RESUMEN

With the rapid development of digital technology, digital technology innovation has become a core driver of China's economic development. Thus, this study uses A-share listed companies from 2003 to 2021 as the research sample. The digital patents of firms are identified to portray the level of digital technology innovation by matching the digital economy industry classification code, national economy industry classification code, and IPC number. Considers the economic effect of digital technology innovation from the perspective of firm market value. It is found that digital technology innovation significantly contributes to the increase in firm market value, and this finding still holds when robustness tests are performed. Mechanistic tests have shown that digital technology innovation affects firm market value by driving digital transformation, promoting productivity, and enhancing market profitability. Further analysis reveals that digital technology innovation has a more significant effect on increasing firm market value for large, non-state, capital-intensive, technology-intensive and low internal control costs firms. This study verifies the enabling effect of digital technology innovation on the development of the real economy at the micro level, and provides insights for the optimization of China's digital technology innovation policies and the formulation of firms' digital development strategies.

Asunto(s)

RESUMEN

The efficiency of resource allocation in technological innovation is a critical factor influencing the output level of technological innovation. By expanding and optimizing the Hsieh & Klenow (2009) framework for analyzing the efficiency of resource allocation and relaxing the assumption of constant returns to scale, this study utilizes sample data from Chinese listed companies from 2007 to 2019 to measure and analyze the resource allocation efficiency level in China's technological innovation. The findings indicate that in the process of technological innovation, companies face heterogeneous resource usage costs, leading to a deviation from the optimal resource allocation state, with evident issues of resource misallocation. The loss of efficiency in technological innovation output due to resource misallocation is significant, and addressing this issue can substantially enhance the level of technological innovation output. The misallocation of research and development capital resources is more severe than that of research and development personnel, resulting in greater efficiency losses in technological innovation output. Government subsidies are identified as a significant factor affecting resource allocation in technological innovation. Addressing the issue of resource misallocation, accelerating the market-oriented reforms of technological innovation resource allocation, and optimizing the government subsidy screening mechanism are crucial for improving the efficiency of resource allocation in technological innovation.

Asunto(s)

RESUMEN

Although the impact of interest rates, repayment periods, and loan scales on loan consequences has been extensively studied, little attention has been paid to the geographical distance involved in loan transactions. This study collects the addresses of borrowing companies, listed companies, and banks. Nonlocal loans can be distinguished because the regional segmentations in the lending industry reflect the features of provincial boundaries. Using data from Chinese A-share listed companies from 2007 to 2022, this research explores the causes of nonlocal loans and their impact on company innovation. Nonlocal loans are found to address the lack of local credit resources rather than financial constraints, supplementing disposable capital. This interregional circulation of credit resources facilitates innovation, particularly in financially undeveloped areas. This study does not detect research and development manipulation and recognizes the increase in innovation output. The findings have implications for credit resource allocation and balanced regional development.

Asunto(s)

RESUMEN

In numerous developing nations, challenges such as insufficient investment in innovation and limited capabilities for conversion impede the growth of the construction sector, thus affecting the overall economic well-being of these regions. This paper focuses on construction industry innovation (CII) and its correlation with region economic development (RED), providing valuable insights to overcome these challenges and promote sustainable economic advancement. This study references existing literature to devise an evaluation indicator system dedicated for CII and RED. It then proceeds with an empirical analysis of the integration and synergy between CII and the economic development across 31 Chinese provinces from 2012 to 2021. Furthermore, this paper employs ArcGIS and Geoda software to meticulously dissect the spatial distribution characteristics underlying this coordination. The main conclusions are succinctly summarized as follows: CII in China is intricately connected to RED, exhibiting a strong connection that diminishes from south to north. Nonetheless, the coordination level between these factors remains relatively low, with notable regional disparities, particularly from southeast to northwest. The primary obstacles to effective coordination are related to innovation input, output, and economic scale. Additionally, spatial correlation analysis demonstrates pronounced regional clustering, showing stability despite slight fluctuations over the study period. This research underscores the concept of coupling coordination between CII and RED, underpinned by scientific analytical methods. The outcomes provide a definitive guide for advancing the transformation and enhancement of the construction industry while promoting RED.

