| The social market economy with Chinese characteristics should reflect not only that the market plays a decisive role in resource allocation under government macro-control and strengthens the material basis of socialism by promoting the development of productive forces,but also the essential characteristics of socialism’s common prosperity.Faced with huge shifts in global patterns and dual resource and environmental limits,innovation has emerged as a critical driver of high-quality economic growth.It is of great theoretical and practical importance to conduct an in-depth discussion on market-oriented factor allocation and explore the internal relationship between marketization of factors and innovation efficiency for the improvement of innovation efficiency in China under the new normal of the transformation of old and new driving forces and the transformation of the economy from high-speed to high-quality development.This study conducts a theoretical debate on innovation efficiency and factor marketization in China,using Marxist political economics as a guide and Western economic theory as a reference.From 2010 to 2019,the Tobit random effect model is utilized to conduct regression research on panel data from 30 provinces in Chinese mainland.The software Deap2.1 is used to assess innovation efficiency from two perspectives: input and output,as well as the impact of factor marketization on innovation efficiency.The study discovered that marketization of elements can effectively improve the efficiency of innovation,with capital element distortion and labor factor playing a partial intermediary role.This means that marketization of elements can relieve capital element distortion and labor factor distortion,improve the level of capital and labor resource allocation,and promote the efficiency of promoting innovation.As a result,supporting comprehensive factor marketization reform and minimizing the degree of capital and labor factor distortion are beneficial to increasing innovation efficiency.Furthermore,the boosting effect of factor marketization on innovation efficiency has passed an endogeneity test as well as a number of robustness tests,indicating that this conclusion is reliable.Factor marketization considerably improved innovation efficiency from 2014 to 2019,according to the spatio-temporal heterogeneity study,as compared to2010-2013.At the same time,regional differences in the impact of factor marketization on innovation efficiency exist,with the eastern region having the largest promotion effect,followed by the central and western regions.In regions with a high proportion of non-state-owned economy,factor marketization has a stronger driving effect on innovation efficiency,according to the test analysis of ownership heterogeneity.Finally,this paper puts forward corresponding countermeasures and suggestions from the aspects of market deepening,system innovation and policy optimization. |
