高铁开通如何影响企业全要素生产率?——基于中国制造业上市企业的研究

How does the High-speed Rail Opening Affect TFP of Enterprises?——Research Based on Listed Companies in China's Manufacturing Industry

大量研究表明,高铁开通对区域经济增长和区域一体化的发展产生重要影响。基于中国2005—2015年的制造业上市企业数据,本文尝试从微观视角研究高铁开通对企业全要素生产率的影响,并实证检验相应的影响机制。研究发现,从总体上来说,高铁开通显著地提高了开通地区企业的全要素生产率水平,但是这种影响具有异质性。具体表现为,高铁对东部、中部开通地区企业的全要素生产率水平具有显著的提升效应,而对西部开通地区的企业全要素生产率水平却具有一定的抑制效应;高铁开通对非国有企业全要素生产率水平的提升效应大于国有企业。通过进一步验证影响机制发现,高铁开通会通过增强对企业创新的支持和减少企业短期决策行为来提高企业的全要素生产率水平。

A large number of studies have shown that the opening of high-speed rail has a significant impact on the development of regional economic growth and regional integration.Based on the data of listed Chinese manufacturing enterprises from 2005 to 2015,this paper attempts to study the influence of high-speed rail opening on the total factor productivity of enterprises from a micro perspective,and empirically test the corresponding impact mechanism.The study concluded that,in general,the opening of high-speed rail significantly increased the level of total factor productivity of enterprises in the opening regions,but the impact is heterogeneous.Specifically,it has a significant promoting effect on the total factor productivity level in the eastern and central regions,but has a certain inhibitory effect on the western region;the effect on the total factor productivity of non-state enterprises is greater than that of state-owned enterprises,and the input intensity to innovation is low.The overall productivity improvement effect of enterprises is greater than that of enterprises with high innovation input intensity.By further verifying the impact mechanism,it is found that the high-speed rail opening will increase the total factor productivity level of the enterprise by enhancing support for enterprise innovation and reducing short-term decision-making behavior.