高铁开通促进企业创新的机制探讨与实证研究

Exploration and Empirical Study on the Mechanism of Promoting Enterprise Innovation through the Opening of High Speed Rail

本文选用多时点双重差分模型,对2000~2019年沪深两市A股上市公司的数据进行分析,探究了高铁开通对企业创新的效应和有关机制。结果发现:(1)高铁开通对企业创新存在一定程度的正向影响,异质性研究发现在东部地区和民营企业中尤为显著;(2)高铁开通具有动态政策效应,高铁开通对于企业创新的影响具有时间滞后效应,滞后时间约为3年,并且持续3年后政策效应逐步减弱;(3)高铁开通促进企业创新机制是先通过增加研发人员数量占比然后提升全要素生产率来实现的。基于上述研究,政府需要继续完善高铁网络,实现研发人员的跨地区流动并推动企业创新能力发展。

This paper uses data from A-share listed companies in Shanghai and Shenzhen stock markets between 2000 and 2019 to analyze the effect and mechanism of high-speed rail opening on firm innovation,using a multi-time point difference-in-differences model.The results show that:①High-speed rail opening has a positive impact on firm innovation to some extent,and the heterogeneity study finds that it is especially significant in the eastern region and private enterprises;②High-speed rail opening has a dynamic policy effect:the impact of high-speed rail opening on firm innovation has a time lag effect,which is about three years,and the policy effect gradually weakens after three years;③The mechanism of high-speed rail opening to promote firm innovation is realized by increasing the proportion of R&D personnel and then improving total factor productivity.Based on the above research,the government needs to continue to improve the high-speed rail network,realize the cross-regional mobility of R&D personnel and promote the development of firm innovation capabilities.