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| Can the Digital Economy Drive the Development of China's Technology Market? An Empirical Analysis Based on the Provincial Panel Data |
| Zhang Lin1,Lu Daofen1,2,Wei Zhuangyu1 |
| (1.School of Economics, Guangxi University, Nanning 530004, China;2. Faculty of Humanities,Arts and Design, Guangxi University of Science and Technology, Liuzhou 545006, China) |
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Abstract As an important component of the innovation system, the technology market plays an important role in promoting the division of labor and technology diffusion in innovation. However, the development of China's technology market is severely lagging behind. China's technology market accounts for a relatively low proportion of the global technology market, and it also lags far behind the domestic product market and capital market. In stark contrast, China's digital economy is in rapid development, which has transcended industrial, economical and traditional value chains at the macro and overall levels with a disruptive impact. Then the issue of whether the digital economy can stimulate the development of the technology market deserves in-depth study. Therefore, this paper systematically sorts out the comprehensive impacts and mechanism of the digital economy on the technology market, and conducts empirical demonstrations, enriching the theoretical and empirical research on the digital economy and technology market.#br#The technology market is a comprehensive market system with the participation of technology suppliers, technology demanders, technology market intermediaries and governments at all levels, with technology transactions as the core. Therefore, the digital economy has a comprehensive positive impact on the technology market by stimulating technology suppliers, technology demanders, technology market intermediaries, and various technology market entities at all levels of government to better perform their functions. Specifically, the digital economy has changed the way and process of innovation, accelerated the creation, diffusion and accumulation of knowledge, and increased the supply and demand of technological innovation on both the supply and demand sides of technology; the platform effect based on digital technology has enhanced the ability of technology intermediaries to shape and serve the market, thereby creating more possibilities for technology transactions; digital technology also provides good technical support for governments at all levels to carry out market supervision, which can promote the healthy and orderly operation of the technology market and provide a guarantee for the sustainable development of the technology market. In terms of the action mechanism, the digital economy can alleviate the financial tension between the supply and demand sides of technology, and promote R&D by improving the level of marketization and the development of the technology market by improving the efficiency of regional innovation.#br#By selecting the panel data of 30 provinces in China from 2011 to 2020, this study adopts two methods of differential GMM and system GMM to conduct empirical tests. It is verifies that the digital economy has a great impact on technology no matter if it is a benchmark regression or a robustness test. The regression results of market development are all significantly positive, indicating that the digital economy has a significant role in promoting the development of the technology market. Furthermore the promotion effect of the digital economy on the technology market shows differences in different regions and types of technology markets. Specifically, the promotion effect of the digital economy on the development of the technology market in the eastern region is significantly stronger than that in the underdeveloped regions in the central and western regions, indicating that the promotion effect of the economy on the technology market will become stronger as the two continue to develop, because both the digital economy and the technology market in the eastern region have developed better; in addition, compared with the technology-exporting market, the promotion of the technology-imported market is greater, indicating that the development of the digital economy also brings good development prospects to the technology-imported regions where the development of the technology market is relatively backward. In addition,the empirical test based on the intermediary effect model confirms that the digital economy does have a significant positive impact on the development of the technology market by improving the level of financial development, marketization, and regional innovation efficiency. The intensity of the intermediary effect decreases with the levels of financial development, regional innovation and marketization level.#br#The overall findings suggest that the government should promote the integration of digital economy and financial industry, and improve the financing efficiency of technological innovation entities; it is necessary to strengthen the support of digital technology for market technology construction,and promote the effective matching of technology supply and demand as well as the supply and demand of technology in the technology market.#br#
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Received: 01 May 2022
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