Research On Innovation Efficiency Of High-tech Industries Based On The Perspective Of Innovation Value Chain

Technological innovation refers to the application of innovative knowledge,new technologies,processes and tools,implementation of new production methods and management models that improve firm's products and services,occupy the market and realize market value finally.In order to improve enterprise's innovation ability,governments often increase enterprise's R&D investment,reduce the cost and risk of R&D activities by R&D subsidies,tax incentives,financial support and other policy tools.According to previous research on innovation efficiency,we found that R&D investments in different stages have important influence on innovation efficiency in enterprise's innovation process.However,in today's highly competitive global market,to gain competitive advantage,enterprise does not only require higher levels of internal R&D capabilities,but has the ability to integrate internal and external resources,which in turn maintain enterprise's competitive advantage.Given the context of the development of high-tech industries has widely been one of the new economies' major schemes,it is urge to use transition economy's data to explore the relationships between technology development,technology transformation and innovation efficiency.Using relevant data on Chinese high-tech industry,we examined the influence factors of innovation efficiency from multiple perspectives,such as heterogeneity in high-tech industry and types of enterprises.Specifically,based on the previous study,we empirically analyzed the influence factors of innovation efficiency in different innovation stages.In this paper,we selected the different influence factors of innovation efficiency in technology development stage and technology transformation stage,and the stochastic frontier model and method are applied to explore how these factor affect the innovation performance of China's high-tech industry.Furthermore,we deeply explored the above relationships among 17 high-tech industries and in different types of enterprises.Based on the results,we put forward feasible suggestions to improve the innovation efficiency of China's high-tech industry.In this study,we have gotten some conclusions,which is listed as following:Firstly,our results indicate that the innovation efficiency of high-tech industries rapidly improved in the past decade.However,government grants partly crowd out private R&D,it is found that government grants exert a negative influence on innovation efficiency of high-tech industries.However,the impact of private R&D funding is significant and positive.Furthermore,when the high-tech industries are grouped into five sub-industries,the results show that government grants had different effects on the innovation in each sub-industry.Specifically,the analytical results suggest that government grants have a positive effect on the innovation of the medicine and aircraft space craft sub-industries,and cast negative effects on the electronic and communication equipment,computer and office equipment,and medical equipment and measuring instrument sub-industries.Secondly,due to the difference in industries' characteristic and contexts,government grants have different roles on innovation efficiency among industries.Moreover,enterprise's R&D investment and financial institution loans have positive and significant effect on innovation efficiency in each sub-sector.It indicates that enterprises,as the main body of innovation,have paid more attention to their own innovation investment,and use outside funds from financial institutions to improve their innovation ability.Furthermore,the R&D capital stock and R&D personnel full time equivalent have significant and positive impact on the five sub-industries'innovation efficiency.Thirdly,from the perspective of different stages of the technology transformation phase.The impact of foreign technology transfer,domestic technology transfer,and technical renovation for the promotion innovation efficiency of high-tech industry are different.First,the cost of technical renovation in the entire high-tech industry is higher than the cost of foreign technology transfer,domestic technology transfer in the tendency of technology acquisition mode.For domestic enterprises,more emphasis on the purchase of domestic technology and technical renovation in order to promote innovation capability.For foreign-funded enterprises,they tend to purchase foreign technology rather than domestic technology and technical renovation;Second,different technology acquisition modes have different impact of high-tech innovation efficiency.Foreign technology transfer has a positive effect on the innovation efficiency of domestic and foreign enterprises,while the purchase of domestic technology has a negative impact on innovation efficiency.In addition,due to the process of industrial upgrading of high-tech industries,further research is needed for the effect of technical renovation.Finally,according to the empirical results of this study,we can get the policy suggestions to promote the innovation efficiency of China's high-tech industry.It needs to establish and improve the incentive mechanism of innovative talent,which may play the subjective initiative and creativity of the researchers.Moreover,governments and enterprises should promote the efficiency of technology introduction and absorption,and gain competitive advantage from foreign advanced technology.Furthermore,it is worthy of noting that the IPR protection is still a major concern in China,governments there should enforce IPR protection laws and regulations to protect patent owners and reinforce the incentives of incumbents to invest in R&D and generate new knowledge.