Co-integration Analysis of the Innovation Input and Performance of China's High-tech Industries

This paper studies the relationship between the innovation input and performance of China's high-tech industries by making use of the indicator statistics concerning high-tech industries and co-integration analysis. Results show that the output value of new products has a long-term equilibrium relationship with internal R&D spending, the full-time equivalent (FTE) of R&D personnel and the spending on technical transformation; the results of the Granger Causality Test show that the change in the output value of new products leads to the changes in internal R&D spending, the FTE of R&D personnel and the spending on technical transformation.