Summary:
In this paper, we theoretically analyze the mechanism through which China's market-oriented reform has affected the development of industrial technology.The two-step SYS-GMM method is used to test the influence of marketization on the industrial technological progress in China based on the industrial marketization index and 1995-2014 panel data on the high-tech industry. A recursive model is also used to explore the transmission mechanism of how marketization affects the development of industrial technology. On this basis, this paper explores the impact of five features of marketization, and uses the product-term method to examine whether marketization has different effects on industries with different technological characteristics. This paper makes three important findings. First, marketization is found to greatly promote the development of China's high-tech industry, and the promotion effect is enhanced after China's accession to the WTO. Marketization is also found to promote technical progress through the mechanisms of improving the efficiency of capital allocation, increasing investment in R&D, and promoting the diffusion of technologies. Second, the five features of industrial marketization are found to have different effects on technological development, with institutional improvement having the most significant impact, followed by the development of the non-state-owned economy, the development of product markets and factor market, and finally the relationship between the government and the market. Third, marketization has heterogeneous effects on industries with different technological characteristics, with the greatest effect being on industries with high technological intensity. This paper makes the following contributions. First, this paper is the first to explore the effects of marketization on the development of China's high-tech industries using the industry market-oriented index. Second, using a recursive model, this paper explores the ways in which marketization affects the development of industrial technology, such as by improving the efficiency of capital allocation, increasing the investment in R&D, and enhancing the diffusion of technology. The findings in this area deepen our understanding of the basic laws of how marketization affects industrial technological progress. Third, the five features of marketization are found to have different effects on technological progress, and marketization is found to have different effects on industries with different technological characteristics. Thus, this paper enriches the research on the relationship between marketization and technological progress. To a certain extent, this paper clarifies the important role that marketization plays in driving the development of industrial technology. In addition, the results of this paper can serve as a reference for policy makers seeking to promote China's ongoing marketization and the development of the high-tech industries. The findings of this paper have the following policy implications. First, to promote the development of high-tech industry, it is necessary to coordinate marketization with the policies on industrial-science-and-technology and industrial development. Moreover, as the marketization process advances, greater focus should be placed on industries with a lower degree of marketization. Second, to effectively promote the development of industrial technology, the marketization process needs to be coordinated with policies on improving the capital efficiency, R&D, and technology trading. Third, the government needs to promote the reform of the five features of marketization according to their degree of influence and progress, place greater emphasis on the factor market, and improve the relationship between the government and the market.
戴魁早, 刘友金. 市场化改革能推进产业技术进步吗？——中国高技术产业的经验证据[J]. 金融研究, 2020, 476(2): 71-90.
DAI Kuizao, LIU Youjin. Can Market-oriented Reforms Promote the Development of Industrial Technology？ Empirical Evidence from China's High-tech Industries. Journal of Financial Research, 2020, 476(2): 71-90.
Acemoglu D., Griffith R., Aghion P., and F. Zilibotti, 2007, “Vertical Integration and Technology: Theory and Evidence”, Journal of the European Economic Association, Vol.8(8):989~1033.
[33]
Aghion P., and P. Howitt, 1992, “A Model of Growth Through Creative Destruction”,Econometrica,Vol.60, (2):323~351.
[34]
Baumol, William J., 2002, The Free Mmarket Innovation Machine-Analyzing the Growth Miracle of Capitalism, Princeton University Press.
[35]
Coe, David T., and Helpman, Elhanan, 1995, “International R&D Spillovers”, European Economic Review, Vol.39(5):859~887.
[36]
Costinot, A., 2009, “On the Origins of Comparative Advantage”, Journal of International Economics, Vol.77(2):255~264.
[37]
Grossman G. M., and E. Helpman, 1991, “Quality Ladders in the Theory of Growth”,The Review of Economic Studies, Vol.58(1):43~61.
[38]
Jefferson, Gary H., Bai Huamao, Guan Xiaojing, and Yu Xiaoyun, 2006, “R&D Performance in Chinese Industry”, Economics of Innovation and New Technology, Vol.15(4):2~13.
[39]
Qian Yingyi, Xu Chenggang,1998, “Innovation and Bureaucracy Under Soft and Hard Budget Constraints”, Review of Economic Studies, Vol.65 (1):151~164.
