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Capital investment, digital economy and innovation of high-tech industries

Author

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  • Liu, Yu
  • Wang, Hong
  • Pang, Bo
  • Zhao, Shiyong

Abstract

This study investigates the spatial spillover effect of high-tech industrial innovation and the possible nonlinear relationship between capital investment, the digital economy, and high-tech industrial innovation. We constructed a spatial Durbin model and a semiparametric spatial lag model based on the panel data of 30 provinces in China from 2000 to 2021. Results indicate a positive spatial spillover effect of high-tech industrial innovation in China's provincial regions, characterized by regional heterogeneity. The partial derivative of physical capital to high-tech industrial innovation exhibited a U-shaped relationship. The Research and development(R&D) capital to high-tech industrial innovation derivative had a linear relationship. However, partial derivatives of human capital and the digital economy to high-tech industrial innovation exhibited fluctuations in the early phase and stable afterward. Thus, we propose that the superior regions of high-the industrial innovation should continue to drive the disadvantaged regions, forming the echelon development mode of high-tech industrial innovation.

Suggested Citation

  • Liu, Yu & Wang, Hong & Pang, Bo & Zhao, Shiyong, 2024. "Capital investment, digital economy and innovation of high-tech industries," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    • Handle: RePEc:eee:finana:v:96:y:2024:i:pb:s1057521924006938
    DOI: 10.1016/j.irfa.2024.103761
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