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| Government Competition, R&D Capital Aggregation and Innovation Performance |
| Yang Qing, Yuan Chunhui |
| (School of Economics and Management, Beijing University of Posts and Telecommunications, Beijing 100089,China) |
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Abstract As demographic dividend and capital aggregation space are compressed, innovation has become the crucial driver for economic growth and transformation. In China, local governments show relatively strong intervention over macroeconomy. Government competition may affect the economic development mode and cross regional resource allocation, and it is deeply correlated with the regional innovation capability. Meanwhile, the spatial aggregation of R&D capital is closely related to knowledge spillover and the efficiency of innovation elements allocation, and is an important factor for innovation performance. It has been proved that government competition could have positive and passive impacts on growth. However, the innovation effect of government competition, the mechanism of R&D capital aggregation and the influence of competitive means and spacial interaction are ignored in the existing study. The impact of government competition on R&D capital aggregation is complex, and the characteristics of R&D capital aggregation may change dynamically with the intensifying competition. Will this affect innovation performance? Is there a optimal level and suitable mode of government competition for innovation fermentation? Focused on the dynamic impact of government competition on innovation performance, this study analyzes the level and mode of competition conducive to innovation through the mechanism of R&D capital aggregation.#br#The effect and mechanism of government competition on innovation performance is discussed in the theoretical analysis firstly. Government competition is not onlyconducive to optimizing infrastructure and public services, but also crowds out private economy, aggravates administrative monopoly and degrades the quality of factor allocation. The intensity of government competition may be an important factor for its innovation effect. Moderate government competition is advantageous to innovation efficiency, while excessive competition or insufficient competition may conduct the opposite effect. R&D capital aggregation plays a significant role for the effect of government competition on innovation performance, and it is cohesively linked to that dual influence. #br#Then, the above assumptions are further empirically tested based on the provincial panel data of Chinese Mainland from 1997 to 2019.The relative proportion of government expenditure in regional GDP is used as the proxy variable of government competition, and the total factor productivity of innovation calculated by Malquist Index is selected to measure innovation performance. Firstly, the system GMM method is used to estimate the effect of government competition on innovation performance. Secondly, the impact of government competition intensity is analyzed through the panel threshold model. Spatial interactive items of government competition are also embedded in to distinguish different effects between competition behavior and competition motivation. Thirdly, the relative share of R&D investment in GDP is used to calculate the degree of R&D capital aggregation, and the intermediary variable model is adopted to verify the mechanism of government competition—R&D capital aggregation—innovation performance and its variable effect. The absolute competition variables and three periods lag of government competition are introduced to test the robustness for the above conclusions. Finally, the impact of regional characteristics on the innovation effect of government competition is quantitatively analyzed with the economic development level, financial market development and technology market development as threshold variables.#br#The results show that government competition counts against the improvement of innovation performance, among which the competition in infrastructure construction and social security are negatively related to innovation performance at the significance level of 0.05, while the competition in public service has no significant impact. There is a threshold effect of government competition on innovation performance. Specifically, government competition has an inverted U-shaped impact on R&D capital aggregation, and R&D capital aggregation performs a threshold effect on innovation performance. Only with moderate competition can government competition be most conducive to R&D capital aggregation, and thus offset its negative impact on innovation and elevate innovation efficiency; it requires both the environment of moderate competitive motivation and the moderate competitive behavior. In this dataset, most samples are represented as insufficient competition, but the robustness study using absolute competition variables shows that competition homogeneity is also an important factor for insufficient competition. Moreover, regional characteristics can also indirectly influence the innovation effect of government competition through the mechanism of R&D capital aggregation. Therefore, governments should fully promote the development of industries with regional characteristics , optimize the top-level layout of innovative industries and implement differentiated competition strategies.#br#
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Received: 29 August 2022
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