP and dynamic TFP of startups to analyze the development momentum of China’s startups.Finally,threshold regressive model has been applied by the research to examine the impacts of government entrepreneurship programs and finance on the TFP of enterprises.It is suggested by the research that the TFP growth rate of China’s startups has demonstrated a trend where a decline has been registered in the initial period,and an increase later.The changes in pure technical efficiency have contributed less to TFP in general,while pure technical changes contributed more to TFP in general.The development of startups has gradually shifted from being driven by pure technical efficiency and scale technical changes at first to being driven by pure technical changes.Meanwhile,under the threshold impacts of government subsidy,the impacts of enterprises’ financing capacity on static TFP and dynamic TFP has showcased skewed “N” model and “V” model respectively.The threshold values of static impacts are 95.58 million and 428.37 million,while the value of dynamic impacts is237.46 million.Second,add the market dimension at the industry level and do the main analysis,the research uses the structural equation model to test the adjustment effects of market dynamics and mediation effects of R&D transfer.Then,panel smooth transfer model has then been used to analyze the impacts of R&D transfer on industrial TFP as market burden keeps expanding,while re-examining the effect of the financial dimension.According to the research,industrial burdens have contained enterprises’ TFP and the commercialization of their R&D fruits,while the fruits have facilitated enterprises’ TFP.R&D by enterprises have played a part of mediation role in burdens’ impacts on TFP,that is to say,market burdens can contain TFP by containing the R&D of enterprises.Meanwhile,market dynamics have exerted entry-regulation effect on the containment of R&D of enterprises by market burdens.The more dynamic the market is,the more obvious and intense the containment on R&D of enterprises by market burdens.The financial dimension still XII maintains a promoting effect on TFP.R&D has promoted TFP in a non-linear manner.R&D will decline as market burdens increase.The threshold value of burden index is 7.159.Third,add the supporting facilities dimension at the regional level and do the main analysis,the research analyses spatial global correlation and partial correlation of regional TFP increase.Next,spatial econometric model has been used to test the spillover effect of phyical infrastructure,basic Commercial & Legal Infrastructure on regional TFP,while re-examining the effect of the financial dimension.It is suggested by the research that there is spatial correlation among TFP,Commercial & Legal Infrastructure and phyical infrastructure.TFP has gradually shifted from initial insignificant negative correlation to significant positive correlation.And there is always spatial correlation between Commercial & Legal Infrastructure and phyical infrastructure.As indicated by partial correlation,there is convergence among Commercial & Legal Infrastructure,phyical infrastructure and TFP spatial distribution.Besides,there is space-time double positive externalities among TFP in different regions,that is to say,TFP lag phase can significantly promote current phase,while at the same time the increase in TFP can also promote TFP increase in surrounding areas.The legal index and foreign investment of Commercial & Legal Infrastructure can contribute to the growth of TFP in local province,while intellectual property can contain TFP in the province.At the same time,legal index can have positive spillover effect while commercial credit and intellectual property can have negative spillover effect.The communication and public undertakings in phyical infrastructure can promote the TFP growth in the province,and both elements have positive spillover effect,that is the capacity to promote TFP growth in surrounding areas.The financial dimension and the market dimension can promote regional TFP,but the market dimension has a negative spatial spillover effect.Fourth,add the policy dimension at the country level and do the main analysis,the research selects the panel data of 31 provinces,innovation and entrepreneurship index to conduct cluster analysis.Four cross-space regions have been divided to conduct analysis on the impacts of technology policies across the nation on TFP in a more in-depth manner.Then structural equation model and difference-in-differences model have been applied to analyze the chain mediation role played by innovation and entrepreneurship in the relationship between technology policies and TFP.In addition,the role of fiscal policies in TFP has also been analyzed,while examining the role of finance,market,and support dimensions.According to the research,in terms of technology policies’ impacts on TFP growth,there is partial direct effect in low-end II area and I area.The direct effect and indirect effect of chain mediation in area III have all passed,while there is no direct effect and indirect effect in area IV.What’s more,despite the support to micro and small companies from a series of fiscal policies introduced since 2011,the policies cannot contribute to the technology upgrade and long-term development of enterprises.The financial dimension and the supporting facilities dimension maintain their promoting effect on TFP,and the influence of the market dimension is no longer significant.Fifth,,adding cultural and human capital dimensions at the global level and doing the main analysis,the research uses the granger causality test to test the causality between entrepreneurial culture and entrepreneurial education at post school stage.Next,based on triple helix theory,structural equation has been applied to establish chain mediation model where entrepreneurial education at post school stage and product innovation serve as double agents.Meanwhile,the adjustment effect of primary entrepreneurial education has also been tested.At the same time,the overall inspection of all other dimensions is carried out.It is suggested by the research that entrepreneurial culture can constitute the Granger reason of entrepreneurial education at post school stage,while the latter can not constitute the Granger reason of the former.Entrepreneurial culture can not only directly contribute to TFP of the economy,but also exert indirect impacts on TFP via entrepreneurial education at post school stage.The entrepreneurial education at post school stage serves as an agent while the primary education plays a positive adjustment role in the impacts of the higher education on TFP.TFP can also promote further development of entrepreneurial culture by influencing economic growth of the economy,thus making the impacts of entrepreneurial culture on TFP a closed loop,where the equilibrium of TFP is 0.983.The policy dimension has an inhibitory effect on TFP,and only some elements in the dimensions of finance,market and support facilities have an impact on TFP.