Institutional Environment,technological Innovation Cost And High-tech Industry Innovation Performance

With the high-speed growth of Sci.&Tech,the dimension of high-tech industry in China is ever-growing,and its ratio in the economic structure is significantly ascending,which holds an essential position in the process of boosting the promotion of industrial structure and expanding and strengthening the national economy.the level of development of high-tech industry has prove to be one of the crux indicators to assess the standard of national and regional economic development.Therefore,how to enhance the its innovation performance has become the focus of research.However,in the Sci.&Tech R&D project activities,institutional environmental factors make a difference to the innovation performance of high-tech industry such as government intervention,financial development,the level of the rule of law and so on.For the moment,because we are in the transition period of socialist market economy,China and regions are struggling to building the social environment conducive to the development of Sci.&Tech,so the more the government invests in the external environment of the industry,including administrative efficiency,public infrastructure,financial system,rule of law construction,education and training,the smaller the technological innovation cost burden of related industries and enterprises,and the higher their enthusiasm for technological innovation.It is not difficult to find that previous studies lack of analysis of the relevance between institutional circumstance,technological innovation cost and innovation performance from different dimensions,for instance government interposition,financial expansion,the degree of the rule of law,etc.For this reason,this paper attempts to study the effect of three distinct elements of institutional circumstance(government interposition,financial development and degree of the rule of law)on the innovation performance of high-tech industry and the intermediary role of technological innovation cost in the relationship between the two.Based on earlier studies,this article conducts an demonstrative analysis on the relationship between variables and variables by selecting the relevant data of high-tech industry in 29 provinces and cities in China from 2008 to 2016.The demonstrative outcomes state clearly that:(1)government intervention negatively affects innovation performance;(2)financial development positively impacts innovation performance;(3)level of rule of law positively influences innovation performance;(4)government intervention positively impacts technological innovation cost;(5)financial development negatively affects technological innovation cost;(6)level of rule of law negatively influences technological innovation cost;(7)technological innovation cost mediates the relevance between government intervention and innovation performance;(8)technological innovation cost mediates the relevance between financial development and innovation performance;(9)technological innovation cost mediates the relevance between level of rule of law and innovation performance.From the angle of technological innovation cost,this paper studies the relevance between different dimensions of institutional environment and innovation performance of high-tech industry,and deeply analyzes the internal mechanism of technological innovation cost.It is not only helpful to reveal the underlying logic and general laws of technological innovation promoted by institutional environment,but also,it also provides practical research suggestions for the government and society on how to optimize the regional institutional environment,effectively share the cost of industrial innovation,improve the innovation level and performance,and then boost the industry to break through the key core technologies and move to a higher level of development.