Asunto(s)

RESUMEN

This paper examines the impact of the digital economy on sustainable development, using panel data from cities at the prefecture level and above in China from 2011 to 2019. The results indicate: (1) The digital economy is conducive to boosting growth, increasing employment, reducing energy consumption, and cutting emissions, thereby promoting sustainable development. These findings prove robust. (2) Mechanism test outcomes reveal that, from the perspective of technological innovation, the digital economy can promote sustainable development through increasing R&D input and enhancing innovation output. (3) An extended analysis of the risk of a digital "divide" demonstrates that "dividend" of the digital economy is primarily manifests in spurring economic growth, enhancing energy efficiency, and strengthening environmental protection in lagging regions, while the digital "divide" effect is manifested in the stronger employment stimulating effect of developed regions versus backward areas. The results of this study not only enrich the relevant research system, but also provide empirical evidence to support accelerating digital transformation, strengthening technological innovation governance, and advancing sustainable development.

Asunto(s)

RESUMEN

Environmental Protection Tax Law (EPTL) is a compulsory environmental regulation measure adopted by China to deal with environmental problems. However, with the advancement of implementation, the EPTL produces a dissimilation effect and damages the realization of the Porter hypothesis effect. The study examines the dissimilation effect of green technology innovation regulated by the EPTL using sample data from heavy pollution firms in China. According to the empirical test results: (1) the coordination between levies and administrations, differential tax rate setting, tax information sharing, definition of the scope of levy and administration, tax declaration counseling, and tax rate level verification produce the dissimilation effect; (2) the Porter hypothesis effect of the EPTL is the most significant in medium-sized enterprises and foreign-funded enterprises. By constructing the research model group of dissimilation effect, this study analyzes the application of environmental regulation in China's social and economic background, thus providing a reference for developing of the green economy.

Asunto(s)

RESUMEN

This paper empirically investigates the impact of digital finance on the breakthrough innovation of enterprises with a sample of A-share listed companies in Shanghai and Shenzhen from 2011 to 2022. It is found that digital finance can promote corporate breakthrough innovation, and presents certain structural heterogeneity characteristics. The mechanism test shows that digital finance has the dual attributes of a financing platform and a social platform, which can promote breakthrough innovation by alleviating corporate financing constraints and expanding corporate social networks. Heterogeneity analysis reveals that the role of digital finance in promoting breakthrough innovation is characterized by regional heterogeneity, with digital finance playing a greater role in promoting breakthrough innovation in provinces with a low level of development of the banking sector, provinces with a high level of development of the capital market sector, and the central region. In addition, the degree of firms' external financing dependence and the degree of product market competition can strengthen the positive effect of digital finance on firms' breakthrough innovation. This paper enriches the related research on the impact of digital finance on enterprise innovation, and provides theoretical basis and policy insights on how digital finance can better assist the innovation-driven development strategy.

Asunto(s)

