In the current“dual circulation”development paradigm,science and technology finance provides strong support for breaking the low-end lock-in of China's manufacturing sector within the global value chain.Utilizin...In the current“dual circulation”development paradigm,science and technology finance provides strong support for breaking the low-end lock-in of China's manufacturing sector within the global value chain.Utilizing provincial panel data from China covering the period from 2011 to 2021,this study empirically examines the impact of science and technology finance on the upgrading of the manufacturing value chain from the perspective of technology transfer.The findings indicate that science and technology finance can promote the upgrading of the manufacturing value chain,with this promoting effect exhibiting regional and source heterogeneity.For one thing,the impact of science and technology finance on value chain upgrading is notably significant in Chinese eastern regions.For another,science and technology finance inputs from venture capital institutions,capital markets,and enterprises significantly drive the upgrading of the manufacturing value chain.In terms of the impact mechanism,technology transfer plays a partial mediating role in the process by which science and technology finance promotes the upgrading of the manufacturing value chain;however,the mediating effect of technology transfer varies based on the source of science and technology finance input.Furthermore,the promoting effect of science and technology finance on the upgrading of the manufacturing value chain also displays nonlinear characteristics,becoming more pronounced when the level of technology transfer surpasses a certain threshold.展开更多
基金supported by a major project of the National Social Science Fund of China(No.17AJY002)a science and technology innovation project of Capital University of Economics and Business(No.2023KJCX087).
文摘In the current“dual circulation”development paradigm,science and technology finance provides strong support for breaking the low-end lock-in of China's manufacturing sector within the global value chain.Utilizing provincial panel data from China covering the period from 2011 to 2021,this study empirically examines the impact of science and technology finance on the upgrading of the manufacturing value chain from the perspective of technology transfer.The findings indicate that science and technology finance can promote the upgrading of the manufacturing value chain,with this promoting effect exhibiting regional and source heterogeneity.For one thing,the impact of science and technology finance on value chain upgrading is notably significant in Chinese eastern regions.For another,science and technology finance inputs from venture capital institutions,capital markets,and enterprises significantly drive the upgrading of the manufacturing value chain.In terms of the impact mechanism,technology transfer plays a partial mediating role in the process by which science and technology finance promotes the upgrading of the manufacturing value chain;however,the mediating effect of technology transfer varies based on the source of science and technology finance input.Furthermore,the promoting effect of science and technology finance on the upgrading of the manufacturing value chain also displays nonlinear characteristics,becoming more pronounced when the level of technology transfer surpasses a certain threshold.
