A Spatial Econometric Analysis of Venture Capital, R&D Institutions, Enterprise, University and Knowledge Spillovers

Drawn on the experience of Griliches-Jaffe Knowledge Production Function (KPF), the paper used spatial econometric model to study the influence of venture capital (VC), the R&D expenditure of R&D institutions (RDI), large & medium-sized enterprises (LME) and institutions of higher education (IHE) on knowledge spillovers. Moran's I index shows that regional innovation has the feature of spatial correlation. The spatial econometric model empirical analysis results shows, the combination of VC and LME full-time equivalent of R&D personnel has an obvious positive spatial diffusion (spillover) effect on the regional innovation. To promote regional innovation, firstly, we should put forward institutional innovation, perfect the government supportive policies to promote the combination of VC and LME; Secondly, put forward uphold policies to motivate LME enhance R&D expenditure, perfecting technological innovation incentives policy and intermediary service system. Lastly, continue to increase funding for R&D, adjust the ratio of R&D expenditures structure, strive to create a sustainable development research environment and atmosphere, perfect the Sci-Tech evaluation system, gradually overcoming the impatience and reversing the tendency of quick success and instant benefits of current Sci-Tech industry.