Study On Institution Arrangements Of Technological Innovation Affecting Firm Level Domestic Value Added In Export

Since the reform and opening up,China has successfully embedded the global value chain by relying on the advantage of labor factor endowment,but in the international division of labor system dominated by developed countries,China is still in the middle and low end of the value chain.And increasingly face the "low-end lock" risk.In the context of global value chain division of labor,although global production division is conducive to promoting specialized division of labor and improving the efficiency of resource allocation,the prevalence of intermediate trade leads to the fact that the total value of exports can not fully reflect the actual benefits of a country's participation in international trade.Technological innovation is not only conducive to improving the export competitiveness of enterprises,but also promotes the domestic value added rate of China's exports and the extension of China's manufacturing industry to high value chain.Knowledge spillover and information asymmetry will lead to insufficient R&D investment and external financing constraints.System arrangement of tax incentive and credit financing established by the government can make up for the market failure and play an important role in the technological innovation of high-tech enterprises in China.Based on China Industrial Firms Database and China Customs Import and Export Database,this paper measures domestic value added rate in export,and further examines the changing trend of the domestic added value rate of enterprise's exports.By comparing the changing trend of domestic value increase rate of enterprises with different technology level and different development stage,it can be found that it is different from the rising trend of domestic value added rate of high-tech enterprises and high-growth enterprises,domestic value added rate of high-tech enterprises and gazelle enterprises is decreasing.The recognition policy of high-tech enterprises is an important institutional innovation for the government to encourage enterprises to increase R&D investment and the transformation of scientific and technological achievements.Through the establishment of a system arrangement combining qualification recognition and tax relief,the innovation of enterprises is encouraged.Based on the quasi-natural experiment of high-tech enterprise identification policy,the paper uses the combined data of China Industrial Firms Database and China Customs Import and Export Database,and adopts the method of Difference-in-Differences to investigate the influence of high-tech enterprise identification on the domestic value added rate of enterprise's export.It is found that high-tech enterprises have a negative effect on the domestic value added rate of enterprise's export in the short term;It is found that high-tech enterprises have a positive effect on the addition rate of enterprises,but also reduce the relative share of domestic intermediates and imported intermediates,and the negative effect in the total effect is relatively larger,therefore,high-tech enterprises identification policy generally show a negative effect on domestic value increase rate.In view of the important influence of intellectual property protection and import competition on firm innovation,Difference-in-Difference-in-Differences method is used to explore the role of intellectual property protection and import competition.It is found that intellectual property protection and import competition are beneficial to alleviate the negative effect of high-tech enterprises on the domestic value added rate of enterprises.Based on the investigation of the relationship between intermediate use and innovation,it is found that there is a U-shaped relationship between the relative share of domestic intermediate and imported intermediate and the innovative output,which indicates that the use of domestic intermediate and imported intermediate may have a process of conversion.High growth enterprises have a high dependence on external financing,but because the financing channels are relatively single,enterprises are faced with serious R&D financing constraints,Zhongguancun Science and Technology Park took the lead in implementing the Gazelle Project.Through the establishment of credit evaluation and guarantee loan system,it is helpful to solve the demand for external financing.Based on the quasi-natural experiment of the Gazelle Project,the paper investigates the effect of Gazelle Project on the domestic value added rate of enterprise's export by using the Difference-in-Differences method.It is found that the Gazelle Project has a negative impact on the domestic value added rate of enterprise's export during the sample period.From the influence channel and mechanism,Gazelle Project can improve the availability of credit funds and ease the financing constraints of enterprises,and Gazelle Project can affect the domestic value added rate of enterprise's export mainly by reducing the relative share of domestic intermediate investment;In view of the fact that the difference of financing cost may affect the investment of enterprises in innovation,the relationship between selected Gazelle Project,financing cost and domestic added value rate of enterprise's export is further studied by using Difference-in-Difference-in-Differences model.The negative impact of selected Gazelle Project on the domestic added value rate of enterprises with higher financing costs is greater.Throughout the industrial revolution,all from scientific and technological innovation,into financial innovation.In order to promote the practice of technology and financial innovation in areas with dense technology and financial resources,government has made a system arrangement to promote the combination of technology and finance.Through the construction of Difference-in-Differences model,the effect of influencing the domestic added value rate of enterprise export is identified by causality.It is found that the promotion the combination of technology and finance pilot can promote the domestic value added rate of enterprise's export,the conclusion of this paper remain robust after controlling for similar policy shocks,selecting control areas with high technology and financial resources,controlling the impact of trade liberalization,controlling industry time trends and conducting placebo tests;Heterogeneity analysis based on Difference-in-Difference-in-Differences model shows that the promotion the combination of technology and finance has a more significant impact on on the domestic value increase rate of enterprise's export with non-state-owned enterprises,as well as enterprises with government subsidies,lower financing costs and higher competition in industry markets;The test of mechanism shows that promoting the combination of technology and finance is beneficial to alleviate the external capital constraints of enterprises,so as to promote the domestic added value rate of enterprise's export.This paper deepens the research on the influence of institutional arrangements of technological innovation on the domestic value added rate of enterprise's exports,and obtains constructive policy suggestions: China should further improve the system design of technological innovation and strengthen the construction of external environment of innovation;encourage the transformation of scientific and technological achievements and enhance the scientific and technological content of new products;accelerate the research and development of intermediate inputs and promote the use of domestic intermediate products;deepen the innovative practice of technology and finance and driving pilot areas to give play to the role of demonstration.