The Study On The Development And Its Influencing Factors Of China’s High-Tech Industry

High-tech industries have played an important role in our national economy after25years of development. Knowledge-orientated R&D and technological progress in high-tech industries are important driving forces of China’s economic growth, and they have a significant effect in guiding China’s economic transformation from "investment-driven" to "technology-driven" mode. The high-tech industries which have the characteristics of high added value and high-yield, represent the direction of future industrial development, and also have a positive role to boost the promotion of traditional industries. Developing high-tech industries is one of the important methods to promote economic development scientifically and industrial transformation in the "12th Five-Year" period of China.Based on the industrial economics, this dissertation made empirical researches on high-tech industries’ development and its influencing factors from multiple perspectives of enterprise, industry, provincial, regional and international. The main work and conclusions are as follows:Firstly, by using the quantile regression method to study the various impacts of R&D and human capital factors on the performances of high-tech enterprises, the dissertation produced micro-empirical evidence of the high-tech industrial performance changes.During the period from2009to2010, with the growing consumer demand for new products, high-tech enterprises with good performance invested more funds in R&D activities, which resulted in more significant R&D effects. The impacts of human capital on the performances of high-tech enterprises are uncertain. The quantile regression results show that the impacts of human capital on high-tech enterprises’ performances of all quantiles are not significant, but with the performance improvement of high-tech enterprises, the impacts of human capital, in general, have taken on a gradually growing trend.The asset-liability ratio has always been an important factor which affects the performances of high-tech enterprises. And the impact of asset-liability ratio on the performance of low quantile is less than the performance of high quantile. The decline in asset-liability ratio is conducive to the performance enhancement of China’s high-tech enterprises. From2007to2009, the effects of size factor on all quantile performances are not significant. But size factor exerts a negative effect on the high-tech enterprises’ performance of low quantile. Therefore, the mode of "large and whole" is not suitable for high-tech enterprises in China.Secondly, by specifying dynamic panel data model of two-way spillover effects between foreign-funded enterprises and domestic-funded enterprises in the development of high-tech industries in China, the dissertation measured the direction and extent of foreign-funded enterprises’ spillover effects on output growth of high-tech industry.As for the spillover effects of foreign-funded enterprises on domestic-funded enterprises, from1995to2001, China’s domestic enterprises of high-tech industries did not cross the "threshold" after which foreign investment can play a role, and the spillover effects of foreign-funded enterprises on domestic enterprises were not significant. During the period from2001to2008, the demonstration effects and competition effects of foreign-funded enterprises and the driving effects between industries made foreign-funded enterprises generate positive spillover effects on domestic enterprises. Before2001, compared with foreign-funded enterprises, the basic conditions of domestic companies were relatively poor, and they could not afford impacts on foreign-funded enterprises. The spillover effects of domestic enterprises on foreign-funded enterprises were not significant. With the development of domestic enterprises in high-tech industries, from2001to2008, the domestic enterprises generated negative spillover effects on foreign-funded enterprises. The growing domestic enterprises, which have the comparative advantages such as low cost and the growing research team, are in competition with foreign enterprises in home market.As for interactive adjustment mechanism between domestic enterprises and foreign-funded enterprises in high-tech industries, domestic enterprises were not sensitive to market change before2001, whereas the coefficient of adjustment have been growing larger after2001. This proves that domestic enterprises which have transformed their mode to seize the market demand and market opportunities are growing continuously in the market’s competition. At the same time, foreign enterprises’reaction and adjustment ability to market changes are strong at all stages.Thirdly, by specifying the generalized ordered choice model of development level changes of high-tech industries in all provinces of China, the dissertation studied the main reasons of development differences in high-tech industries in different provinces of China.In comparison, the gradient change of high-tech industries’ development is greater in several provinces in central and western part of China, but the change of gradient in high-tech industries in the eastern region is not obvious. Two main reasons are listed to explain this phenomenon:one is the different impact of regional economic development strategy on high-tech industries’ development, and the other is the promotion by government in central and western region. High-tech industries in eastern region are in a more mature stage of development, and therefore show relatively stable level of development.This dissertation also analyzed the influencing factors of high-tech industries at different levels of development. The results show that in provinces which are at low development level of high-tech industries, the economic development level can restrain the development of high-tech industry in a sense. When high-tech industries grow to a certain extent, they can be influenced by local economic development level. Compared to the level of economic development, the impacts of the level of industries’development on high-tech industries are exactly contrary. With the continuous lifting of the high-tech industries’ gradient, the impact of industrial development on high-tech industries changes from positive to negative. Therefore, the relationship between industrial development and growth of high-tech industries takes on inverted "U"-shaped curve. There are large differences in the effectiveness of R&D expenditures at the different level of development in high-tech industries. In general, as the level of high-tech industrial development enhances, the effectiveness of R&D investment increases gradually. The risk of human capital expenditures and the delay of human capital accumulation lead to the uncertainty of the effects of human capital on the high-tech industrial development.Fourthly, by using spatial panel data model of high-tech industries, the dissertation did researches on the knowledge spillover effects of R&D and the economic spillover effects of output as well as their contribution to output growth in high-tech industries in regions of China.Because of R&D expenditure’s important effect on innovation output and the government’s promotion