| Based on the theories of innovation economics, industrial economics and econometrics, the research focuses on the efficiency of technical innovation of China’s high-tech industry. The research combines the methods of normative research and empirical research, and finally come to some conclusion with a certain theoretical value and practical significance.First, based on the development of technical innovation theory and market structure theory, analysis of the effect mechanism of market structure on technical innovation and the impact of different types of market structure on technical innovation were provided. Secondly, analysis of the mechanism intellectual property risks initiated by externality and the impact of intellectual property risks on technical innovation were provided based on the externality theory of knowledge. On the basis of theoretical analysis, the technical innovation efficiency of China’s high-tech industry was estimated, and the impact of market structure and intellectual property risks on technical innovation efficiency was analyzed. Specifically, the empirical study is divided into two stages:In the first stage, using the stochastic frontier analysis approach to estimated the technical innovation efficiency and differences of the industry with panel data of China’s high-tech industry during the period of2004to2010. And then the impact of market structure and intellectual property risks on technical innovation efficiency was analyzed by invalid function. In the second stage, on the basis of the empirical results of the first-stage, the relationship between technical innovation efficiency and economic performance was empirically tested using multiple regression method of panel data model. The main conclusions are as follows.(1) Overall, Efficiency of technical innovation of China’s high-tech industry shows an increasing trend in recent years but still faces technical innovation inefficient. Among all the input elements of investment in technical innovation, R&D expenditure has the largest contribution to innovation output. It shows that innovation output of China’s high-tech industry is funding-pull. And there is serious inefficiency of investment in R&D personnel, showing that it is far failed to discover the creative potential of the researchers, the efficiency of investments in scientific and technological personnel should be vigorously raised. In addition, in order to fully reflect China’s high-tech industrial technical innovation activities, this research is the first one which carried out the evaluation of imitative innovation efficiency of the high-tech industry. The results show that the technology acquisition expenditure on technical innovation output elasticity is significantly positive, indicating that imitative innovation activity is at a certain efficiency level, but it should be raised in the future.(2) There are significant differences among different sectors of the high-tech industry in terms of technical innovation efficiency and inefficiency is generally existed in most secotrs. Manufacture of intired computer and manufacture of computer peripheral equipment have the highest average technical efficiency. Biological, manufacture of biochemical products, manufacture of medical equipment and appliances, manufacture of finished traditional Chinese herbal medicine have the lowest technical efficiency. It shows that, because of the scale of investment in research and development and R&D activities have a certain economy of scale, IT industry has higher technical efficiency. While, biological, manufacture of biochemical products, manufacture of medical equipment and appliances, manufacture of finished traditional Chinese herbal medicine belongs to a particular technology industry which have narrow range of applications, so the market demand in these sectors is not strong enough. In addition, the results show that high R&D investment industry does not have significant efficiency advantages.(3) The degree of competition in the market and technical innovation efficiency is negatively correlated, indicating that the more monopoly in market structure, the more helpful for the upgrade of efficiency of the high-tech industrial technology innovation. Schumpeter hypothes was verified. Now the average scale of China’s high-tech industry and market concentration is relatively low. High-tech insdustry have not yet entered the innovation phase of Schumpeter Mark Ⅱ. So, the technical innovation capability should be increased based on the introduction, digestion and absorption of technology and form their own technological advantages. Expand the scale and improve market concentration through market selection, in order to establish high concentration of market structure that different from the government-led mode. (4) The intellectual property risks and technical innovation efficiency is negatively correlated, indicating that the higher the intellectual property risks, the lower the efficiency of the high-tech industrial technical innovation. Industry scale and efficiency of technical innovation is positively correlated. The Schumpeter hypothesis about the relationship between size and innovation was verified.(5) Technical innovation efficiency has a significant positive impact on business performance (profitability) in high-tech industry. So, raising the efficiency of technical innovation is the inevitable choice for improving the efficiency of resource allocation and the industry operating performance and profitability for high-tech industry.Finally, based on the empirical results, some policy recommendations to promote technical innovation capability of China’s high-tech industry were proposed. |
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