How R&D investment promotes green technology innovation in the context of digitalization?-An empirical analysis based on provincial panel data

Green technology innovation is an important driving force and source to promote my country’s high-quality development,and it is the core path to achieve sustainable development.This paper uses my country’s provincial panel data from 2016 to 2019 to study the impact mechanism of R&D investment on green technology innovation,and introduces the level of digitization,using the panel threshold model to discuss its role in the impact mechanism of R&D investment on green technology innovation.The study found that when the level of digitalization in a region is low,increasing R&D investment does not necessarily improve the ability of green technology innovation;when the level of digitalization is relatively high,R&D investment has a positive role in promoting green technology innovation.Therefore,it is necessary to improve policies to encourage enterprises to increase investment in research and development;at the same time,it is necessary to promote the coordinated development of digital foundation,digital investment,digital literacy,digital economy and digital application,and promote the deep integration of digitalization and green technology innovation.

Research on the Threshold Effect of China’s Pharmaceutical Export Trade on Internal and External R&D Investment

Objective To study the threshold effect of export trade on internal and external R&D investment in China’s pharmaceutical industry,and to provide reference for some pharmaceutical enterprises to improve the investment.Methods The panel data of pharmaceutical industry in 25 provinces and cities in China from 2009 to 2019 were selected to conduct empirical analysis by establishing a threshold regression model,and a better export trade interval was obtained.Results and Conclusion There is a threshold value for the effect of new product export on both internal and external R&D expenditures,and the threshold values are 845.2788 million yuan and 318.4198 million yuan,respectively.There is a single threshold effect of export trade on both internal and external R&D investment in China’s pharmaceutical industry,and the effect of export trade on internal and external R&D investment changes from negative to positive as the export trade develops from low to high.

Effects of investment on energy intensity:evidence from China

This article explores the effects of investment upon energy intensity by applying a unique panel data of China's 27 provinces between 2004 and 2013.In addition,it also particularly stuthes other factors,such as energy price,economic structure,and urbanization.The results,based on four econometric regression model results,suggest that in general,the indigenous investment on research and development is a more powerful tool to decrease China's energy intensity regardless of region disparity.The foreign direct investment(FDI) has a prominent but not persistent effect on energy intensity.However,the outward direct investment has not shown its significant impact on energy intensity.At the level of an aggregate economy and China's eastern region,the results demonstrate that FDI improves energy efficiency significantly.For the central and western provinces,FDI does not support the similar conclusion.Based on these analyses,we present the corresponding regional policies for policymakers.

Research on the Relationship between Export Orientation and R&D Investment of China’s Pharmaceutical Industry in Different Regions

Objective To study the relationship between export orientation and research and development(R&D)investment so as to provide suggestions and references for improving the R&D investment level and innovation capabilities of pharmaceutical industry due to the progress of globalization and the continuous development of export trade of China’s pharmaceutical industry.Methods The relevant data of China’s pharmaceutical industry from 2001 to 2016 was selected to establish an error correction model based on the co-integration theory,and then the Granger causality test was conducted to determine the relationship between the export orientation and R&D investment of China’s pharmaceutical industry in different regions.Results and Conclusion It is found that the export orientation of the pharmaceutical industry in different regions has a significant negative impact on the investment of R&D.Among them,the middle region has the greatest impact,followed by the eastern and western regions.The export orientation of the pharmaceutical industry in the middle region has a lag effect on R&D investment,and the lag phase is two years.

Demonstration Analysis of Relationship Between R&D Investment and GDP

To reveal the quantitative relationship between research and development (R&D) investment and gross domestic product (GDP) in China, we have demonstrated and analyzed the relationship between R&D investment and science and technology (S&T) progress, and based on a mount of S&T statistical data, have proceeded demonstration research of the relationship between R&D investment and GDP in China with Solow and vector auto regression (VAR) models. Cubic curve fitting and cross-correlation analysis of them with SPSS have shown that there is a strong synchronic relationship between R&D investment and GDP.