RESUMEN

The rapid evolution of the digital economy has significantly accelerated progress towards achieving green and sustainable processes, particularly in the field of green production. While existing research has delved into the effects of the digital economy on Green Innovation (GI) and the consequences of digital transformation on Corporate Value (CV), there remains a notable gap in the literature regarding the potential for synergistic enhancements in firms' GI&CV through the ongoing digital revolution. This study utilizes an evolutionary game model and employs system dynamics methods to simulate the dynamic evolution trajectory of the influence of the digital economy on the synergy between GI&CV. Subsequently, it empirically assesses the interconnected synergies between GI&CV using a dataset comprising information from Chinese listed firms spanning from 2011 to 2020, examining the impact of the digital economy on these synergies. Moreover, the study delves into the analysis of the transmission mechanism and conducts an extended investigation to further explore this phenomenon. The findings of this paper including: (1) The digital economy acts as a driving force behind the synergistic enhancement of firm GI&CV. Moreover, this effect is further augmented by governmental environmental regulation and green subsidy policies. (2) Drawing upon the information asymmetry theory and the resource-based theory, the regional marketization level and firms' digital transformation play intermediary roles. (3) The heterogeneity test indicate that firms situated in eastern regions and those classified as non-heavily polluted benefitted to a greater extent. This study sheds light on the incentive implications of digital economy for the synergistic upgrading of GI&CV, thereby extending the breadth of study on the consequences of digital economy. Moreover, it offers actionable suggestions for enterprises to leverage digital economy development towards achieving a synergistic improvement of GI&CV.

Asunto(s)

RESUMEN

Drawing on the diffusion of innovation theory, we argue that the development of digital economy has a positive effect on urban economic resilience. Using panel data from 284 cities in China from 2011 to 2018, we empirically examine the relationship between digital economy and urban economic resilience. We find a positive and significant link between them, mediated by technological innovation and entrepreneurial vitality. Moreover, the heterogeneity analysis shows that the impact of digital economy is most pronounced in smaller cities, with its effects diminishing in larger cities and megacities. Our results underscore the importance and the direction of fostering digital economy development.

Asunto(s)

RESUMEN

China is in a phase of high-quality development, where scientific and technological innovations are serving as the primary driving force for its development strategy. This emphasis on innovations is expected to fuel the upgrading of the industrial structure. This study investigates the role of scientific and technological innovations in industrial upgradation in China using spatial econometric analysis. Leveraging the data of 31 provinces of China from 2005 to 2022, we employed a spatial Durbin model to determine the spatial spillover effects of scientific and technological innovations on industrial upgradation. Our findings reveal the significant positive spatial spillover effects, indicating that provinces with higher levels of scientific and technological innovations tend to experience greater industrial upgradation, which in turn contributes to regional economic development. Furthermore, the findings suggest a strong spatial correlation between innovation and the upgrading of industrial structures, indicating that regional innovations have the potential to drive China's industrial upgradation. These results underscore the critical role of scientific and technological innovations in promoting industrial upgradation and regional development in China.

Asunto(s)

Asunto(s)

RESUMEN

Over the last twenty years, there has been swift growth in industrialization and technological advancements, driving economic progress. Nevertheless, it is inevitable that these sectors will bring about environmental shifts. Thus far, endeavors have been undertaken to assess the influence of industrialization and technological advancements on environmental deterioration. Additionally, the extensive discussion surrounding the impact of financial development, trade openness, and technological innovation on the environment has not yielded conclusive empirical findings. Studies often operate under the assumption of symmetric relationships, potentially leading to biased results. Adding to the discussion on the drivers of carbon neutrality, the time-dependent effects of critical aspects such as financial development and technological innovation should inform meaningful policies for environmental management. This article explores the time-varying causal association between trade openness, industrialization, financial development, technological innovation, and CO2 emissions in Thailand using novel time-varying Granger causality tests. The time-varying causality outcomes demonstrate that the associations change significantly over time, in contrast to the results of Toda-Yamamoto causality. Overall, there exists a bidirectional relationship between industrialization, financial development, trade openness, technological innovation, and CO2 emissions over different time sequences. These outcomes have implications for both policy and research.

