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 Mechanism and Strategy of Equity Investment Driving the Transformation of New Material Innovation Achievements

Under the wave of global technological revolution,the new materials industry is facing difficulties in innovation and transformation.Equity investment has become a key driving force due to its flexible mechanism,risk sharing,and deep participation.Based on introducing the current development status of China’s new materials industry,this article reveals the mechanism of equity investment in financial support,risk management,incentive constraints,and resource integration.The article proposes optimization strategies,such as building an information-sharing mechanism and a diversified investment fund system,to promote the high-quality development of the new materials industry driven by innovation and provide strategic guidance for policymakers,investors,and enterprises.

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.

政府R&D资助对OFDI逆向绿色创新的影响机制研究

应用中国分省区层面数据并采用面板门槛模型,实证考察了政府R&D资助影响OFDI逆向绿色创新的动态效应。研究发现,OFDI对国内绿色创新产生了显著的驱动效应,但这种影响呈现出明显的先负后正的“U”型动态演化特征;政府R&D资助会正向调节OFDI逆向绿色创新溢出,且存在最适宜于OFDI逆向绿色创新的政府R&D资助区间(0.366,0.428],过高或过低强度的政府R&D资助均会在一定程度上造成OFDI逆向绿色创新的红利损失;政府R&D资助调节下OFDI对绿色创新的动态影响具有显著时空异质性,即在时空维度上存在“激励效应”与“挤出效应”交替演化的鲜明特征。

Innovative Strategies for Financial Investment Management Strategies of Enterprises in the New Era

With the in-depth development of economic globalization and the continuous emergence of new technologies,the importance of enterprise financial investment management strategy is becoming more and more prominent.The traditional financial investment management strategy can no longer meet the needs of enterprises in the new era and needs to be innovated with the times.For enterprises,the effectiveness and scientificity of financial investment management strategy will directly affect the competitiveness and long-term development of enterprises.Therefore,this study chooses the innovation based on the financial investment management strategy of enterprises in the new era as the research theme,aiming at exploring the innovative strategy to adapt to the needs of enterprises in the new era.

Research on the Internal Talent Training Path and Performance Evaluation Mechanism of New R&D Institutions in Zhejiang Province

New research and development(R&D)institutions are an important part of the national innovation system,playing an important role in promoting the transformation of scientific and technological achievements.In recent years,new R&D institutions have gradually become the driving force of innovation-driven development in China.Taking new R&D institutions in Zhejiang Province as the research object,this paper studies the internal talent training path and performance evaluation mechanism of new R&D institutions in Zhejiang Province by using the literature research method,comparison method,case verification method,and other methods.The investigation results show that there are problems such as lack of material and spiritual support and neglect of the absorption of local talents in the internal talent training,and there are problems such as unclear standards,insufficient data,and opaque processes in the performance evaluation mechanism,which greatly affect the establishment and improvement of the performance evaluation mechanism.Given the above problems,this paper puts forward a forward-looking,oriented,flexible,and compatible talent training path and performance evaluation mechanism,hoping to optimize the effective internal talent training path of new R&D institutions,improve the evaluation performance,and promote healthy development of new R&D institutions in Zhejiang Province.

增加R&D投入一定会促进城市经济高质量发展吗?——来自中国280个地级城市的经验证据

如何促进城市经济高质量发展是目前社会各界关注的重要议题,R&D投入和科技创新一直是经济发展需要考虑的两个重要影响因素。利用2017—2019年280个地级及以上城市的相关数据,实证分析R&D投入对经济发展质量的影响。研究发现,R&D投入和经济发展质量之间存在倒“U”型关系,即一定数量的R&D投入可以促进经济发展质量的提升;但R&D投入超过一定阈值后,更多数量的R&D投入则会给经济发展质量带来负面影响;科技创新是R&D投入影响经济发展质量的一个重要传导渠道;在大中城市中,科技创新在R&D投入和经济发展质量之间的中介作用会更加明显;在小城市中,R&D投入和经济发展质量之间的倒“U”型关系更加显著。因此,通过加大R&D投入来提升科技创新水平进而提升经济发展质量是一条切实可行的路径,但R&D投入并不是越多越好,而是只有将R&D投入有效地转化为科技创新产出,才能更好地实现经济高质量发展。

