The influence of collaborative innovation among technology, institution and finance on China’s economic growth

Abstract

This paper constructs a model of collaborative innovation among technology, institution and finance to measure the synergy degree of 29 provinces and cities. Official provincial-level panel data from 2011-2017 for 29 provinces are utilized. We find that there is a great difference in the synergy degree among differenregions because of the uneven distribution of financial resources in the region. Then the synergy degree of 29 provinces and cities in China is regarded as an important variable in the fixed-effects model. The primary finding is that the degree of collaborative innovation among technology, institution and finance can positively affect China’s economic growth. If the degree of collaborative innovation increase by 1%, and the GDP per capita will also increase by about 0.009%-0.016%. However, the domestic loan index of real estate enterprises has a negative impact on the per capita GDP. Then we get the conclusion that collaborative innovation will be effective for China’s high-quality economic growth and suggest that government should use macro control to reduce capital’s preference for real estate investment especially by strengthening direct financial innovation to support technological innovation.