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| The Impact of Regional Technology Market on Innovation |
| Zhuang Ziyin1,DuanSimiao2 |
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Abstract This paper goes into the impact of technology market on innovation with the provincial panel data of China from 2002 to 2015.We also study the synergy between regional R&D environment and innovation.Firstly, we construct GMM model and conduct detailed robustness test, and find that the technology market has a significant impact on innovation when controlling the factors such as physical capital, human capital, institutional factors, R&D investment, FDI, foreign trade, marketization degree and etc, and has the hugest impact on invention patent.Secondly, through interaction test and threshold regression, we find that R&D material capital and human capital have two thresholds to the technology market.Crossing each threshold will increase the marginal innovation output of the technical market.Thirdly, there is an optimal scope of intellectual property protection, when technology markets’ effect is the greatest.Beyond this range, the elasticity of technology markets’ influence on innovation tends to decrease.Finally, we calculate the contribution rate of technology market.We find that only in developed technology market, the contribution rate of technology markets to invention patent is the greatest.In conclusion, it is necessary to speed up the technology market development in China.Besides, it is a wise choice to improve regional research and development environment according to local conditions.
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| Fund:国家社会科学基金重大招标项目（13&ZD020）；国家自然科学基金项目（71273201）；湖北省软科学重点项目（2017ADC010） |
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