Research on the Impact of Venture Risk Tolerance on R&D investments:Based on Entrepreneur Ability

How do start-ups enhance risk tolerance and core competition through product,technology,and service development?What is the relationship between the core competitiveness of start-ups and R&D investments?Based on the perspective of entrepreneurial ability,222 questionnaires were used to study the factors affecting the risk tolerance of start-ups and analyze the effect of risk tolerance on R&D investments.The research shows that the interactions of entrepreneur ability and start-up funds have a positive effect on the risk tolerance of start-ups,and the risk tolerance can positively promote R&D investment willingness and intensity for new products,technologies,and services.Also,R&D investment willingness plays a partial intermediary role between the risk tolerance of start-ups and the intensity of R&D investments.

Relationship between R&D investment and business performance from the perspective of environmental regulation: Takeing the heavy-polluting industries from 2011 to 2016 as an example

In recent years, China has promulgated many laws and regulations of environmental protection, gradually forming an environmental regulation system, and most enterprises are under the dual pressure of environmental protection and business performance. It would be a significant way that enterprises undertake R&D activities for a change. This paper is based on the Shanghai and Shenzhen A-share listed heavy pollution enterprises in 2011-2016, which is based on the review and summary of research results of former researchers, combining with current environmental regulation situation of our country, raising the relevant hypothesis between environmental regulations, R&D investment and business performance against heavy pollution industry. Adopting the method of empirical research, it also built the linear regression model which employs the relevant financial data of heavy-polluting enterprises in China as the statistical research sample. The relationship for heavy-polluting enterprises affected by environmental regulations between environmental protection R&D investment and enterprise business performance was tested. The results show that there is a positive influence on the environmental R&D investment and business performance, and a lag effect upon the R&D investment of enterprises to business performance. Finally, the research results were used to evaluates problems existing in the R&D investment on pollution industry in China as well as business performance and we put forward some suggestions on improving environmental regulation standards and technology innovation consciousness as well as optimizing the structure of R&D investment.

Research on the Relationship between Salary Incentives for R&D Personnel and R&D Investment in China’s Pharmaceutical Industry

Objective To explore the relationship between salary incentives for R&D personnel and R&D investment in China’s pharmaceutical industry through an empirical analysis so as to propose suggestions for increasing more R&D investment from the perspective of stimulating R&D personnel.Methods Based on the relevant data of the China’s pharmaceutical industry in the“China High-tech Industry Statistical Yearbook”and other data from the National Bureau of Statistics from 1995 to 2018,co-integration tests was used to construct error correction models and Granger causality tests to explore the relationship between R&D personnel salary incentives and R&D investment.Results and Conclusion There is a long-term balanced relationship between the salary level of R&D personnel in China’s pharmaceutical industry and the investment of R&D.For the per capita salary of R&D personnel increases by 1 unit,the internal expenditure of R&D investment will increase by 2.2451 units.In the short term,the per capita salary of R&D personnel has a slight negative impact on the internal expenditure of R&D investment.In addition,the salary incentives for R&D personnel have the most significant role in promoting R&D investment after five years of implementation.

Research on the Relationship between the Profitability and R&D Investment of Enterprises of Different Scales in China’s Pharmaceutical Industry

Objective To analyze the relationship between the profitability of pharmaceutical enterprises of different scales and their R&D investment.Methods The data of China’s pharmaceutical manufacturing industry from 1995 to 2016 were selected to establish a vector auto-regression mode,and then an impulse response function and variance decomposition were used to analyze the data.Results and Conclusion For large-scale pharmaceutical enterprises,1%increase in R&D input will lead to 0.792%increase of their main business profit.For medium-sized enterprises,if their main business profit increases by 1%,their R&D input will increase by 0.965%.Therefore,if their R&D input increases by 1%,their main business profit will increase by 1.036%.The improvement of the profitability of large-scale pharmaceutical enterprises cannot promote the increase of R&D capital investment.But the increase of profitability from medium-sized enterprises can promote the increase of R&D capital investment.As a result,the increase of R&D capital investment of large and medium-sized enterprises can improve corporate profitability.

