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| The Non-linear Impact of the Business Enviornment on the High-quality Development of China's Provincial Economy:Considering the Moderating Effect of Dual Innovation |
| Qian Li,WeiYuanyuan,Xiao Renqiao |
| （School of Business Administration, Anhui University of Finance & Economics, Bengbu 233030,China） |
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Abstract The report of the 19th National Congress of the Communist Party of China clearly pointed out that China's economy has shifted from high-speed growth to high-quality development which aims to solve the contradiction between the growing material and cultural needs of the people and the unbalanced and insufficient development. In the new era, business environment can improve the level of international competitiveness, and becomes an important means to promote high-quality development. Traditional research focuses on the relationship between business environment and economic growth, there are few studies on the impact of business environment on high-quality economic development, and even less research on the analysis from a nonlinear perspective. Whether the impact of the business environment on high-quality development is mediated by other technical factors requires further study.#br# This paper focuses on the effect of business environment on China's high-quality economic development and its context of effect, and incorporates business environment, ambidextrous innovation and high-quality economic development into a unified research framework. Firstly, based on the four dimensions of marketization, facilitation, rule of law, and internationalization, an evaluation index system of China's provincial business environment has been constructed, using China's inter-provincial panel data from 2012 to 2019, and empirically analyzes the nonlinear impact of business environment on high-quality development in China's economy, and explore the moderating effects of explorative innovation and exploitative innovation in the relationship between business environment and high-quality economic development.#br#The results show that business environment has a nonlinear impact on high-quality development. It is a U-shaped relationship that declines first and then rises. At present, most of eastern provinces and some provinces in a few western regions have passed the turning point，and the rest of the provinces are on the left side of the turning point. So the level of business environment in the central and western regions needs to be improved greatly. Furthermore ambidextrous innovation plays a positive role in the U-shaped relationship between business environment and high-quality development. When the level of explorative innovation is higher, U-shaped curve becomes steeper and causes the curve's inflection point to appear earlier. When the level of exploitative innovation is higher, U-shaped curve becomes steeper and causes the curve's inflection point to appear later. In addition, this paper uses the alternative measurement indicators of ambidextrous innovation and the robustness test based on different dimensions of the business environment, and obtains similar conclusions. This study finds a significant U-shaped relationship between business environment and high-quality economic development, it breaks through the limitations of the existing literature on the assumption of a simple linear relationship between business environment and high-quality economic development, and enriches the research on the relationship between business environment and high-quality economic development. In addition, this paper also discusses the moderating effect of ambidextrous innovation between the business environment and high-quality economic development, so as to clarify the boundary conditions for the impact of business environment on high-quality economic development, maximize the promotion effect of the business environment, and enrich the research on the relationship among business environment, ambidextrous innovation and high-quality economic development.#br#The following practical suggestions are proposed. (1) The government needs to continue to take means such as decentralization, supervision and service, properly handle the relationship with the market and society, reduce institutional transaction costs in the process of production and operation, and provide a more convenient business environment for enterprises. (2) The institutional business environment should be the focus of optimization, and we should improve the level of two-way investment, attach importance to opening to the outside world, strengthen international trade, and promote high-quality economic development in my country. (3) The government needs to create a good innovation atmosphere, and provide more policy support and subsidy incentives for technology-based SMEs, provide strong support for the establishment of enterprise innovation chain, industrial chain and capital chain, continuously improve the level of ambidextrous innovation of enterprises, especially strengthen explorative innovation to break through technical bottlenecks, and promote high-quality economic development in China.#br#
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Received: 26 July 2021
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