Research On The Influencing Mechanism Of Economic Growth Expectation Target On Technological Innovation

Achieving economic growth is the goal that every country has been pursuing continuously.The expected goal of economic growth plays a positive role in promoting economic growth,however,the expected goal of economic growth also has an impact on the institutional environment such as financial credit,investment attraction and so on,thus interfering with the behavior of enterprises in the market.In the report of the Nineteenth Congress of the CPC,it was proposed that we should implement the innovation-driven strategy in an all-round way and speed up the construction of an innovative country.So Under the background of emphasizing technological innovation vigorously and the quality of economic development nowadays,it is meaningful to study the relationship between economic growth expectations and technological innovation of enterprises.Firstly,this paper establishes a theoretical link between the expected economic growth target and technological innovation,and empirically examines the impact of the expected economic growth target on technological innovation of enterprises in 30 provinces of China(except Tibet,Hong Kong,Macao and Taiwan)from 2005 to 2016,using the patent of industrial enterprises and the expected economic growth target data of 360 government work reports,based on the panel fixed effect model.It is found that the expected goal of economic growth does significantly inhibit the output capacity of technological innovation.The existence of the expected economic growth target has increased the government's urgent pursuit of rapid economic growth,and a series of government actions to achieve the goal have affected the elements of institutional environment,and ultimately restrained the level of technological innovation of enterprises.Furthermore,the paper explores the impact mechanism of economic growth expectations on technological innovation.The study finds that the expected economic growth target will weaken the government's subsidy to technological innovation and increase the expenditure pressure of enterprises' technological innovation projects to a certain extent.The expected economic growth target will also affect the credit market,and then aggravates the financing constraints of technological innovation of enterprises.At the same time,the expected economic growth target also triggers a wave of investment attraction in the region,large quantities of low-quality FDI squeeze out the resources needed for technological innovation.According to the analysis,this paper holds that the above three institutional environmental factors are the main transmission mechanism of economic growth expectations on technological innovation.And the reliability of these three mechanisms is verified.According to the empirical test,it is concluded that the three mechanisms of economic growth expectations affecting technological innovation are subsidy effect,credit effect and FDI technology spillover effect.Finally,according to the above research conclusions,the relevant policy recommendations are put forward.