Study On The Impact Of Capital Deepening And Technological Innovation Synergy On The Upgrading Of Industrial Structure

The upgrading of industrial structure is one of the important measures for the high-quality development of China's economy.Under the strategic guidance of accelerating the development of the tertiary industry,China's industrial structure has gradually shifted from the secondary industry-oriented to the tertiary industry-oriented.However,the uncoordinated development of industry,relatively backward technology level,overcapacity,insufficient development of high-end industries,low energy utilization rate,and poor environmental awareness are still the bottlenecks that restrict the continuous optimization and upgrading of China's industry.At the same time,with the acceleration of urbanization and industrialization,China is experiencing the process of accelerated capital formation,that is,the process of capital deepening.The traditional extensive factor-driven development mode of"high-input,high-pollution,low-efficiency,low-tech,low-value-added" is unsustainable,while technological innovation and the technological progress it leads provide new kinetic energy for industrial structure upgrading and high-quality economic development.Therefore,actively guiding capital elements to high-efficiency,high-tech,clean-type enterprises and industries,and to flow to the technology research and development departments will help to bring into play the synergistic advantages of capital deepening and technological innovation,promote technological progress of enterprises and upgrading of industrial structure.Based on this,while absorbing the research results of predecessors,guided by management science,system engineering theory and method,industrial economics and econometrics,combined with the development status of capital deepening,technological innovation and rational,advanced and green extents of industrial structure in China,this dissertation puts forward three scientific problems:(1)What is the impact mechanism of capital deepening and technological innovation synergy on the upgrading of industrial structure?(2)How can the capital deepening and technological innovation synergy at the micro level promote the upgrading of industrial structure through the intermediary effect of technological progress?(3)How to test the spillover dividend of capital deepening and technological innovation synergy at the macro level for upgrading industrial structure?To solve these problems,the main research contents and conclusions of this dissertation are as follows:Firstly,the mechanism analysis of capital deepening and technological innovation synergy affecting the upgrading of industrial structure.By sorting out the mechanism of capital deepening and technological innovation synergy,it is found that only the moderately deepening of capital can exert the "compensation effect" on technological innovation.The "crowding out effect" of excessive capital deepening will be detrimental to technological innovation;By analyzing the mechanism of capital deepening and technological innovation driving the upgrading of industrial structure,we can see that capital deepening and technological innovation synergy with technological progress can overcome the shortcomings of relying solely on capital deepening and play a better role in promoting the rationalization,supererogation and greenization of industrial structure.Secondly,the synergy and its measurement analysis of capital deepening and technological innovation.This dissertation estimates and analyses the capital stock of China's provinces from 1978 to 2017 by using the sustainable inventory method,constructs the index evaluation system of regional technological innovation level from four aspects:R&D investment,enterprise technological innovation,technology transfer and innovation achievements,and calculates the comprehensive index of technological innovation level of provinces from 2006 to 2017 by using the entropy weight method.on this basis,it calculates the coupling coordination degree and interaction term of capital deepening and technological innovation level at the provincial level and enterprise level from the aspects of coupling coordination and linkage symbiosis respectively,so as to evaluate the synergy between them.Thirdly,capital deepening and technological innovation coordinate to promote the upgrading of industrial structure-the test of threshold effect and intermediary effect at the micro level.Based on the panel data of Listed Companies in China from 2011 to 2017,the threshold panel regression technology is used to find that at the enterprise level capital deepening and technological innovation synergy have significant threshold effect on technological progress of enterprises,The insufficient and excessive degree of capital deepening will hinder the synergistic promotion of technological progress of enterprises.Furthermore,the intermediary effect model is constructed to verify the intermediary role of technological progress in the process of capital deepening and technological innovation synergy promoting industrial structure upgrading.Fourthly,capital deepening and technological innovation coordinate to promote the upgrading of industrial structure-analysis of dynamic panel models at the macro level.On the basis of measuring and comparing the rationalization,supererogation,greenization of provincial industrial structure and the comprehensive index of industrial structure upgrading,a dynamic panel data model of the impact of capital deepening and technological innovation synergy on industrial structure upgrading is established.The results of system GMM estimation show that the coordination and symbiosis between capital deepening and technological innovation has played a significant role in promoting the rationalization,supererogation,greenization and overall upgrading of the industrial structure.In the further regional comparative analysis,it is found that the positive impact of the coordinated symbiosis of capital deepening and technological innovation on the upgrading of industrial structure is generally more significant in the eastern and central regions,and even negative correlation appears in the western regions.Fifth,the policy suggestions of capital deepening and technological innovation synergy to promote the upgrading of industrial structure.Three policy references are provided from the government level:to ensure the smooth and pace synergy of the mechanism of capital deepening and technological innovation,to guide the green development of industry,and to optimize the allocation of resources among regions;and another two suggestions are put forward from the enterprise level:to control the scale of capital deepening,to change the way of capital deepening,and to establish a long-term mechanism for technological innovation to realize technological progress of enterprises.The main contributions and innovations of this dissertation are as follows:(1)Breaking through the logical perspective of studying the relationship between capital deepening and industrial structure,technological innovation and industrial structure,using systematic thinking to put capital deepening,technological innovation and upgrading of industrial structure in the same research framework,the dissertation evaluates capital deepening and technological innovation synergy from two aspects of coupling coordination and linkage symbiosis,and analyses in detail the micro and macro mechanism of synergy between them to promote industrial structure upgrading.(2)Based on the concept of green development,the connotation of industrial structure upgrading has been extended,and the greenization has been added to the traditional rationalization and supererogation research areas.From three aspects of energy consumption,pollution emission and environmental protection,the evaluation system of industrial structure greening index is constructed,and the comprehensive green index of the whole country and provinces is calculated by entropy weight method;(3)Combining threshold model with intermediary effect model,dynamic panel model(SYS-GMM estimation)and static panel model,through the empirical study of various models from different perspectives,we find that the capital deepening and technological innovation synergy at the micro level has a positive impact on the upgrading of industrial structure through intermediary effect of technological progress,and there exists an optimal range of capital deepening degree;and at the macro level the synergistic effect of capital deepening and technological innovation on industrial structure upgrading is better than that of the single influence.