The Impact Of Factor Price Distortion On Innovation Performance In China's High-Tech Industry

At present,China is facing major challenges,such as slow economic growth,industrial restructuring and upgrading,and the downturn in the real economy.In the face of the current situation,the 19 th National Congress of the Communist Party of China has already proposed to lead the development of China's economy through technological innovation.And emphasize that innovation is the first driving force for development.As soon as possible,we will build our country into an innovative country.In this context,the development and innovation performance of high-tech industries determine whether China can become a global leader in high-end technology.However,in this industry,whether the price of capital and labor factor resources is distorted will have a serious impact on the allocation of resources.Not only is it not conducive to the operation of the enterprise,but it will also have a far-reaching impact on the innovation investment and output of the enterprise.Therefore,exploring the internal influence mechanism of factor price distortion on enterprise innovation,and then finding a way to improve the innovation performance of enterprises,is crucial to the development of China's high-tech industry.After combing the relevant literature on factor market distortion and enterprise innovation,this paper measures the price distortion of the core index elements based on the Cobb Douglas production function.On the other hand,through the collection and compilation of calculated data,statistical analysis of the development status and innovation activities of high-tech industries.Then,learn to draw on the relevant theoretical results of the existing literature.Combining the characteristics of high-tech industries,the paper analyzes the logical relationship between capital factor price distortion and labor factor price distortion and innovation performance.Form the theoretical concept of this article and propose five hypotheses.Finally,for the hypothesis proposed in the previous section,research design,construction model,empirical analysis,and robustness test.The main conclusions are as follows:(1)China's high-tech industry is in the stage of increasing returns to scale.And in this industry,the marginal output of capital elements is gradually decreasing,and the marginal output of labor factors is gradually rising;(2)The price distortions of capital and labor factors in various provinces and cities have been negatively distorted over the years.The price distortion of capital elements is gradually becoming smaller,and the price distortion of labor factor is different in different regions;(3)Price distortion of capital factor and price distortion of labor factor have a significant inhibitory effect on innovation performance;(4)The ownership structure and venture capital in the high-tech industry have played a significant role in regulating.The ownership structure will strengthen the inhibitory effect of capital and labor factor price distortions on innovation performance.Venture capital can alleviate the inhibition of innovation of performance by price distortion of capital elements;(5)There is a significant positive linear relationship between the capital stock and the level of openness and the innovation performance of high-tech industries,while the relationship between human capital level and per capita GDP and innovation performance is not significant.Finally,combined with the results of this paper,the following policy recommendations are proposed:(1)Reduce interventions in the allocation of factor resources and promote the free flow of factor resources;(2)High-tech industries should pay attention to personnel training and increase efforts to introduce talents;(3)Reduce financing barriers and highlight the role of venture capital.