关键词: 经济增长目标, 技术创新, 资源错配

Abstract: The constraints of economic growth target may influence the preference of local governments’ resource allocation, then further impact technological innovation. This article investigates such influences by making use of the economic growth target data at China’s prefecture-level cities. The findings show that technological innovation will be significantly restrained by the behavior of “adding more at every lower level”itself, the economic growth target amplified after“adding more at every lower level”or using the manner of economic growth target formulation with characteristics of“hard constraints”, while using the manner of economic growth target formulation with characteristics of“soft constraints”can promote technology innovations. The above research conclusions remain valid after a series of robustness tests. The results of a mechanism test show that economic growth target constraints will lead to self-interest investment preferences that“attaching importance to production and neglecting innovation”and the land leasing strategy that“intervening for growth”in local governments, thus the resources will be misallocated and technology innovations will be inhibited. Further studies indicate that the influences of economic growth target constraints on technological innovation have significant heterogeneity in terms of regions, levels of cities and the completion of economic growth target.

Key words: economic growth target, technology innovation, resources misallocation, adding more at every lower level, constraint characteristics