政府资助波动、技术市场发展程度与国有企业R&D投入

当前,我国政府对企业的研发资助金额快速增长,对企业研发活动产生了重要影响,但在动态的外部环境中,更应该关注研发资助波动对企业研发活动的影响。从政府资助波动视角对企业R&D投入进行考察,运用面板数据聚类分析法对2011-2018年我国各省市技术市场发展程度进行划分,以规模以上工业企业为样本,对政府资助波动、技术市场发展程度与企业R&D投入关系进行实证检验。结果发现:①政府资助波动对企业R&D投入具有负向影响;②技术市场发展程度对企业R&D投入具有逐渐减弱的正向影响;③技术市场发展程度显著调节政府资助波动对企业R&D投入的负向效应,并最终达到正向效应。最后,提出各省市合理制定政府资助计划、加速技术市场发展的政策建议。

FDI波动、出口波动及产出波动的互动关系研究——基于VAR模型的分析

通过构建向量自回归模型,对我国FDI波动、出口波动及产出波动的互动关系进行了研究。研究结果显示:外商直接投资波动、出口波动及产出波动之间存在长期的均衡关系。长期内,对于出口波动而言,产出波动和FDI波动对其均具有正向的促进作用,但产出波动的影响效应要高于FDI波动的影响效应。格兰杰因果检验的结果显示,FDI波动是出口波动的单向格兰杰原因,产出波动和出口波动之间存在双向的格兰杰因果关系,产出波动与FDI波动之间不存在格兰杰因果关系。脉冲响应函数的结果显示,出口波动对来自其自身冲击的响应在三种冲击中最为强烈;FDI波动对来自其自身的冲击以及来自产出波动冲击的响应比来自出口波动冲击的响应更为强烈;产出波动对来自出口波动冲击的响应最强烈。

Socio-economic and energy-environmental impacts of technological change on China's agricultural development under the carbon neutrality strategy

Promoting agricultural modernisation through technological change is an important strategy for China.China's carbon neutrality strategy is leading to systemic socio-economic changes that could exacerbate the uncertainty of agricultural development.Therefore,applying a computable general equilibrium(CGE)model,this study characterises the agricultural sector in detail,introducing endogenous technological change proxied by research and development(R&D)to assess the impact of different technological change scenarios on agricultural development under the carbon neutrality target.The results show that allocating carbon revenue for R&D inputs can mitigate the significant negative impact of achieving carbon neutrality on knowledge capital and production in agricultural sectors.Overall,using carbon revenue only for R&D input in crop sectors has the optimal effect on increasing the agricultural sectors'knowledge capital,improving crop production and profit,reducing crop external dependence and promoting the synergistic reduction of carbon and pollutant emissions.However,this scenario has the largest negative impact on macro-economics and household welfare.In contrast,allocating carbon revenue to promote technological change in broader non-energy sectors or both crops and non-energy sectors can effectively mitigate negative socio-economic impacts,but the positive impact on agricultural development is minimal.These findings provide practical insights for the rational use of carbon revenue to expand agricultural R&D investment and ensure balanced agricultural and economic development under the carbon neutrality target.

Research on the Influence of Government R&D Funding and Enterprise R&D Investment on the Innovation Efficiency of Pharmaceutical Industry

Objective To study the effect of government R&D funding and enterprise R&D input on innovation efficiency of China’s pharmaceutical industry.Methods Based on the inter-provincial panel data of China’s pharmaceutical industry from 2009 to 2019,the stochastic frontier analysis method was used to study the influence of government R&D funding and enterprise R&D input on the innovation efficiency.Results and Conclusion With 1%increase in government R&D funding,the innovation efficiency of enterprises will increase by 0.122%.When R&D investment increases by 1%,innovation efficiency will increase by 0.169%.Both government R&D funding and enterprise R&D investment promote the innovation efficiency of pharmaceutical enterprises,but the increase of enterprise R&D investment contributes more to the improvement of pharmaceutical innovation efficiency.

