Research On The Impact Of R&D Investment And Institutional Capital On Regional Economic Growth In Henan Province

In recent years,China's economic development has entered a new normal.The speed of economic growth has changed from high-speed growth to medium-high-speed growth.The mode of economic growth has also changed from factor-driven to innovation-driven.Innovation has become the first driving force for regional economic growth.Henan Province is a large population province and agricultural province in the central region.Its economy is changing from traditional agriculture to emerging industry.In the process of changing the mode of economic development,research and development funds and research and development personnel investment play an important role in enhancing regional innovation capability.Regional economic growth is not only driven by innovation,but also plays a key role.Institution is the top-level design of innovation,which can provide an efficient environment and institutional guarantee for innovation.Therefore,this paper studies the influence of R&D investment and institutional capital on the regional economic growth of Henan Province,which is of great significance to optimize the allocation of R&D investment resources and improve the regional institutional environment,thus promoting the regional economic growth of Henan Province.Through theoretical analysis and empirical analysis,this paper has deeply studied the influence of R&D investment and institutional capital on the regional economic growth in Henan Province.In the theoretical analysis part,this paper defines the concepts of R&D investment,institutional capital and regional economic growth by analyzing the existing literature.From the perspective of economy,the regional institutional capital is divided into four dimensions: geographical capital,educational capital,legal capital and political capital.Then,the relationship between R&D investment and regional economic growth,the relationship between institutional capital and regional economic growth,and the role of institutional capital in the relationship between R&D investment and regional economic growth arediscussed respectively,and corresponding research assumptions are put forward.In the empirical part,this paper uses the panel data of 18 prefecture-level cities in Henan province from 2009 to 2018,and on the basis of variance expansion factor test,stationarity test and hausman test,uses hierarchical regression analysis method to empirically analyze the impact of research and development investment and institutional capital on the regional economic growth in Henan province and examines the role of institutional capital in the relationship between research and development investment and regional economic growth.Finally,the sensitivity of the empirical analysis results is tested by replacing proxy variables.The test results show that the empirical analysis results are robust.The empirical results show that: first,increasing investment in research and development funds can significantly promote regional economic growth,while a large amount of investment in research and development personnel cannot significantly promote regional economic growth.Second,the regional geo-capital,education capital,legal capital and political capital have significant positive effects on the regional economic growth in Henan Province.Third,regional geo-capital,educational capital and political capital have significant moderating effects on R&D investment and regional economic growth,while regional legal capital has no moderating effect on R&D investment and regional economic growth.Finally,according to the conclusion of the study,this paper puts forward policy suggestions for the regional economic growth in Henan Province from the aspects of rational allocation of research and development investment resources and optimization of regional institutional environment.