Asunto(s)

RESUMEN

To encourage technological and industrial innovation, nations worldwide implement "re-industrialization" and "manufacturing return." This study investigates the relationship between GDP growth, expenditure on research and development, and medium- to high-tech as a percentage of manufactured exports on technological innovation in Pakistan. We evaluated long-run and short-run causal relationships using the ARDL, bound-F test, and ECM regression. The study found a positive relationship between GDP growth and technological innovation in the short and long run. In the short run, with a one-year lag, the analysis reveals a positive and statistically significant relationship between technological innovation, medium-high-tech exports, and GDP growth. In the long run, R&D is positive and significant, while economic growth and technological innovation are positive but not statistically significant. There is a 0.38 percent chance that exogenous shocks will eventually lead to equilibrium in the long run. Based on the findings of this study, it is recommended to allocate resources to research and development, promoting collaborative initiatives, ensuring intellectual property rights, and developing a skilled workforce.

Asunto(s)

Asunto(s)

Asunto(s)

Asunto(s)

Asunto(s)

RESUMEN

Technology-based small and medium enterprises (SMEs) are the driving force behind China's economic and technological development. However, these enterprises often face challenges in financing their research and development (R&D) activities due to limited financing opportunities. Previous research has primarily focused on the resource attributes of government innovation subsidies, which serve as a crucial funding source for these SMEs. This paper aims to explore the impact of government innovation subsidies on firms from a novel perspective, considering the signaling characteristics of these subsidies. The theoretical foundation of this study lies in the asymmetric information theory and the signaling mechanism through which government subsidies send signals about enterprises. The study uses enterprise data from 2012 to 2019 to investigate the effect of government subsidies on the R&D investment of enterprises listed on the SMEs Board in Chinese stock market. The results reveal a significantly positive effect of government subsidies on the R&D investment of SME Board-listed enterprises and verify the mediating role of financing constraints in this effect. The extent to which government subsidies influence the R&D investment of SME Board-listed enterprises is associated with the enterprises' ownership characteristics, debt ratios, and times interest earned ratios. This study contributes to the literature on the SMEs Board market and may provide the Chinese government insights into developing industry policies that maximize the effectiveness of government subsidies.

Asunto(s)

RESUMEN

Based on the coupling and interaction relationship between China's cultural industry (CI) and scientific & technological innovation (STI), this study constructed an index system for their coordinated development. The weight of each indicator was determined by using the entropy value method (EVM), and the coupling coordination degree (CCD) model was used to calculate CCD and coordination degree of China's CI and STI from 2012 to 2020. On this basis, the key factors in the coupling effect were analyzed using grey correlation degree (GCD). The results demonstrate that: (1) there is a high-level coupling relationship between China's CI and technological innovation; (2) the level of coupling coordination between the two is generally on the rise, experiencing a development process from serious maladjustment to high coordination; (3) Industry resources, policy support and the cost of cultural undertakings are the endogenous factors restricting the development of CI, and the environment and output of STI are the key factors restricting the coupling and coordinated development of Chinese CI and STI.

Asunto(s)

RESUMEN

Archaeogenetic studies have described two main genetic turnover events in prehistoric western Eurasia: one associated with the spread of farming and a sedentary lifestyle starting around 7000-6000 BC (refs. 1-3) and a second with the expansion of pastoralist groups from the Eurasian steppes starting around 3300 BC (refs. 4,5). The period between these events saw new economies emerging on the basis of key innovations, including metallurgy, wheel and wagon and horse domestication6-9. However, what happened between the demise of the Copper Age settlements around 4250 BC and the expansion of pastoralists remains poorly understood. To address this question, we analysed genome-wide data from 135 ancient individuals from the contact zone between southeastern Europe and the northwestern Black Sea region spanning this critical time period. While we observe genetic continuity between Neolithic and Copper Age groups from major sites in the same region, from around 4500 BC on, groups from the northwestern Black Sea region carried varying amounts of mixed ancestries derived from Copper Age groups and those from the forest/steppe zones, indicating genetic and cultural contact over a period of around 1,000 years earlier than anticipated. We propose that the transfer of critical innovations between farmers and transitional foragers/herders from different ecogeographic zones during this early contact was integral to the formation, rise and expansion of pastoralist groups around 3300 BC.

Asunto(s)