国有企业投资、需求波动及产能利用率关联性分析——基于PVAR模型

利用面板数据向量自回归(PVAR)方法,并结合1999～2010年我国31个地区的相关数据分析了国有企业投资行为、产能利用水平以及消费需求之间的影响特征。国有企业投资对需求以及产能利用水平都有着积极的正向影响关系,但是只在短期有效,因此,当面临金融危机这样的外部冲击时,加大国有企业投资是短期内解决经济困境的一个有效方法。此外,需求的波动对投资水平以及产能利用水平均有着较大的积极影响,从长期来看,通过需求的提高拉动中国整体经济增长,实现经济发展模式由投资拉动向需求拉动的转型应是中国经济未来的发展方向。

生产技术、投资专有技术与经济波动——基于包含房地产部门DSGE模型的模拟分析

新常态背景下,中国经济进入新旧动能转换阶段,创新驱动成为中国经济发展的新动能。识别不同技术对经济发展的影响便成为塑造创新驱动发展模式的重要前提。利用动态随机一般均衡(DSGE)模型,将生产部门划分为中间品部门、房地产部门和最终品部门,重点分析生产技术和投资专有技术冲击对经济波动的影响。模拟结果表明:生产技术进步对经济发展的推动作用稳定性更好,而投资专有技术进步对经济发展的推动作用幅度更大;房地产部门技术进步对经济发展的推动作用不如中间品部门。

货币政策、物价波动与房地产投资的联动关系——基于VAR模型的实证研究

借助于VAR模型探讨货币供给、物价波动与房地产投资三者之间的联动关系。研究结论表明:(1)三个变量之间的联动关系较为复杂,当受到外界冲击时,难以使系统最终回归到初始状态;(2)三个变量都不具有较强的自我修正能力;(3)货币政策、价格波动与房地产投资之间的联动性关系不对称;(4)价格指数要比房地产投资敏感,房地产投资拉低货币供给,但货币供给刺激房地产投资。

心理因素对投资决策行为的影响分析——基于ARCH类模型的实证研究

心理因素影响投资者的投资决策行为,以往对于股市的涨跌更多的从政策层面寻找利好或利空因素去诠释,实际上从行为经济学角度来讲,投资者心理上的微妙变化,也会影响他们的投资决策行为。股市涨跌不仅受国家政策等基本面的利空或利好因素影响,也会受到投资者的心理因素影响。通过使用ARCH类模型来考察和分析股票市场星期一与星期五收益率波动性的特征,分析投资者在这两个日期上心理的变化,我们发现不同的心理状态影响着投资者的投资决策行为。

世界大国经济波动对中国经济的影响——以七国集团为例基于FDI视角的实证分析

利用协整、VAR脉冲相应和方差分解等计量方法,在1981—2006年度经济数据基础上,实证分析了以G7为代表的世界大国经济波动如何通过中国的FDI影响中国经济波动.结果表明,中国FDI增长率与中国GDP增长率存有相关性;世界大国经济波动是中国FDI和中国经济波动的Granger原因,而中国FDI波动是中国经济波动的Granger原因;中国FDI方差分解中由中国经济因素解释的成分远高于世界大国经济因素的解释成分,在G7和中国GDP方差分解中,由对方经济因素解释的成分处于上升的趋势,这表明中国与世界大国之间经济波动的相互影响在日益加深.

FDI与经济波动的相关性——中美比较分析

选取美国作为发达国家的代表,对中美两国经济周期以及FDI现状进行描述,采用HP、BP滤波法度量中美两国经济周期与FDI的相关性及其周期特征,在此基础上对中美两国经济波动以及FDI的周期特征做出分析。

汇率波动对我国OFDI的影响--基于企业异质性角度

研究基于我国2003-2017年共1124笔企业对外直接投资项目,利用logit模型对选取的年度数据进行分析,主要研究人民币汇率波动对我国企业对外直接投资的影响以及对央企、地方国企、民营企业和外资企业OFDI影响的差异。结果显示:汇率波动对我国的OFDI有抑制作用;央企OFDI对汇率波动的影响不敏感,但汇率波动促进了地方国企、民营企业、外资企业的OFDI。