AN EMPIRICAL STUDY ON THE RELATIONSHIP AMONG FISCAL SCIENCE AND TECHNOLOGY EXPENDITURE, HUMAN CAPITAL AND TECHNOLOGY INNOVATION OF ZHEJIANG PROVINCE

摘要

Local fiscal expenditure on science and technology plays a role to guide, stimulate and support technological innovation. Human capital, especially that for technology innovation, is the source of technology innovation. According to the statistic data of Zhejiang province from 1987 to 2007, the paper has made an empirical study on the relationship among local fiscal expenditure on science and technology, human capital and technology innovation with the aid of co-integration and error correction model. It is shown that there was a long-term balanced relationship among the local fiscal expenditure on science and technology, human capital and technology innovation among which both the increase of local fiscal expenditure on science and technology and the improvement of human capital will lead to the promotion of the science and technology innovation. The human capital, however, will play a more important role.