Research On The Impact Of R&D Capital Factor Market Distortion On Green Innovation Efficiency

Innovation is an important driving force for China’s high-quality economic development.At the same time,environmental protection is urgent.The improvement of green innovation efficiency is of great significance to China’s economic and social development.However,there are distortions in the R&D capital factor market,resulting in low efficiency of R&D capital allocation.So what is the impact of R&D capital market distortion on green innovation efficiency and how much this impact is worth further study.Under the current development background,it is necessary to explore and analyze the distortion of R&D capital factor market on the loss of green innovation efficiency.Based on the data of 30 provincial administrative regions(excluding Tibet)in China from 2004 to 2019,this thesis constructs a Super-SBM-Windows-DEA model to calculate the green innovation efficiency of each province.The output elasticity of R&D capital measured by the LSDV method is used to calculate the distortion index of R&D capital factor market,and then the panel fixed effect model and the system GMM model are constructed to analyze the impact of R&D capital factor market distortion on green innovation efficiency from the static and dynamic aspects.The quantile regression is used to study the differences in the impact of R&D capital factor market distortion on green innovation efficiency at different quantile conditions.Further,this paper analyzes the heterogeneous impact of R&D capital market distortion on green innovation efficiency from two stages of R&D capital allocation and interest rate liberalization reform.And the robustness test is carried out by using the panel Tobit model and changing the green innovation efficiency index.Finally,using the counterfactual test method to measure and analyze the green innovation efficiency loss gap and proportion of R&D capital factor market distortion.It is found that whether using OLS,FE model or system GMM model,R&D capital factor market distortions significantly inhibit green innovation efficiency,and this inhibitory effect is regionally different.From low points to high points,the inhibitory effect of R&D capital factor market distortion is gradually enhanced with the improvement of green innovation efficiency.System GMM estimation results show that green innovation efficiency has a certain cumulative.For every 1 unit increase in R&D capital factor market distortions,green innovation efficiency averages 0.028.The distortion of R&D capital factor market makes capital allocation inefficient and hinders the improvement of green innovation efficiency.Excessive R&D capital allocation and insufficient R&D capital allocation will have a significant inhibitory effect on green innovation efficiency,compared with insufficient R&D capital allocation.After the implementation of interest rate liberalization reform in 2013,the negative effect of R&D capital factor market distortion on green innovation efficiency decreased.The counterfactual test results show that the gap of green innovation efficiency loss in the national R&D capital factor market is 0.264 on average.After eliminating the distortion of the R&D capital factor market,the proportion of green innovation efficiency loss will decrease by 38.713%on average.The average loss gap of green innovation efficiency in China ’s provinces is positive,and there are large regional differences in the loss gap and proportion of green innovation efficiency caused by the distortion of R&D capital market...