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| The Configuration Effect of Sci-tech Financial Investment on Innovation Performance of High-tech Industry: A Fuzzy-set QCA Approach |
| Gu Youjin1,Wang Zhiying2,Guo Tongmei2,3,Chen Hong3 |
| (1.Faculty of Management and Economics,Kunming University of Science and Technology,Kunming 650093,China;2.Department of Economics and Management,Taiyuan Institute of Technology,Taiyuan 030008,China;3.School of Management & Engineering,Shanxi University of Finance and Economics,Taiyuan 030006,China) |
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Abstract High-tech industry is an important force to achieve the innovation-driven development strategy and promote high-quality economic development, and its development cannot be separated from the support of scientific and technological financial investment. S&T financial investment refers to all kinds of capital resources invested in the fields of technological innovation, achievement transformation and industrialization of high-tech industries, and it is an important part of the national scientific and technological innovation system. In reality, with the high regional concentration of high-tech industry, the development of S&T financial investment has not yet been coordinated. It is difficult to increase all kinds of S&T financial investment in a short time. Therefore, in the critical period of innovation-driven and transformational development, it is urgent to figure out how to achieve the innovation performance of high-tech industry by adjusting the investment mix of science and technology finance. Existing studies about innovation performance of high-tech industries neglect the effect of different combinations of factors. In fact, S&T financial investment has the feature of "integration". The government, entrepreneurial institutions, financial institutions and capital market are the important capital suppliers of high-tech industry innovation. Various S&T financial investments are systematic and synergistic, and there will be much greater effects if they are coordinated in influencing the innovation of high-tech industry. Therefore,drawing on configuration theory, this paper deeply explores the synergistic effects of regional financial technology input, venture capital, bank loans, science and technology capital market financing, science and technology insurance on innovation performance of high-tech industry.#br#The research samples of this paper are 30 provinces (municipalities and autonomous regions) in China (Tibet was excluded due to missing data).The study follows the causal analysis strategy that combines necessity analysis and sufficiency analysis, and adopts the qualitative comparative analysis method using fuzzy sets (fsQCA) to explore synergistic mechanisms and improve the innovation performance of high-tech industries. The data are obtained from China Statistical Yearbook, China Statistical Yearbook of Science and Technology, China Statistical Yearbook of High-tech Industry and CSMAR Database in 2019-2020.#br#The research results show that none of the individual variables among regional financial technology input,venture capital, bank loans, science and technology capital market financing, science and technology insurance is a necessary condition to improve the innovation performance of high-tech industries. There are 6 paths to improve innovation performance of high-tech industry. Among them, two paths are configured to take "regional financial technology input + bank loans" as the core conditions, and the rest four are configured to take "venture capital + science and technology capital market financing" as the core conditions. Different configuration indicates that there is a variety ofimplement modes of high-tech industriy’s innovation performance.#br#The contribution of this paper are as follows. Firstly, this paper integrates the five financial input of science and technology to study in depth the mechanism of promoting the innovation performance of high-tech industry. It has deepened the previous research that financial capital significantly promote the high technology industry innovation, and made response to the previous view that "the interaction of innovation factors helps to form the innovation performance of high-tech industries". Secondly, this paper uses the QCA method to reveal the linkage and matching relationship of technology and finance investment in promoting the innovation performance of high-tech industry. It is found that different S&T financial investment in promoting high-tech industry of science and technology innovation performance is highly dependent and correlated, and has a complementary and alternative effect.It answers the question why independent variables depend on each other by the statistical analysis method. The study presents a new approach to couple relationship between the financial input of science and technology, and provides a reference for the study of high-tech industry innovation in the future.#br#
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Received: 14 March 2022
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