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
Accelerating the concentration of capital factor resources in the fields of scientific,technological,and industrial innovation is of significant importance for fostering the emergence and development of new quality pr...Accelerating the concentration of capital factor resources in the fields of scientific,technological,and industrial innovation is of significant importance for fostering the emergence and development of new quality productive forces characterized by high technology,high efficiency,and high quality.From the perspective of science and technology finance supporting the development of new quality productive forces,this paper first clarifies the conceptual connotation of patient capital and defines its characteristics and expansion of its scope.It then elucidates the operational mechanisms through which patient capital underpins and facilitates the development of new quality productive forces.Furthermore,this paper discusses the essential principles,requirements,and key points of comprehensive support for new quality productive forces through patient capital,including science and technology credit,venture capital,and stock financing.Finally,several policy recommendations are proposed to cultivate and strengthen patient capital under the current conditions.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.
文摘Accelerating the concentration of capital factor resources in the fields of scientific,technological,and industrial innovation is of significant importance for fostering the emergence and development of new quality productive forces characterized by high technology,high efficiency,and high quality.From the perspective of science and technology finance supporting the development of new quality productive forces,this paper first clarifies the conceptual connotation of patient capital and defines its characteristics and expansion of its scope.It then elucidates the operational mechanisms through which patient capital underpins and facilitates the development of new quality productive forces.Furthermore,this paper discusses the essential principles,requirements,and key points of comprehensive support for new quality productive forces through patient capital,including science and technology credit,venture capital,and stock financing.Finally,several policy recommendations are proposed to cultivate and strengthen patient capital under the current conditions.
