Institutional Change and Emerging Industries——Theoretical Analysis and Empirical Evidence
YUAN Zhong-hua1, FENG Jin-li2
1.School of Economics and Management, Tibet university，Lhasa 850000, China；2.Department of Finance and Economics, Guangxi University of Technology, Liuzhou 545006, China
Abstract：
Emerging industries, as an industry cluster with a completely new economic form, have its unique characteristics and developmental law. The existing literature pays little attention to the influencing factors of the development of emerging industries and there is no literature making empirical test of the contribution of each factor, especially institutional change, to the development of emerging industries. For example, Romer's "knowledge spillover" model and Lucas' "human capital spillover model" both emphasize the importance of human capital, but because the accumulation of human capital and the heterogeneity of human capital caused by it are both technical progress oriented, they both belong to the theory of technology determinism. All industries grow in a certain system and environment. Emerging industries, as an industry in the sprout and growth period, need good system environment and arrangement. System accompanies the development process of emerging industries and is the primary factor determining the development speed of them.
2012 
