The Impact Of "New Infrastructure" On The Innovation Efficiency Of High-tech Industries

With global economic growth slowing and downward pressure on our economic development due to the New Crown epidemic and the unstable international political and economic landscape,the 2021 Central Economic Work Conference stated,"At present,China’s economic development is under pressure in three areas: demand contraction,supply shocks and weakening expectations." How to unblock the blockages that hinder our economic development,achieve high-quality development of our economy and make our country occupy an important international competitive position in this unprecedented change of the century is imminent.Placing new infrastructure development(hereinafter referred to as "new infrastructure")in a more prominent position is not only a strong source of power to promote the implementation of China’s innovation-driven development strategy,but also a key initiative to promote China’s high-quality economic development.As an important engine for China’s high quality economic development,the high-tech industry has an irreplaceable role and value for the long-term healthy development of China’s economy.Therefore,it is important to clarify the current situation of China’s "new infrastructure" and the development of high-tech industries,and to analyze the paths through which the current "new infrastructure" in China affects the innovation efficiency of high-tech industries,in order to promote the transformation of regional innovation achievements,optimize the upgrading of industrial structures,and thus achieve high-quality development of China’s economy.Based on the research on "new infrastructure" and innovation efficiency of hightech industries conducted by domestic and foreign scholars,this thesis systematically investigates the mechanism of "new infrastructure" affecting innovation efficiency of high-tech industries through a combination of theoretical and empirical approaches using panel data of 30 provinces,municipalities directly under the Central Government and autonomous regions(hereinafter referred to as "provinces")in China from 2011 to 2020.Firstly,the mechanism of the impact of the "new infrastructure" on the innovation efficiency of high-tech industries is systematically explained,taking into account the theories of technological innovation,efficiency,economic growth and externalities;secondly,on the basis of constructing and measuring the index system of China’s "new infrastructure" level and innovation efficiency of high-tech industry,we analyze the regional differences and spatial and temporal evolution characteristics of the innovation efficiency of "new infrastructure" and high-tech industry;subsequently,the direct impact,indirect impact,threshold effect and spatial spillover mechanisms of the "new infrastructure" on the innovation efficiency of high-tech industries were examined and analyzed through benchmark regression,intermediary effect,threshold effect and spatial Durbin’s model;finally,based on the above analysis,suggestions are made for rational planning and coordinated promotion of the "new infrastructure",improving the study of its impact on the innovation efficiency of high-tech industries,and promoting the achievement of high-quality economic development in China.The conclusions show that:(1)From the perspective of "new infrastructure",China’s "new infrastructure" is at a relatively low level,but on the whole,it shows a stable upward trend,and there are significant phase characteristics;from the perspective of innovation efficiency of high-tech industry,generally speaking,the innovation efficiency of high-tech industry in China shows a fluctuating upward trend,and shows the regional difference of "East > Central > West".(2)From the baseline regression model,it is found that the "new infrastructure" can significantly contribute to the innovation efficiency of high-tech industries,and this holds true under a series of robustness tests,while this promotion effect shows significant heterogeneity across regions and dimensions.(3)The mediating effect model found that regional innovation has a partial mediating effect in the process of "new infrastructure" affecting the innovation efficiency of high-tech industries,i.e.,"new infrastructure" can enhance the innovation efficiency of high-tech industries by promoting regional innovation.(4)From the threshold effect model,it is found that there is a single threshold effect based on the optimization of industrial structure when acting on the "new infrastructure".After crossing the corresponding threshold,i.e.,when the industrial structure becomes more rationalized or advanced,the "new infrastructure" can significantly promote the innovation efficiency of high-tech industries.(5)From the spatial Durbin model,it is found that there is a strong spillover effect of "new infrastructure" on the innovation efficiency of high-tech industries,i.e.,"new infrastructure" can significantly promote the innovation efficiency of high-tech industries in neighboring provinces,and this promotion effect is greater than its promotion effect on the innovation efficiency of high-tech industries in the province itself.Finally,based on the above empirical findings,this thesis proposes specific countermeasures to improve the level of "new infrastructure",promote the transformation of regional innovation achievements,accelerate the adjustment and optimization of industrial structure and build a "new infrastructure" network system.