Factor Matching, Absorptive Capacity and Technology-Finance Coupling Value Chain Realization: Empirical Evidence from Cross-country Data and Application in China

Abstract

Abstract:

Based on the discussion of technology-finance coupling value chain, this paper explores the absorptive capacity factors' threshold effects on the value chain realization, from the perspective of factor matching and heterogeneity of absorptive capacity. The em-pirical analysis, based on the database of 47 countries from 1980 to 2013, shows that absorptive capacity factors, such as economic growth, institutional environment and human capital, have significant double threshold effects on the value chain realization. Further-more, the case study of China indicates that, since the reform and opening-up, the process scale of China's technology-finance coupling has improved significantly, realizing the transition from severe imbalance recession to well coordinated development. However, the ab-sorption capacity factors' level is relatively low, as evidenced by "medium economic growth, low institutional environment and medium human capital". Thus, it is not conducive to the realization of the coupling value chain. The results not only have policy enlightenments for the practice of finance-technology in China, but also can help avoid falling into the trap of emphasizing on the scales up, while neg-lecting the absorptive capacity.

Key words: factor matching, absorptive capacity, technology-finance coupling, value chain realization

Wang Renxiang, Yang Man. Factor Matching, Absorptive Capacity and Technology-Finance Coupling Value Chain Realization: Empirical Evidence from Cross-country Data and Application in China[J]. , 2020, 32(1): 29-39.

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