Study On The Cointegration Of The Relationship Between High-tech Industries And Economic Growth Based On Panel Data

The rapid development of high-tech industries, making it is becoming more and more important in the world economy, has become the world countries’strategy for the commanding heights of contention, and its level of development is directly related to the competitive position of a country or a region in the world economy. Therefore, to develop high-tech industries vigorously is becoming an important measure of developing the economic for countries in the world.With the rapid development of our country’high-tech industries, the contribution rate of the high-tech industries to the national economy is growing increasingly significant influences.Therefore, studying the relationship between high-tech industries and economic growth is very meaningful to promote the high-tech industrial development and economic growth. From the level of individual provinces and based on the two angles of high-tech industries’ innovation and sci-tech investment, this paper uses the panel cointegration theory to study the relationship between high-tech industries and economic growth, and expects to provide recommendations for the development of high-tech industries, so as to promote our country’overall economic growth.The detailed contents are as follows:(1) Describe the background and significance of the topics, introduce the main content and studying methods of the paper, review the research status and the underlying theory, and introduce the main content of the panel data cointegration theory.(2) Introduce the development process and the status quo of our country’ high-tech industries, and intend to select the related indicators of economic growth and high-tech industries. Selection of the GDP to measure economic growth, and according to the theory of economic growth to define the high-tech industries from the two angles of innovation and sci-tech investment. Use high-tech industries’added value and new product output and number of patent applications and digestion and absorption of expenditures to measure the innovation of high-tech industries, and use high-tech industries’R&D persons and internal expenditures on R&D funding and introduction of technology expenditures to measure the sci-tech investment of high-tech industries. According to the indicators to be selected, this paper proposes the conceptual model of relationship between the high-tech industries and economic growth, and through the theoretical analysis, this paper puts forward the relations assume between innovation and sci-tech investment of high-tech industries and economic growth.(3) Select15years sample data of our28provinces to analysis the relationships between the innovation and the sci-tech investment of high-tech industries and economic growth based on cointegration theory. The conclusions are:there are cointegration between added value and new product output and number of patent applications of high-tech industries and economic growth, and there exists positive correlation between the three of high-tech industries and economic growth, which are long-term equilibrium relationship, indicating that strengthen the innovation of high-tech industries to promote economic growth, and the underlying assumptions have been verified; there are cointegration between R&D persons and internal expenditures on R&D funding of high-tech industries and economic growth, and there exists positive correlation between the two of high-tech industries and economic growth, which are long-term equilibrium relationship, indicating that increase the sci-tech investment of high-tech industries to promote economic growth, and the underlying assumptions also have been verified. In addition, the innovation and the sci-tech investment of high-tech industries on economic growth have regional differences. Finally, this paper proposes several suggestions to enhance the innovation capability of high-tech industries and to increase sci-tech investment of high-tech industries.