Domestic Value Chain and Enterprise Technological Innovation
Promoting innovation based on the domestic cycle is the key for China to achieve high-quality economic development,which is important for achieving Chinese modernization.This pa-per explores the driving force of enterprise technological innovation from the perspective of the do-mestic value chain.By making use of the data of A-share listed enterprises in Shanghai and Shenzhen stock exchanges and the inter-regional input-output tables of China in 2012,2015 and 2017,it empir-ically analyzes the influencing mechanism of participating in the national value chain on enterprise technological innovation and the moderating effect of digital finance on the innovation driving effect of participating in the national value chain.The findings show that participating in the upstream and downstream of the domestic value chain can generate a significant innovation driving effect,which can promote enterprise technological innovation;and the results are still robust after a series of en-dogenous tests and robustness tests.The heterogeneity analysis reveals that the promotion effect of participating in the domestic value chain on enterprise technological innovation is more obvious in the non-state-owned enterprises,in the central and western regions,and in the high-tech industries.The mechanism test shows that the increase in national value chain participation can ease financial con-straints effectively and optimize the allocation of resources among regions,industries and within the industries,thereby stimulating the innovation vitality of enterprises.In addition,the development of digital finance can amplify the innovation driving effect generated by participating in the national val-ue chain.Therefore,it is necessary to perfect the domestic circulation system,optimize the financial service system and the allocation of resources,and promote the in-depth digital finance development,so as to achieve the innovation development of enterprises.
domestic value chainenterprise technological innovationresource allocationdigital finance
万方数据
维普
