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

Yu Liu, Hong Wang, Bo Pang and Shiyong Zhao

International Review of Financial Analysis, 2024, vol. 96, issue PB

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.

Keywords: Research and development(R&D) capital; Digital economy; Spatial Durbin model; Semiparametric model (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:96:y:2024:i:pb:s1057521924006938

DOI: 10.1016/j.irfa.2024.103761

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