Dynamic Correlation Analysis of Construction Industry Development Level and Science and Technology Innovation

Abstract

This paper analyzes the relationship between the technological innovation of the construction industry and the development level of the construction industry from the perspective of input and output in the construction industry. Using the time series data from 1995-2017, a vector autoregressive (VAR) model was established. The article uses co-integration analysis, Granger causality test, impulse response function and variance decomposition method to study the index variables. The long-term equilibrium relationship and short-term fluctuation effects between China’s construction industry development, construction industry science and technology innovation investment and output are analyzed. The results show: there are long-term equilibrium relationships and one-way causal relationships between the three variables, and there is time lag. The output of science and technology innovation in the construction industry is positively responded to itself, the development level of the construction industry and the investment in science and technology innovation in the construction industry. Among them, it is most affected by the fluctuation of investment in science and technology innovation. Compared with the development level of the construction industry, the contribution of scientific and technological innovation to the output of scientific and technological innovation is even greater. Finally, relevant policy recommendations for the development of the construction industry and technological innovation in the construction industry are given.