Research On The Threshold Effect Of R&D Investment Intensity On Innovation Efficiency In High-tech Industries

As a strategic leading industry in the development of national economy,high-tech industry plays an increasingly important role in enhancing the international competitiveness of the country because of its strong innovation,high added value,low resource consumption and low environmental pollution.It is also the main position for the country to implement innovation-driven strategy.Technological innovation is the core driving force to ensure the development of high-tech industry,and also the key to improve the core competitiveness of enterprises.R&D investment is the most important factor to improve the level of technological innovation.According to the statistical data,in recent years,R&D investment on high-tech industry in China is increasing day by day,but the results of innovation have little effect.Increasing R&D investment blindly and ignoring innovation efficiency is not conducive to the healthy development of high-tech industry.In addition,there are many kinds of high-tech industries,but their development is not balanced,and the gap between them is obvious.Therefore,exploring the impact mechanism of R&D input intensity on innovation efficiency and finding out the key factors that restrict the improvement of efficiency are of great significance to enhance the innovation ability of high-tech industries.On the basis of summarizing the relevant theories,practical development and innovation efficiency of high-tech industry at home and abroad,and combining with the current situation of R&D in high-tech industry in China,this paper analyses the mechanism of the impact of R&D investment intensity on innovation efficiency.Based on this,an essential panel regression model is constructed,and the panel data of 17 sub-sectors in high-tech industry from 2007 to 2016 are used as samples for regression analysis.After the overall regression effect is significant,this paper establishes threshold regression model with government subsidies,openness and industrial development level as threshold variables to study the non-linear characteristics of the impact of R&D input intensity on innovation efficiency.The results show that R&D investment intensity of high-tech industry has a significant threshold effect on innovation efficiency.With the continuous improvement of government subsidies,openness and industrial development level,the promotion of R&D input intensity on innovation efficiency has shown a decreasing trend,a first increasing and then decreasing trend,and an increasing trend.In addition,the overall level of innovation efficiency in high-tech industry isn't relatively high.Ownership structure,industrial agglomeration,technology introduction and industrial scale have positive effect on the improvement of innovation efficiency in high-tech industry,while the degree of market competition has anegative impact.Finally,this paper puts forward corresponding policy recommendations on the basis of the research conclusions.