Driving force for China's photovoltaic industry output growth: Factor-driven or technological innovation-driven?

At present, China's PV industry is experiencing a policy-driven to market-driven transition. Whether the endogenous driving force for China's PV industry output growth has been changed is a question of substantial concern? To scientifically answer the question of the endogenous driving force of the output growth of China's PV industry, we empirically analyse the driving force of China's PV industry output growth by constructing an expanded Cobb-Douglas technology production function. The results demonstrate that the output elasticity of research and development (R&D) is between 0.13 and 0.18, which is higher than the level of 0.1 in traditional Chinese manufacturing. Compared with traditional industries, PV industries are more capable of translating their R&D inputs into output revenue; The contribution rate of R&D input to output growth exceeds physical capital and labour factors, indicating that the endogenous driving force of China's PV industry output growth has changed from factor-driven to technological innovation-driven. (C) 2020 Elsevier Ltd. All rights reserved.