Abstract
This paper measures and analyzes the institutional influence on the development of China's high-tech industry from 1995 to 2016. The following discoveries are shown. The institutional environment on which China's high-tech industry depends has shown an increasing trend in recent years, but its momentum is obviously weaker than that in the early stage. The calculation results are the same and comprehensive whether the institutional variable is substituted directly into the production function as the explanatory variable or if it is put into the capital stock, labor force and Total factor productivity regression equations. The institutional influences on the input-output of the high-tech industry are very clear and positive, and its influence on the TFP is the greatest. Therefore, the continuous improvement of the institutional environment of high-tech industries is conducive to promoting the high-quality development of the industry.
Highlights
In recent years, China’s high-tech industry has developed rapidly
The existing literature mainly focuses on the role of institutional factors in the innovation efficiency of high-tech industry, and the research based on the perspective of the comprehensive development of high-tech industry is relatively scarce
Under the assumption of complete competition, this paper describes the growth of output caused by the growth of capital and labor input whose production function has constant returns to scale, and draws the conclusion of stable economic growth
Summary
This industry has obvious industrial advantages and has become an important driver of economic development. In the process of the continuous growth of the high-tech industry, the market-oriented economic system reform has promoted the great changes in China’s macro-institutional environment. The good institutional environment brought about by the market reform and market opening up has become the important driving forces for the gradual optimization of China’s domestic industrial structure. Promote the continuous optimization of industrial structure, which means that the regional institutional environment can provide sufficient external environmental support for the good development of capital, knowledge and technology intensive industries. New power sources must be found to promote the sound and rapid development of the high-tech industry. It is of vital importance to study the impact and role of institutional factors on the development of high-tech industry
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