Market Thickness, Market Fluency and Innovation Efficiency
Yu Liping1, Wu Sici2, Pang Ruchao3
1. School of Statistics and Mathematics, Zhejiang Gongshang University, Hangzhou 310018, China; 2. School of Management Engineering and Electronic Commerce, Zhejiang Gongshang University, Hangzhou 310018, China; 3. Department of Economics and Management, Cangzhou Normal University, Cangzhou 061001, China
Abstract：Technology market design has an important impact on innovation efficiency, and the research on the impact mechanism in this field is relatively lacking.Based on market design theory, this paper analyzes the influence mechanism of market thickness and market fluency on innovation efficiency.Using the data in China High-tech Industry Statistical Yearbook, the paper empirically analyzes the impact of market thickness and market fluency on innovation efficiency of enterprises using panel data model, threshold regression model and Bayesian vector regression model from 2000 to 2016.The research results show that the market thickness has a positive impact on the innovation efficiency of enterprises, and has a good interaction with innovation efficiency.Market fluency has a positive impact on the innovation efficiency of enterprises, and has a poor interaction with innovation efficiency.Market thickness and market fluency have a good synergy.When the market thickness is medium, the elasticity of efficiency is small.The higher the market fluency is, the greater the elasticity of efficiency is.
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