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Keywords

digital economy; regional innovation efficiency; impact mechanism; foreign trade; market competition

Abstract

Scientific and technological innovation is conducive to improving the efficiency of factor allocation and resource utilization, and is the driving force for China to continuously enhance its core competitiveness in the international arena. As of 2023, China’s global innovation index ranking has risen from 34th place in 2012 to 12th place. However, compared with developed countries in the world, China’s innovation level still needs to be further improved. According to the theory of innovation economics, technological revolutions usually give birth to new production factors. The data factor is the product of the digital technology revolution, which can create synergies with other production factors and drive the industry to achieve disruptive innovation. In order to effectively improve the quality of innovation and help build an innovative power, this paper collects Chinese provincial panel data from 2011 to 2020 to study the mechanism of digital economy development to improve innovation efficiency at the regional level. Firstly, this paper uses entropy method and stochastic frontier analysis method to calculate the digital economy development index and regional innovation efficiency of each province respectively. Secondly, a fixed-effect model is constructed to empirically test whether digital economy development can improve regional innovation efficiency by fixing provinces and years at the same time. In response to this conclusion, robustness tests, endogeneity tests, and heterogeneity tests will be conducted sequentially. Once again, this article constructs a mediating effect model based on stepwise regression methods to empirically test whether the development of digital economy can promote China’s foreign trade, and subsequently enhance regional innovation efficiency. Finally, a moderating effect model is established to empirically examine how the degree of market competition moderates the effect of digital economy development on regional innovation efficiency. The research findings are as follows: The development of digital economy can significantly promote the improvement of regional innovation efficiency, with variations in the effects of digital economy development on innovation efficiency observed across different regions. According to the results of the grouped regression, digital economy in eastern and western China significantly enhances innovation efficiency, however, the correlation and degree of impact are higher in the eastern region, while the central region shows no significant effect. Foreign trade has a positive mediating effect in the relationship between digital economy development and the enhancement of regional innovation efficiency. The results of the mediation effect test indicate that the development of digital economy can effectively increase Chinese level of foreign trade, thereby improving regional innovation efficiency. Market competition demonstrates a considerable moderating effect on the enhancement of regional innovation efficiency through the development of digital economy. Based on the results of the regulatory effect test, it can be observed that in regions with a lower level of market competition, the promotion of digital economy development on innovation efficiency is greater. According to the aforementioned conclusions, the policy implications of this study are as follows: focus on the quality of digital economy development and fully exploit the dividends of digital innovation, strengthen the regulation of digital platforms and enhance the quality of foreign trade, implement antitrust policies and create a comprehensive market competition system.

DOI

10.16315/j.stm.2024.04.008

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