Research On The Influence Of R&D Investment And Institutional Capital On Innovation Output

At present,the world economy is undergoing profound changes unseen in a century.The revival of China and the decline of the United States are becoming an irresistible trend.Faced with this situation,Western capitalist countries led by Europe and the United States have increased the level of blockade of my country’s core and key technologies.Facing the problem of "stuck neck",only by continuously enhancing my country’s independent R&D and innovation capabilities,and mastering the right to speak in science and technology,can we be in an invincible position.The 14 th Five-Year Plan pointed out that to optimize the economic layout in the region,it is necessary to support the main agricultural production areas,key ecological function areas,and energy resource-rich areas as support,and combine with the power source areas to jointly create a high-quality development power system.In the process of my country’s economic transformation and upgrading,the Qinba Mountains region can only continuously improve its own scientific research and innovation capabilities,take industrial development and regional innovation as the basis,and constantly build a system suitable for scientific and technological innovation,and promote the transformation of R&D investment into innovation output with the greatest efficiency,in order to help regional economic development.Therefore,starting from the two dimensions of R&D investment and system,the impact mechanism of the two on innovation output is discussed.This has certain theoretical and practical value for the industrial transformation of Qinba Mountains and the improvement of innovative output capacity.This paper firstly sorts out the relevant theories of R&D investment,institutional capital and regional innovation output,puts forward the research hypothesis of this paper on the basis of previous research results,and conducts empirical design and analysis accordingly.This paper takes 31 prefecture-level cities along the Qinba Mountains as specific research objects,and studies the following aspects from the perspective of R&D investment and institutional capital:First,by using the three-stage data envelopment analysis method(DEA model),the efficiency value of regional R&D investment to innovation output in various cities in the Qinba Mountains from2012 to 2019 was measured in detail;The second is to discuss in detail the impact of institutional capital on innovation output and innovation efficiency;The third is to expand the research on the impact of institutional capital on innovation output.On the one hand,the heterogeneity analysis of five provinces is carried out.The impact of institutional capital on innovation output.Based on the panel data of 31 prefecture-level cities in the Qinba Mountains region from 2012 to 2019,this paper empirically analyzes the influence mechanism among R&D investment,institutional capital and innovation output.The results show that both R&D investment and formal institutional capital in the Qinba Mountains area have a greater impact on innovation output and innovation efficiency to varying degrees;among them,the efficiency of R&D investment on R&D output in 2019 is mostly diminishing returns to scale stage;Formal institutional capital in the region has a negative inhibitory effect on innovation output,while informal institutional capital has a positive promoting effect on innovation output.In the extended analysis,on the one hand,it is found that institutional capital has different effects on different provinces.As far as formal institutional capital is concerned,the formal institutional capital of Sichuan,Shaanxi and Henan provinces has a positive effect on innovation output.The formal institutional capital in Gansu and Hubei provinces has a negative effect on innovation output.As far as informal institutional capital is concerned,in Shaanxi,Hubei and Henan provinces,the increase in the amount of foreign direct investment promotes the output of innovations,the innovation output of Sichuan and Gansu provinces will decrease with the increase of foreign direct investment.In Sichuan,Shaanxi and Hubei provinces,the non-public economy has a positive role in promoting innovation output,while the non-public economy in Henan and Gansu provinces has a negative inhibitory effect on innovation output.On the other hand,whether it is formal institutional capital or informal institutional capital,the regression coefficients of innovation low-efficiency areas are higher than those of high-efficiency areas.That is to say,institutional capital will have a greater promotion effect in low-efficiency areas,while the promotion effect of institutional capital in high-efficiency areas is relatively weak.Finally,in order to prevent the endogeneity problem between the data,the empirical conclusion is still established after using the instrumental variable test method.According to the research conclusions,in order to continuously improve the efficiency value of transforming innovation output and R&D investment into innovation output in the Qinba Mountains region,and achieve high-quality development,it is necessary to improve the regional formal system,local characteristic industries,industrial clustering,brand building,etc.Make a series of recommendations.