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| Research on Innovation Spillover Effect Driven by Market Demand Factors |
| Dong Penggang1,2,Shi Yaobo2 |
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Abstract Market demand is the internal source of technological innovation. However, the existing research does not include product market and technology market in the analysis of the improvement of innovation capability. As a result, the existing research cannot comprehensively reflect the influence of market demand on innovation activities. Based on the theoretical model that derives the correlation between market demand and innovation, the panel data of 30 provinces in China from 2004 to 2016 are used to test the impacts of the market demand factors on the R&D investment and innovation efficiency in terms of the quantity and quality of innovation activities. The results are as follows: firstly, the domestic market demand not only significantly stimulates the R&D investment intensity, but also improves innovation efficiency, so the cultivation of domestic market demand improves both the quantity and quality of the innovation activities; secondly, the impact of export trade on R&D investment is not obvious, but it is significantly conducive to the improvement of innovation efficiency; thirdly, the import trade and technology trading market attenuate both the quantity and quality of innovation activities, so they are the main factors hindering the effectiveness of market innovation and attention should be attached to neutralizing the two negative factors; fourthly, at present, China's innovation activities are still driven by capital and the investment of human capital in R&D is high, but its contribution is relatively limited. The above research provides an important basis for China to adopt differentiated demand stimulus policies to enhance regional innovation capabilities in the new era.
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