Investigating the components of fintech ecosystem for distributed energy investments with an integrated quantum spherical decision support system

This study aimed to evaluate the components of a fintech ecosystem for distributed energy investments.A new decision-making model was created using multiple stepwise weight assessment ratio analysis and elimination and choice translating reality techniques based on quantum spherical fuzzy sets.First,in this model,the criteria for distributed energy investment necessities were weighted.Second,we ranked the components of the fintech ecosystem for distributed energy investments.The main contribution of this study is that appropriate strategies can be presented to design effective fintech ecosystems to increase distributed energy investments,by considering an original fuzzy decision-making model.Capacity is the most critical issue with respect to distributed energy investment necessities because it has the greatest weight(0.261).Pricing is another significant factor for this condition,with a weight of 0.254.Results of the ranking of the components of the fintech ecosystem indicate that end users are of the greatest importance for the effectiveness of this system.It is necessary to develop new techniques for the energy storage process,especially with technological developments,to prevent disruptions in energy production capacity.In addition,customers’expectations should be considered for the development of effective and user-friendly financial products that are preferred by a wider audience.This would have a positive effect on fintech ecosystem performance.

江西省R&D经费投入的特征分析及提升对策研究

本文分析近年来江西省R&D经费投入的特征及问题,研究表明:江西省R&D经费投入总量和强度均保持较快增长,但还存在投入总量规模不大、结构不优、财政资金投入相对较少等问题,并从强化企业创新主体地位、加大财政资金支持力度、提升科技金融支持研发创新以及提升科技统计质量等方面提出了对策建议,为江西省提升全社会研发投入水平,加快创新型省份建设提供了决策参考。

数字经济对R&D投入创新绩效的影响研究

数字经济是当今各国科技创新和产业提质增效及重塑核心竞争力的必备基础。研究现阶段地区数字经济发展水平及其对R&D投入创新绩效的影响,对推进我国地区数字经济和科技创新发展有重要意义。研究首先基于熵值法测算研究地区数字经济发展水平和基于Super-SBM方法测算地区R&D投入创新绩效,然后运用静态面板模型、动态面板模型和动态空间杜宾模型多重实证分析方法分析地区数字经济发展水平对创新绩效的影响。实证分析结果显示,地区数字经济对R&D投入创新绩效有正向影响,数字经济发展水平和R&D投入创新绩效均高的地区主要集中在京津冀、长三角和珠三角。研究结果对进一步制定数字经济发展相关政策建议来推动科技创新提供了依据。

Do ESG Scores in Corporations Improve Green Innovation Empirical Evidence from Listed Chinese Companies

The ESG score system is a fundamental component of the green financial system that is essential in promoting corporate environmental progress.In this work we investigate the micro-environmental impact of ESG scores using panel fixed effects models.We examine the processes underlying the influence of ESG scores on the performance of corporate green innovation as well as any potential inequalities in this impact under different moderating factors.To conduct our analysis we use data from Chinese-listed A-shares on the Shanghai and Shenzhen stock exchanges from 2010 to 2019.Our study demonstrates a relationship between corporate green innovation and ESG ratings indicating that higher ESG ratings assist businesses in achieving better green innovation results.This beneficial effect is evident both numerically and qualitatively and it continues to hold up even after being put through several demanding tests.Additionally we pinpoint two main ways that ESG encourages corporate green innovation by boosting government-enterprise ties and strengthening corporate investment efficiency.We also note that while business characteristics aligned with sustainability further enhance the favorable influence of ESG on green innovation performance characteristics linked to ecologically detrimental activities impede the contribution of ESG to green innovation.Our study adds to the body of knowledge already available on corporate environmental performance and green finance by offering empirical insights that can help enhance corporate environmental development and improve the ESG rating system.

Research on the Impact of Independent R&D and Collaborative Innovation on Economic Performance in China’s pharmaceutical Industry

Objective To study the impact of independent R&D and collaborative innovation on economic performance in the pharmaceutical industry.Methods A panel regression model was established by selecting the panel data of China’s pharmaceutical industry from 2009 to 2019.Results and Conclusion Independent R&D and collaborative innovation of the pharmaceutical industry in eastern,central and western regions of China had a positive effect on economic performance.Besides,the promotion effect of independent R&D was greater than that of collaborative innovation.The positive driving effect of economic performance is the largest among the three regions,followed by the central and western regions.The collaborative innovation has the greatest positive effect on economic performance in the central region,followed by the eastern and western regions.

