关键词: 资本要素市场扭曲, 经济高质量发展, 自主创新, 模仿创新, 技术引进

Abstract: High-quality development depends on a unified, open, competitive, and orderly capital factor market. Using provincial panel data from 2004 to 2020 in China, this study tests the influence mechanisms of capital factor market distortion on high-quality economic development. The results indicate that there are obvious regional differences in the capital factor market distortion and high-quality economic development across China. Capital factor market distortion significantly depresses high-quality economic development, and compared with excessive capital allocation, the inhibiting effect of insufficient capital allocation on high-quality economic development is larger. Compared with imitation innovation and technology import, the inhibiting effect of independent innovation channel is larger. The above conclusions provide valuable policy insights for reducing capital factor market distortion and promoting high-quality economic development in China.

Key words: Capital Factor Market Distortion, High-quality Economic Development, Independent Innovation, Imitation Innovation, Technology Import