What Kind of Market Is Conducive to the Development of High-Tech Industry? Configuration Analysis Based on Market Field Theory

The high-tech industry is important in supporting China's construction of a high-quality modern economic system. The high-tech industry markets are spaces for the supply and transaction of high-tech products. The existing research lacks in-depth discussions on the constituent factors and shaping mechanisms of the high-tech industry market. This paper constructs the market field configuration model of the high-tech industry and studies the impact of the market field configuration of the high-tech industry in 30 provinces of China on the innovation performance of the high-tech industry using the fuzzy-set qualitative comparative analysis method. The findings are as follows: (1) The three structural variables of network, institution, and cognition cannot individually constitute the necessary conditions for explaining the high or low innovation performance of high-tech industries; (2) Three high-tech industry market field configurations can lead to high innovation performance, and the condition combination among different configurations has a substitution effect; (3) Four high-tech industry market field configurations will lead to low innovation performance, in which the lack of multiple conditions in the network, system, and cognition is the main reason for the market failure. The research conclusions of this study highlight the cognitive role of market construction and the configuration characteristics of effective high-tech industry market fields, which provides practical enlightenment for China to improve the innovation performance of high-tech industries.