| New Development Pattern of Double Cycle has indicated a new development orientation for the medium-term and long-term development of the national economy in the context of the normalization of COVID-19,the weakening of the foreign market economy,and the complex and challenging international environment.The capital cycle is the first link in the cycle to break,and the high-tech sector is the pivotal factor in creating a new development pattern.Studying the high-tech industry’s investment structure’s optimization in this aspect is very crucial and valuable.This paper investigated the high-tech sector from the viewpoint of an investment structure optimization,starting from the novel pattern of a double cycle.In addition to providing some references for the implementation of industrial policies by pertinent government departments and the development of investment directions for relevant enterprise departments,it also serves as a complementary and developmental component in the research on the investment structure of the double cycle and high-tech industries.The targeted research is conducted in the following seven areas:In Chapter 1,this paper provides a scientific definition of the notion of usage and evaluates and summarizes both domestic and foreign literature in related fields.The whole text’s research topic,conceptual framework,innovative elements,and flaws are provided in accordance with these studies.In Chapter 2,the theoretical basis of the full paper is given,while the focus of the entire paper,the empirical research ideas,the framework content,and the research ideas are all thoroughly analyzed and explained.This paper develops the theoretical understanding and theoretical construction foundation based on the capital and circulation theory,goose shape theory,production compromise theory,and dynamic comparative advantage theory.It draws two main lines,three investment structures,four optimizations,hypothesis conditions,research ideas,and the paper’s mechanism.In Chapter 3,the double cycle of the Chinese macroeconomy and the double cycle of the high-tech industry are presented in their current state,their relationship to one another is explained,and a comparison is made between the overall development of the Chinese hightech industry and the high-tech industries of the United States,Japan,South Korea,and Germany.This paper explains the advantages,gaps,and problems between the high-tech industry and the developed country.Chapter 4 measures the related indexes of the optimization of the investment structure of China’s high-tech industry and the new development pattern of the double cycle,while the high-tech industries in China are measured for their investment effectiveness using the Wurgler method and AMSZ criterion,and the measurement index is set up to measure the industrial upgrading index.Based on the WWZ method and technical complexity,the position of the global value chain of China’s high-tech industries is measured.In Chapter 5,from the perspective of the compatibility between China’s high-tech industry and the new development pattern of the double cycle,the rationality of the inner cycle investment structure,outer cycle investment structure,and double-cycle investment structure of the high-tech industry are empirically studied from the perspective of industrial growth,investment efficiency,industrial upgrading,and global value chain respectively.Using the investment structure optimization index,LSDV method,and simultaneous equations,Chapter 6 conducts an empirical study on the influencing factors of the internal circular investment structure,external circulation-fixed asset investment structure,external circulation-R&D investment structure,and double circulation-R&D investment structure,as well as a thorough analysis of the internal and external factors affecting the investment structure of the high-tech industry.Determine the optimization direction of the high-tech industrial investment structure.The optimization of the high-tech industry investment structure and the relationship between the optimization of the high-tech industry investment structure and the new dualcycle development pattern are both illustrated using the VAR model in Chapter 7.The key conclusions are as follows:1.The outer circular,double circular,inner circulation-fixed assets,inner circulationresearch and development,and double circulation-fixed assets investment structures of China’s high-tech industry are all reasonable and contribute to the advancement of the country’s new double circular development pattern.An inner circular investment structure,an outer circulation fixed asset investment structure,an outer circulation R&D investment structure,and a double circulation R&D investment structure are all parts of the investment structure that needs to be optimized.2.The increase of FDI and OFDI has a significant positive impact on the external circulation-the optimization of fixed asset investment structure;The increase of domestic fixed asset investment and R&D investment,foreign investment in domestic R&D investment and domestic investment in foreign R&D investment,domestic investment in domestic R&D investment and domestic investment in foreign R&D investment,and the optimization of internal circular investment structure,external circulation-R&D investment structure,and double circulation-R&D investment structure have a significant negative impact.Regarding internal influences,the main goals should be to stabilize the roles of FDI and OFDI,strengthen domestic R&D investment,and encourage domestic investment in foreign R&D investment in order to optimize the internal circular investment structure,the external circulation-fixed assets investment structure,the external circulation-R&D investment structure,and the double circulation-R&D investment structure.3.The optimization of the high-tech industry’s investment structure is significantly influenced by venture capital and industry openness,whereas it is significantly impacted negatively by government input,the rationality of the industrial structure,the marketization index,and economic cycle fluctuations.In the process of optimization,venture capital and effective market guidance from the government are still important forces to optimize the investment structure.The fact that the optimization of an investment structure is significantly adversely affected by the rationalization of the industrial structure indicates that the hightech sector is still undergoing rapid growth and has not yet reached the stage where output investment spillover occurs.Under the new dual-cycle development pattern,investment efficiency has a significant positive impact on the design of China’s high-tech industries’ external circulation-R&D investment structure,whereas foreign investment in domestic R&D,domestic investment in foreign R&D,industrial growth,industrial upgrading,and the global value chain have a significant negative impact.4.The optimization of the high-tech industrial investment structure and the doublecycle new development pattern are mutually reliant.In a reasonable and effective investment structure,the optimization of the investment structure of high-tech industries and the formation of a new pattern of double-cycle development can promote each other.According to the findings of the short-term dynamic pulse research,improvements in global value chains for the high-tech industry,industrial upgrading,investment efficiency levels,and industrial growth all effectively support the optimization of the investment structure of the Chinese high-tech industry.In the results of the long-term equilibrium model,the investment structure of China’s high-tech industry also plays a critical role in promoting the new dual-cycle development pattern.According to the long-term equilibrium model’s findings,the expansion of the high-tech sector,industrial upgrading,and increased investment efficacy can successfully encourage domestic R&D investment abroad and then optimize the external circulation and double circulation R&D investment structures for the high-tech sector.The upgrading of the global value chain in the high-tech industry promotes domestic investment in overseas fixed assets,thus reinforcing the external circulation-fixed asset investment structure. |
