An Empirical Study Of Technological Innovation And Economic Growth In Shandong Province

Along with the development of social economy,the mode of the traditional extensive economic growth is no longer the main way of economic growth in modern society,technological innovation to drive economic growth has become the main power to promote the development of national economy and regional economy,therefore,the region's economic development depends largely on the level of technological innovation.As an important part of China's eastern coastal province,Shandong is near Bohai and yellow sea,it has an unique geographical advantage,the economic development of Shandong province has achieved more outstanding achievements in recent years,the regional GDP has increased from 495.335 billion yuan in 1995 to 6700.819 billion yuan in 2016.But the rapid development of economy mainly depends on largely investment of natural resources and labor,in this way it will not only hinder the economic growth but also can cause resources and environmental problems.Therefore,Shandong province must accelerate the transformation of economic growth pattern to achieve the goal of driving economic growth with technological innovation.Shandong province should improve the level of regional technological innovation to promote the rapid growth of regional economy.On the basis of the endogenous economic growth theory and the new economic growth theory,this article firstly studies the role of technological innovation in economic growth.After sorting out and analyzing domestic and foreign literatures,relevant measurement indexes are respectively selected from two aspects of technical innovation input and output,and the technical innovation input indexes include R&D funds and personnel input,the number of educational enrollment,the expenditure of technological introduction and transformation,etc.Technological innovation output indicators include important scientific and technological achievements,number of patent applications and authorizations,turnover of technology market,etc.Combined with the transformation of the old and new energy mechanisms,the article respectively analyzes from the perspective of technological innovation input and output,and studies their respective action mechanisms on economic growth.Secondly,it analyzes the current situation of technological innovation and economic growth in Shandong Province from the input and outputof technological innovation,and on this basis,it analyzes the correlation between technological innovation and economic growth.Thirdly,the article makes an empirical study on the economic growth of Shandong Province from the input and output of technological innovation respectively.At the same time,in order to verify whether the technological innovation input can promote the output and thus indirectly promote the economic growth,an empirical study is conducted on the input and output of technological innovation.The article selects the relevant time series data of technological innovation and economic growth from 1995 to 2016.Using the stationarity test,it is concluded that there is a stationary sequence between the relevant variables of technological innovation input,output and economic growth.By using the co-integration test,it is concluded that there is a long-term equilibrium relationship between technological innovation input,output and economic growth.Through factor analysis,the comprehensive index F of technological innovation input and the index P of technological innovation output are obtained.On the basis of verifying the stability of VAR model,IRF analysis is carried out on F and GDP,F and P respectively.Finally,it is concluded that there is a sensitive dynamic relationship between technological innovation input and economic growth in Shandong Province,in the short term,the change of technological innovation input will drive the change of GDP,and in the long term,the impact will eventually reach a stable state.Similarly,technological innovation input will also have an impact on technological innovation output,in the short term,changes in technological innovation input will drive changes in technological output,and the impact will eventually reach a stable state in the long time.Finally,according to the results of empirical analysis,combined with the problems existing in the current development of technological innovation in Shandong Province,in order to further promote the economic growth,countermeasures and suggestions are put forward.This paper focuses on the study of the relationship between technological innovation and economic growth in Shandong province,respectively from the perspective of innovation input and output.In this paper,we mainly use comparative analysis,stationarity test,co-integration test,Granger test and factor analysis and IRF analysis.Finally,it is concluded that the technological innovation input and output have a long-term equilibrium relationship with economic growth,and can directly promote economic growth.At the same time,thetechnological innovation input can promote the output of technological innovation and indirectly promote economic growth.Through impulse response function analysis,it is concluded that there is a sensitive dynamic relationship between technological innovation input and economic growth,and technological innovation input and technological innovation output.In the short term,changes in technological innovation input will drive changes in GDP and technological innovation output,and the impact will eventually reach a stable state in the long time.At the same time,according to the empirical results and the problems existing in technological innovation and economic growth in Shandong Province,the following countermeasures and suggestions are put forward:(1)attach importance to the input of scientific research funds and personnel and increase the input of scientific research funds and personnel;(2)improve the level of education and increase the number of people educated;(3)improve the transformation efficiency between the input and output of technological innovation;(4)balance various technical expenditures and improve the utilization rate of technology.