| The Twentieth National Congress of the CPC emphasized the core status of innovation in China’s modernization construction,as well as the main status of enterprises in the innovation.Although the innovative ability and status of China’s reform and opening up began with obvious progress,there is still large space for progress.This is because the gain of economic benefits will depend more on the extensive market and the deepening division of labor along with the economic development.But the market segmentation of our enterprises to a certain extent hinders the channel of technological innovation.In April 2022,the CPC Central Committee and The State Council issued opinions on accelerating the building of a unified national market,which clearly set forth requirements such as "opening up key blocking points that restrict the economic cycle and promoting the smooth flow of commodity factors and resources on a wider scale",and set promoting scientific and technological innovation and industrial upgrading as one of the five goals.However,in an economy where market segmentation has existed for nearly 40 years,it is not smooth to carry out market integration construction.Therefore,it is necessary to explore the relationship between market integration and enterprise technological innovation in detail,thus providing reference for Chinese market integration construction.After theoretically analyzing the path of market integration affecting the technological innovation of enterprises,this paper calculates the level of market integration of 30 provinces and cities in China by using the relative price method,and makes an empirical analysis based on the data of Chinese A-share listed companies from 2006 to 2020.In the part of endogeneity test,this paper innovatively constructs the instrumental variable of market integration with the information of provincial officials.The results of this paper show that:(1)There is a significant "U-shaped" relationship between market integration and enterprise technological innovation,this conclusion is robust.By 2020,97% of China’s provinces have crossed the inflection point.(2)The U-shaped relationship between market integration and technological innovation is more obvious in enterprises with high financing constraints,private enterprises and export enterprises,in industries with low monopoly degree and nonhigh-tech industries,and in areas with high intellectual property protection and low economic development level.(3)The construction of instrumental variable based on information of provincial officials meets the relevant requirements,and passes the endogeneity test with the regression method of two-stage least square method.According to the empirical analysis results,the policy suggestions of this paper are as follows:(1)Vigorously promote the process of market integration construction.(2)Local governments and banks should build a fair and efficient lending environment,reduce discrimination against non-local enterprises and non-state-owned enterprises,and encourage domestic sales strategies of export enterprises.(3)Promote the process of market integration vigorously,thus laying the foundation for the "expansion" of Chinese innovation base plate.(4)While building a unified domestic market,the government and all sectors of society should pay attention to the simultaneous construction of intellectual property protection systems.At the same time,market integration rather than market segmentation is an important measure to realize technological progress and promote economic development in backward areas.(5)Sending local officials to work in places other than their native places and places of education experience,as well as promoting the exchange of local officials in other places,can effectively improve the degree of local market integration,and is an important measure for the construction of a unified large market. |
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