for the transformation of high-tech industrial achievements, the high-return characteristics of R&D investment in regional high-tech industries have been completely reflected. The accumulation of R&D promotes regional high-tech industrial output growth effectively. R&D spillover effects on peripheral output growth coming from central provinces of high-tech industries are various. The promotion role of high-tech industrial R&D spillover effects on output in the central and western regions of China is much less than their own R&D efforts’ contribution. R&D activities’contributions in the provinces of the Yangtze River Delta region and knowledge spillover effects in these provinces are approximately equal. The R&D factors’aggregation from the periphery to the center in the Pearl River Delta region lead to negative contribution of knowledge spillover.In general, the spatial interactions of the high-tech output of provinces in a region have positive promotion effects mutually. The driving effects of high-tech industrial centers on their related industries in periphery provinces in the Bohai region, northeast region and the western region of China conduce to peripheral output growth. As the center of the Pearl River Delta region, Guangdong province has developed to a sufficiently large scale in high-tech industries. The centrifugal force makes the high-tech industrial production activities and factors of production gradually flow to the peripheral provinces and thus promote the output growth in the Pearl River Delta region. The significant contribution of physical capital and labor to output growth in high-tech industries makes they take on the characteristics of capital-driven and labor-intensive mode. The combination of physical capital and R&D capital promotes the development of high-tech industries. Concerning the characters of low technical content in China’s high-tech products, the demand of the ordinary skilled labor in high-tech industries is also great.Fifthly, by employing a computable general equilibrium model of high-tech industries, the dissertation measured the fiscal policies’effects on the high-tech industrial development, and simulated the transmission mechanism that the government boost the development of high-tech industries and thus promote industrial structure adjustment.In the high-tech industrial output growth, fiscal incentive policies are more effective to promote high-tech industrial added value growth than the tax preference policies. In the internal structure of the high-tech industries, fiscal incentives promote technological progress by increasing R&D spending, while the tax preference policies upgrade the value-added rate of high-tech industries and improve the internal structure of the high-tech industries by substitution effect arising from the decline in comparative price of added value and technological progress resulting from encouragement of factor flows, but the roles of the tax preference policies are more significant.Under the financial incentives, the high-tech industries lead to significant backward effects on raw material industries and producer services, and forward effects on consumer services and equipment manufacturing, and positive influences on promoting the increase in output of agriculture and consumer goods industry. Under tax incentives, although the application of high technology can inspirit the labor-intensive comparative advantage of agriculture and consumer goods industry, the upgrading of the industrial capital factor productivity by the high-tech industries is less than the increase in costs caused by relative factor prices. Therefore, the high-tech industries have negative impacts on added value growth of the raw materials industry, equipment manufacturing and construction industry.Sixthly, based on input-output data of the four countries including China, Japan, the United Kingdom and the United States, the dissertation used the structural decomposition analysis model and non-complete hypothetical extraction method to calculate the contribution of each variable of final demand and added value in these four countries to output change in high-tech industries, and measured correlation effects between high-tech industries and other industries in above-mentioned four countries.The contribution of technological progress to high-tech industrial output in China is far less than other developed countries, but the promoting effect of technological progress is gradually revealed. Contributions of consumption on high-tech industrial output in these four countries are much different. As for the United Kingdom and the United States, consumption is the main driving force of sustainable development of high-tech industries in the two countries. The direction of capital formation change and output change presents a high degree of consistency in high-tech industries in China, Japan, Great Britain and the United States. The comparative advantages of tremendous capital formation and net exports make Chinese high-tech industries retain the obvious characteristic of "investment-driven style". A fact worthy to be pointed out is that the contribution of net exports to high-tech industrial output growth in China is in the situation of outshing others in these four countries. From1995to2005, the profitability of the high-tech industries in general gradually increased in all these countries, but the workers’ pay in the high-tech industries was very different. The high-tech industries in the United Kingdom and the United States maintained a high level of workers’ reward expenditure, while the Chinese high-tech industrial workers’ remuneration was much lower than developed countries.As for backward linkage, the high-tech industries are most closely associated with themselves in these four countries. Compared with developed countries, the Chinese high-tech industries are connected more tightly with equipment manufacturing industry, raw materials industry, services industries, and are showing closer backward linkages with these industries gradually. As for forward connection, the Chinese high-tech industries have a significant role in improving the efficiency of equipment manufacturing, raw materials and consumer goods industry, and their forward connection with producer services is greater than that with the consumer services sector. This phenomenon is largely decided by the fact that China is in the mid-stage of industrialization.The researches on the influencing factors of China’s high-tech industries development as well as the effects of fiscal policy in the high-tech industries are of great significance to the planning of the national high-tech industrial development policy and the promotion of the high-tech industrialization by local governments. Moreover, a correct understanding of the international position of Chinese high-tech industry as well as differences with the high-tech industries in developed countries is not only helpful to determine the development trend of China’s high-tech industry accurately, but also to learn from lessons in the foreign high-tech industrial development. Therefore, that is of important theoretical and practical significance to study on the development and its influencing factors of the high-tech industries in China.