Can the Construction of Social Credit System Enhance Regional Digital Technology Innovation Level:A Quasi-natural Experiment from the China's Social Credit System Demonstration Area
Digital technology innovation is the key driver of the digital economy's development.However,there remains a paucity of systematic research examining the influence of social credit in the digital economy era on the level of regional digital technology innovation.This study,based on the quasi-natural experiment background of China's social credit system demonstration zones and using panel data from 279 cities in mainland China,empirically tests the impact of the construction of the social credit system on the level of regional digital technology innovation and its mechanism of action.The study reveals the following findings:First,the establishment of the social credit system significantly enhances the level of regional digital technology innovation.Second,the mechanisms facilitating digital technology innovation through the construction of the social credit system encompass attracting venture capital,enhancing intellectual property protection,augmenting digital transformation requirements,and optimizing the market environment.Third,the promotional effect of the construction of social credit system is more pronounced in regions characterized by high population mobility,low general trust levels,and heightened policy uncertainty,and it tends to bolster substantial digital innovation.This study not only enriches the research on factors affecting digital technology innovation from the perspective of informal institutions,verifying the positive role of social credit on regional digital technology innovation,but also provides theoretical and practical guidance for policy-making.
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