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Journal of Software Engineering
  Year: 2016 | Volume: 10 | Issue: 2 | Page No.: 222-232
DOI: 10.3923/jse.2016.222.232
 
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Numerical Analysis of the Impact of Science and Technology Investment on Regional Economic Growth in the Typical Agricultural Metropolis, Bozhou City, Anhui Province, China

Kerong Zhang and Wuyi Liu

Abstract:
The Error Correction Model (ECM) modeling and a series of econometric tests were used to compute and estimate the impact and contribution of local science and technology investment on regional economic growth in Bozhou, China. Numerical analysis found that the correlation between regional economic growth, local science and technology investments was significant both in short-term fluctuation and long-run equilibrium in Bozhou. The overall empirical result revealed that the impact or contribution of science and technology investment on regional economic growth was positive and it proved to be true that the variable lnSTINV_BZ (Science and Technology Investment in Bozhou) did Granger caused the variable lnGDP_BZ (Gross Domestic Product in Bozhou) in the ECM modeling. It was estimated that the elasticity coefficients of the contribution of local science and technology investment on regional economic growth were -0.175065 in the long terms and 0.421282 in the short terms. Then, the Q statistic was computed as 1.069091 in Bozhou. It was inferred that the regional growth of GDP in Bozhou was promoted by local science and technology investment at the estimated rates of 0.421282 (42.1282%) in the short terms and corrected or adjusted by 0.175065 (17.5065%) in the long terms, when the science and technology investment was increased by 1% accordingly. Furthermore, it was also found the promoting efficiency of local science and technology investment on the regional GDP in Bozhou was high according to the Q statistic.
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How to cite this article:

Kerong Zhang and Wuyi Liu, 2016. Numerical Analysis of the Impact of Science and Technology Investment on Regional Economic Growth in the Typical Agricultural Metropolis, Bozhou City, Anhui Province, China. Journal of Software Engineering, 10: 222-232.

DOI: 10.3923/jse.2016.222.232

URL: https://scialert.net/abstract/?doi=jse.2016.222.232

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