Venture Capital,Innovation Value Chain,and Integrated Economic Development——From the Perspective of the Integration of the Real Economy and the Digital Economy
Based on the panel data of 30 provinces,cities and autonomous regions in China(excluding Hong Kong,Macao,Taiwan and Xizang)from 2013 to 2022,this paper uses the composite system synergy model,panel data fixed effect model,intermediary effect model and other models to investigate the mecha-nism of venture capital on the integrated development of the digital economy and the real economy.The re-sults show that at the national level,venture capital can significantly improve the level of integration and development between the digital economy and the real economy.The intermediary effect between the ba-sic research and development stage of the innovation value chain and the technology achievement transfor-mation stage is positive,and both show complete intermediary effects.Regional heterogeneity shows that the intensity of the impact of venture capital on the integration and development of the digital economy and the real economy is ranked as"East>West>Central",and the intermediary effect of the two-stage inno-vation value chain in the three major economic belts is significantly positive.Therefore,the government should increase policy support for the field of venture capital,guide quasi policies according to regional characteristics,carry out differentiated"innovation value chain"development strategies according to local conditions,and promote the integration and development of the digital economy and the real economy.
venture capitalinnovation value chaindigital real integration
NETL
NSTL
万方数据
