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Driving Forces Deconstruction of Green Technology Innovation from a Spatial Perspective: Policy Push and Market Pull |
Liu Yunqiang1,Shao Xiaoyu1,Liu Sha1,Ran Ruiping1,2 |
(1.School of Management, Sichuan Agricultural University;2.Sichuan Center for Rural Development Research, Chengdu 611130,China) |
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Abstract In the past decades, China has maintained high economic growth. However, the problems of increasing resource consumption and environmental pollution have posed a threat to sustainable economic and social development. Green technology innovation is conducive to economic growth, resource conservation and environmental protection, and has become one of the core concerns of the government and scholars. Since green technology has double externalities and its supply and market demand are low and unbalanced. It not only involves market factors to stimulate enterprises to invest in green technology innovation, but also calls for environmental policy support to make up for market failure and promote green technology innovation. Considering the existence of agglomeration diffusion effect and knowledge spillover effect between the regions, this paper conducted an in-depth study on environmental policies and market factors driving regional green technology innovation with the consideration of the impact of spatial spillover effect.#br# Based on the derivation of theoretical formulas and Chinese provincial panel data from 1997 -2019, this study empirically analyzed the impact of environmental policies, market factors and their spatial spillover effects on regional green technology innovation using a dynamic spatial panel model from the perspective of policy promotion and market pull. Robustness tests were conducted by replacing the spatial weight matrix and variable measures, and endogeneity was addressed by using variables with a one-period lag as well as the air circulation coefficient as an instrumental variable. Further heterogeneity analysis was conducted by region and time period, and the mediating effect of innovation inputs was examined.#br#The results show that there is a U-shape effect of environmental policy on local green technology innovation and a positive spillover effect on neighboring areas through the demonstration-imitation mechanism, and market factors play a significant role in promoting green technology innovation in both local and neighboring areas. This finding remains valid after changing the measurement indicators and using instrumental variables. Further study finds that the effects of environmental policies and market factors on green technology innovation show significant spatial and temporal heterogeneity. In 1997-2007 and 2008-2019, environmental policies had a U-shape effect on green technology innovation, and also showed positive spillover effects on neighboring regions. The sloppy economic development approach from 1997-2007 led to a decline rather than a rise in green market demand, and the changes in market factors were in the opposite direction of green technology innovation, while by 2008-2019 it showed that market factors were pulling the regional green technology innovation. Furthermore, the analysis of the mediating effect show that innovation inputs play a partial mediating role between environmental policy and green technology innovation, and between market factors and green technology innovation. In particular, environmental policy inhibits regional innovation inputs through the cost compliance effect, which is detrimental to regional green technology innovation, while the innovation compensation effect of environmental policy is not achieved by changing innovation inputs.#br#Unlike previous literature, this paper firstly investigated the effect of environmental policy and market factors jointly on green technology innovation from a regional level perspective, which also made it possible to examine the spatial spillover effects of green technology innovation and its drivers. Secondly, unlike previous studies that used a single indicator to reflect market factors, this study constructed a composite indicator of market factors in order to more accurately evaluate the effect of market factors on regional green technology innovation. Finally, the regional and time period differentiated effects of green technology innovation drivers were explored, and the influence mechanisms of environmental policies and market factors on regional green technology innovation were tapped, providing ideas for achieving the overall improvement and coordinated development of green technology innovation level.#br#It is suggested for local governments to use a combination of environmental regulation measures in their continuous exploration, and advanced regions should play a demonstration role so that surrounding regions with similar resource endowments can imitate and quickly introduce appropriate environmental policies. Second, green consumption should be stimulated to enhance the vitality of the green product market. Finally, regional differentiated green technology innovation driving policies should be implemented and the spatial spillover effect of green technology innovation should be given full play to realize regional synergistic green technology innovation.#br#
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Received: 21 September 2021
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