| The service sector,a "new engine" of economic growth,has become an important force driving both domestic and international development,as old drivers of growth are being replaced and high-quality development is being driven by scientific and technological innovation.In 2021,the value added of China’s service industry reached60.97 trillion yuan,and the production index increased by 13.1% year on year,showing an obvious growth trend throughout the year.At the same time,the value added of China’s service sector accounts for more than 50%,contributing much more to economic growth than other industries.In terms of the development of trade in services,the average annual growth rate of China’s import and export of trade in services in the past decade was 6.1%,far surpassing the UK,Germany and other countries,and ranking second in the world for eight years in a row.Although the overall proportion of China’s service industry has increased in recent years,there is still a big gap between China’s industrial development and that of developed countries,which are the "two 70%" industrial structure characteristics.At present,the supply of producer services,which support industrial upgrading,and high-quality living services,which drive demand growth,is obviously insufficient.The problem of relatively low productivity has not been fundamentally changed.As an important measure for China to promote the goal of "leading innovative country",the construction of innovative cities plays a key role in industrial transformation and upgrading and innovation-driven development.Accurate evaluation of the effects of pilot policies and their mechanisms and channels plays an important guiding role in promoting high-quality transformation and development of the service industry and achieving the goal of "leading innovative country".This paper takes approved innovation-oriented cities as the research object,and uses the matching data of China’s prefecture-level cities and Shanghai and Shenzhen A-share service enterprises from 2004 to 2019.Based on the multi-period DID model,this paper conducts an in-depth investigation on the influence of innovation-oriented city pilot construction on the total factor productivity of Chinese service enterprises and its function channels.The results show that:(1)Compared with non-pilot cities,the construction of innovation-oriented cities effectively boosts the total factor productivity of service enterprises in pilot cities,and the policy implementation has time lag and long-term dynamics.This conclusion is still robust after the endogeneity analysis of historical universities and ancient capitals,as well as multiple robustness tests such as PSM-DID,placebo test and exclusion of policy interference.(2)From the perspective of mechanism path,pilot policies can effectively alleviate the potential under-investment or over-investment of service enterprises,stimulate enterprises to adopt R&D and innovation activities and gather high-end service and manufacturing industries in pilot cities,so as to optimize the production efficiency of service industry.(3)From the perspective of influence difference,the policy effect of enterprises with high knowledge intensity,low financing constraint,enterprises in coastal cities and regions with high rule of law is relatively strong.Meanwhile,the positive effect of pilot policies on the productivity of service enterprises is concentrated within the 40%quantile distance of the government.Accurate evaluation of the policy effect of innovative city construction has important guiding significance for China’s goal of becoming one of the top innovative countries by 2030,and also provides important inspiration for China to promote the high-quality development of the service industry at the present stage.First,optimize the entrepreneurship and innovation ecosystem,and give full play to the role of urban resource clusters and governments in supporting innovation.Second,strengthen weak links in the development of the service sector and improve the production efficiency of urban industries.Third,guide the integrated development of the two industries,and seek the coordinated development of manufacturing and service industry with digitalization and intelligence. |
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