The Impact of the Digital Economy on Innovation: New Evidence from Panel Threshold Model
Abstract
:1. Introduction
2. Literature Review
2.1. Measurement of Digital Economy
2.2. Measure of Innovation
2.3. The Impact of Digital Economy on Innovation
2.4. Panel Threshold Model
3. Hypothesis Development
- The development of the digital economy enriches the innovation elements. Under the support of the digital economy infrastructure and digital economy industry, more and more economic activities are transformed from a traditional economy to a digital economy, which promotes the rise in the digital economy application level. The rise in the digital economy application level generates massive data, and these massive data can be quickly transferred to the innovation subject through the digital economy infrastructure and digital economy industry support. Through the sifting, processing, and mining of data, these data are transformed into important resources for scientific and technological innovation and become new production factors, which further enrich the innovation elements.
- The digital economy makes innovation tools digital. With the development of the digital economy, such as the Internet of things, artificial intelligence, 5G, and metaverse, innovation subjects can rely on advanced digital technologies to carry out innovation activities. At the same time, information flow, capital flow, and technology flow are transmitted in a digital way, which improves the efficiency of innovation.
- The digital economy has eliminated the spatial and temporal distance of innovation subjects. With the evolution of the digital economy, an innovation network is established among innovation subjects, innovation resources and innovation elements are shared, and the goal of collaborative development and rift innovation integration among innovation subjects is realized. In this way, the R & D cycle is shortened, the R & D efficiency and resource allocation efficiency are improved, and the innovation efficiency is improved. Digital technology enhances the ability of the innovation subject to obtain real-time information and reduces the communication cost, information search cost, negotiation cost, and time cost, thereby reducing the innovation cost.
- The growth of the digital economy has optimized the environment for innovation. The digital economy has given birth to the explosive growth of data. The rapid growth of massive data has put forward new requirements for economic activities, changed the development concept, products and services, business models, industrial forms, and factor allocation, and thoroughly optimized the internal and external environment of innovation, thus promoting the innovation level.
4. Method
4.1. Digital Economy Development Level
4.1.1. Index Selection
4.1.2. Indicator Weight Determination
4.2. Model
4.3. Variables
4.4. Data Sources
5. Results and Discussion
5.1. The Overall Level of China’s Digital Economy
5.2. The Development Level of China’s Digital Economy Different Dimensions
5.3. Threshold Existence Test
5.4. Estimation of Threshold Value
5.5. Analysis of Threshold Regression Results
5.6. Endogeneity Discussion and Robustness Tests
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Number | Level Indicators | Secondary Indicators |
---|---|---|
1 | Digital economy infrastructure | Number of Internet broadband access ports |
2 | Internet broadband access users | |
3 | Mobile phone switch capacity | |
4 | Number of business outlets | |
5 | Length of long-distance optical cable line | |
6 | Digital economy industrial support | Total amount of telecom business |
7 | Revenue from software products | |
8 | Number of software enterprises | |
9 | Software business revenue | |
10 | Number of websites per 100 enterprises | |
11 | Digital economy application level | Express business volume |
12 | E-commerce purchase amount | |
13 | Sales volume of e-commerce | |
14 | Number of enterprises with e-commerce transaction activities | |
15 | Express business income |
Variables | Meaning | |
---|---|---|
Dependent variable | Innovation level | The index system of innovation level is constructed, and the innovation index is calculated |
Core explanatory variable | Digital economy development level | The index system of digital economy development level is constructed, and the digital economy development level index is calculated |
Control variables | R & D personnel input | The full-time equivalent of R & D personnel |
R & D capital input | The expenditure of R & D funds | |
Economic development level | The per capita GDP | |
Human capital reserve | The average number of students per 100,000 population of ordinary colleges and universities | |
Threshold variables | Industrial structure | The proportion of added value of tertiary industry in GDP |
Urbanization level | The proportion of urban population |
Threshold Variables | Model | F Value | p-Value | Critical Value | ||
---|---|---|---|---|---|---|
10% | 5% | 1% | ||||
Industrial structure | Single threshold | 152.110 | 0.000 | 32.898 | 40.953 | 67.854 |
Double threshold | 62.360 | 0.000 | 23.375 | 30.322 | 56.086 | |
Urbanization level | Single threshold | 152.520 | 0.000 | 34.695 | 53.669 | 66.895 |
Double threshold | 23.600 | 0.164 | 61.593 | 155.626 | 233.600 |
Threshold Variables | Model | Estimate of Threshold | 95% Confidence Interval |
---|---|---|---|
Industrial structure | Single threshold | 54.500 | [53.995–54.800] |
Double threshold | 52.400 | [52.300–52.460] | |
Urbanization level | Single threshold | 70.610 | [70.000–70.700] |
Variables | (1) | (2) |
---|---|---|
Threshold variable | Industrial structure | Urbanization level |
Zone 0 | 0.083 *** | 0.120 *** |
(0.009) | (0.009) | |
Zone 1 | 0.112 *** | 0.176 *** |
(0.008) | (0.007) | |
Zone 2 | 0.161 *** | |
(0.006) | ||
Constant term | 0.025 | 0.045 |
(0.035) | (0.039) | |
Control variables | Controlled | Controlled |
observations | 210 | 210 |
R2 | 0.912 | 0.885 |
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Xu, J.; Li, W. The Impact of the Digital Economy on Innovation: New Evidence from Panel Threshold Model. Sustainability 2022, 14, 15028. https://doi.org/10.3390/su142215028
Xu J, Li W. The Impact of the Digital Economy on Innovation: New Evidence from Panel Threshold Model. Sustainability. 2022; 14(22):15028. https://doi.org/10.3390/su142215028
Chicago/Turabian StyleXu, Jianing, and Weidong Li. 2022. "The Impact of the Digital Economy on Innovation: New Evidence from Panel Threshold Model" Sustainability 14, no. 22: 15028. https://doi.org/10.3390/su142215028