Overheated Investment in Real Estate Inhibits Innovation:Verification and Analysis in China's Case

Whether rapid real estate investment growth inhibits China's innovation is a critical question for China's economic sustainability. Based on China's provincial panel data and using land supply as an instrumental variable for real estate investment growth, we arrived at the following findings after effectively controlling endogenous factors that could lead to estimation errors. First of all, the faster real estate investment grows in a province, the lower the growth rates of innovation and R&D spending and invention patent authorizations will be in the province, an indication that real estate directly inhibits innovation in China. Such inhibition is particularly pronounced in the industrial sectors. Secondly, in the context of rampant real estate investment, the biased loan maturity structure of China's financial system in favor of the real estate industry further inhibits innovation. This paper has verified the existence of the direct effect of real estate investment growth on regional innovation and its indirect effect on regional innovation through the biased long maturity structure of the financial system. The empirical findings of this paper provide practical policy implications for China to strike a balance between real estate development and an innovation-driven development strategy.

An Empirical Study on the Impact of R＆D Investment and Employee Involvement on Innovation Commercialization： Evidence from IT Firms in China

Using a sample of 126 firms in Chinese IT industry, we developed an empirical model which tests the impact of R＆D investment and employee involvement （El） on innovation commercialization. The results showed that the expenditure of R＆D has a positive effect on performance of innovation commercialization, while the number of R＆D staff has trivial impact on that. The results also revealed that E1 has no direct effect on commercialization performance, but plays a moderating role in the effect of R＆D investment on commercialization of innovation. More specifically, the R＆D expenditure of a finn with high involvement system has a less positive impact on the number of new products, but a more positive effect on the profit of new products.

Investment in research needed to propel innovation

Experts called for more investment in basic research to improve China’s science and technology innovation and accelerate the building of a strong scientific and technology powerhouse.China has already put scientific and technological innovation and self-reliance at the core of its development agenda.The 14th Five-Year Plan(2021-2025),adopted by the country’s top legislature in March,set the goal that R&D spending will increase by more than 7 percent per year during the period.

贵州省R&D经费投入存在问题及对策建议

近年来,贵州省R&D经费投入总量和投入强度持续增长,增速居全国前列,但投入总量在全国排位下降、投入强度与全国水平差距逐步扩大。基于此,从企业、高校院所和政府3个视角,分析制约贵州省R&D经费投入增长的深层次原因,并提出强化企业研发投入主体地位、引导高校院所积极开展研发活动、强化政府引导激励作用等对策建议。

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.

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.

高管股权激励、R&D投入与企业创新绩效

随着市场竞争日益加剧,创新成为企业获得持续竞争的重要来源,越来越多的企业通过增加创新研发投入来促进企业绩效提升,而高管作为企业创新研发投入的决策者起着关键作用。选取2012-2020年我国A股上市公司数据作为样本,运用多元回归和中介模型,就高管股权激励、R&D投入与企业创新绩效的关系以及研发投入的中介作用进行实证研究。结果表明:高管股权激励和R&D投入力度越大,企业创新绩效越好;高管股权激励有利于提高企业的R&D投入,且可通过R&D投入的中介作用来提升企业创新绩效。

中国OFDI不同模式逆向技术溢出效应研究——基于母国技术进步效应的分析

选取2004—2022年全球70个主要经济体数据,基于C-H模型实证检验并比较跨国并购与绿地投资两类对外直接投资模式的母国技术进步效应。结果表明:对外直接投资逆向技术溢出通过创新能力提升、创新产出增长两种机制对母国技术进步产生显著的促进效应,并且跨国并购的逆向技术溢出效果整体上要强于绿地投资;开放程度、技术差距、人力资本等对跨国并购和绿地投资母国创新溢出效应具有正向调节作用。由此,我国企业应在对外投资活动中聚焦技术密集型行业,在适当扩大跨国采购比例的前提下促进两类投资模式均衡发展。