Open Access Journal Article

Trinity for Innovation: Industry-University-Research Amends Factor Misallocation Based on the Dual Perspective of Capital and Labor Force

by Liwen Cheng a ,  Zhouyi Gu b ,  Changsong Wang c,*  and  Hong Jie c
a
School of Sino-German Robotics, Shenzhen Institute of Information Technology, Shenzhen, 518029, China
b
School of Information Technology, Zhejiang Financial College, Hangzhou, 310018, China
c
Institute of Agricultural Economics and Information, Jiangxi Academy of Agricultural Sciences, Nanchang, 330200, China
*
Author to whom correspondence should be addressed.
JRE  2024 3(1):14; https://doi.org/10.58567/jre03010003
Received: 8 November 2023 / Accepted: 29 April 2024 / Published Online: 15 August 2024
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Abstract

Based on provincial panel data in China, this study is the first to investigate whether industry-university-research collaborative innovation (IURCI) can help to improve factor misallocation. It is found that IURCI can significantly improve capital misallocation and labor misallocation, and the effect has regional differences, which shows that the improvement effect is obvious in areas with factor under-allocation, such as the central and western regions, but not obvious in areas with factor over-allocation, which conforms to the rule of diminishing marginal returns. A regulatory effect model is built to explore the impact of regional heterogeneity, through which we find that after considering three external environmental conditions, including economic development level, academic research level, and marketization degree, the improvement effect of IURCI on factor misallocation undergoes significant changes. The research results show that to deepen the marketization reform of factor allocation, we can start with IURCI. The government should form a sustainable and normalized industry-university-research collaborative innovation ecological mode through pilot cases and adopt measures according to local conditions to ensure the efficient use and reasonable distribution of capital and human resources of enterprises, universities, and scientific research institutions.

Keywords: Industry-university-research cooperation innovation (IURCI); Capital misallocation; Labor misallocation; Factor misallocation;
Copyright: © 2024 by Cheng, Gu, Wang and Jie. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

Funding

Young Innovative Talents in General Universities of Guangdong Province (2022WQNCX204) , National Science Foundation of China (NSFC) (72063018) , National Science Foundation of China (NSFC) (72163015)

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ACS Style
Cheng, L.; Gu, Z.; Wang, C.; Jie, H. Trinity for Innovation: Industry-University-Research Amends Factor Misallocation Based on the Dual Perspective of Capital and Labor Force. Journal of Regional Economics, 2024, 3, 14. https://doi.org/10.58567/jre03010003
AMA Style
Cheng L, Gu Z, Wang C, Jie H. Trinity for Innovation: Industry-University-Research Amends Factor Misallocation Based on the Dual Perspective of Capital and Labor Force. Journal of Regional Economics; 2024, 3(1):14. https://doi.org/10.58567/jre03010003
Chicago/Turabian Style
Cheng, Liwen; Gu, Zhouyi; Wang, Changsong; Jie, Hong 2024. "Trinity for Innovation: Industry-University-Research Amends Factor Misallocation Based on the Dual Perspective of Capital and Labor Force" Journal of Regional Economics 3, no.1:14. https://doi.org/10.58567/jre03010003
APA style
Cheng, L., Gu, Z., Wang, C., & Jie, H. (2024). Trinity for Innovation: Industry-University-Research Amends Factor Misallocation Based on the Dual Perspective of Capital and Labor Force. Journal of Regional Economics, 3(1), 14. https://doi.org/10.58567/jre03010003

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