Trinity for Innovation: Industry-University-Research Amends Factor Misallocation Based on the Dual Perspective of Capital and Labor Force

Liwen Cheng, Zhouyi Gu, Changsong Wang and Hong Jie
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Liwen Cheng: School of Sino-German Robotics, Shenzhen Institute of Information Technology, Shenzhen, 518029, China
Zhouyi Gu: School of Information Technology, Zhejiang Financial College, Hangzhou, 310018, China
Changsong Wang: Institute of Agricultural Economics and Information, Jiangxi Academy of Agricultural Sciences, Nanchang, 330200, China
Hong Jie: Institute of Agricultural Economics and Information, Jiangxi Academy of Agricultural Sciences, Nanchang, 330200, China

Journal of Regional Economics, 2024, vol. 3, issue 1, 38-55

Abstract: Based on provincial panel data in China, this study is the first to investigate whether industry-university-research collaborative innovation (IURCI) can help to improve factor misallocation. It is found that IURCI can significantly improve capital misallocation and labor misallocation, and the effect has regional differences, which shows that the improvement effect is obvious in areas with factor under-allocation, such as the central and western regions, but not obvious in areas with factor over-allocation, which conforms to the rule of diminishing marginal returns. A regulatory effect model is built to explore the impact of regional heterogeneity, through which we find that after considering three external environmental conditions, including economic development level, academic research level, and marketization degree, the improvement effect of IURCI on factor misallocation undergoes significant changes. The research results show that to deepen the marketization reform of factor allocation, we can start with IURCI. The government should form a sustainable and normalized industry-university-research collaborative innovation ecological mode through pilot cases and adopt measures according to local conditions to ensure the efficient use and reasonable distribution of capital and human resources of enterprises, universities, and scientific research institutions.

Keywords: Industry-university-research cooperation innovation (IURCI); Capital misallocation; Labor misallocation; Factor misallocation (search for similar items in EconPapers)
Date: 2024
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