Digital Economy,Factor Marketization And Regional Innovation Efficiency

Innovation is an important engine and driving force for economic growth.With innovation in information technology as the core,digital economy drives the development of real economy with information and intelligent technology,giving human beings unprecedented creativity and freedom.Factor marketization reform is an important part of China’s economic system reform in recent years.With the gradual improvement of China’s factor market,the flow of various production factors has shown an active trend.This paper analyzes and verifies the relevant influences of digital economy and factor marketization on regional innovation efficiency and its mechanism,which can provide reference for China’s economic transition,digital economy development and regional innovation efficiency improvement.Based on theoretical analysis and mechanism analysis,this paper conducts an empirical study using 278 city level data to demonstrate that the development level of digital economy and factor marketization affect regional innovation efficiency in both direct and indirect ways.The structure of this paper is as follows: Firstly,it starts from the review of relevant studies on digital economy,factor marketization and innovation efficiency.In chapter two,the digital economy and factor marketization are included into the framework of analyzing regional innovation efficiency,revealing the internal law of factor marketization used in innovation efficiency,and proposing research hypotheses.Chapter three describes the current situation of digital economy,factor marketization and regional innovation efficiency.In Chapter 4 and Chapter 5,278 Chinese prefecture-level city data from 2011 to 2019 were selected to construct a mediation effect model to verify the above hypothesis.Instrumental variables with a lag of one stage and system generalized moment estimation(system GMM)were used to estimate the model coefficients to eliminate endogenous interference.A threshold autoregressive model is constructed to test whether there is threshold effect in the influence of digital economy on innovation efficiency,and then the samples are divided into central,eastern and western regions for regional heterogeneity analysis.Finally,combined with the empirical analysis,policy suggestions are given.The empirical results of this paper verify all the hypotheses,and the research conclusions show that digital economy plays an important role in promoting regional innovation efficiency,and has passed a series of robustness tests.Threshold regression analysis shows that there is a nonlinear relationship between the development level of digital economy and innovation efficiency,and no matter the level of economic development,digital economy can play a significant role in promoting innovation efficiency,and the effect is from weak to strong.Factor marketization degree is the mediating variable of the relationship between digital economy and regional innovation efficiency,accounting for 6.56%.Heterogeneity analysis shows that the regression coefficients of digital economy in different regions and industries have significant positive correlation with innovation efficiency,but there are differences,indicating that no matter in which region,the development of digital economy can significantly improve the improvement of regional innovation efficiency,but there is regional heterogeneity and industrial heterogeneity.The marginal contribution of this paper is as follows: first,it theoretically analyzes the mechanism of digital economy and factor marketization affecting innovation efficiency,and provides ideas for the relationship between digital economy,factor marketization and regional innovation efficiency.Second,the empirical analysis including threshold analysis,mediation effect analysis and heterogeneity analysis was conducted for the first time with the data of Chinese municipal level.Thirdly,the influence mechanism of factor marketization on innovation efficiency is deduced by using the C-D production function model adding innovation factors,which enriches the theoretical mechanism of marketization promoting innovation efficiency.This study has certain theoretical and practical significance on the transition of marketization,promoting regional innovation efficiency,promoting national unified large market and constructing an innovation-oriented country.