Does Red Culture Benefit Big Data Technology Innovation? Evidence from Chinese Cities

Abstract

How does red culture affect city big data technological innovation? Based on theoretical analysis, this paper conducts an empirical test based on data from Chinese cities from 2011-2019 to investigate the aforementioned questions. The results show that the continuation of red culture can enhance the positive psychological capital of employees and the psychological ownership of enterprises, both of which are conducive to enterprise innovation and thus can promote big data technology innovation; the stronger the continuation of red culture in a region, the higher its level of big data technology innovation. Based on the promotion effect on enterprise innovation, the continuation of red culture can promote the development of regional financial technology in the financial sector and improve the level of regional technological innovation in the real sector. Based on demand pull, information symmetry, and risk-taking, fintech development can enhance regional big data technology innovation; based on the synergy effect and knowledge dissemination effect, regional technology innovation can also improve regional big data technology innovation. This study attempts to construct a socialist political economy with Chinese characteristics by adopting the econometric research method of Western economics.