高铁网络接入、企业绩效提升与创新促进--基于准自然实验的上市公司样本分析

Integration into the High-speed Rail Network,Enterprise Performance Improvement and Its Innovation Promotion--A Micro Sample Analysis of Listed Companies Based on Quasi-natural Experiment

本文将高铁建设作为一次"准自然实验",研究2007-2016年高铁站点开通对上市公司企业绩效的影响。研究结果表明:(1)企业融入高铁网络后能够显著地提高企业绩效,且这种影响具有一定的持续性。此外,以城市历史上明代驿站数量作为工具变量进行内生性检验,结论也未有改变。(2)分样本机制验证结果说明,高铁开通对城市制造业和服务业企业的发展都具有促进作用,但对服务业的影响更强、更显著。(3)中介模型的回归结果说明,高铁开通对企业科研人员具有集聚作用,并能够进一步提升企业绩效。

This paper takes the high-speed rail construction as a quasi-natural experiment and studies the impact of the opening of high-speed rail stations from 2007 to 2016 on the performance of listed companies.The research results are shown as follows(1) When integrating into the high-speed rail network, it can significantly improve the performance of the enterprise, and this impact has certain continuity.In addition, the endogenous test was carried out with the number of stations in the Ming Dynasty as the instrumental variables, and the conclusions have not changed.(2) The results of the sub-sample mechanism verification show that the high-speed rail has a positive effect on the development of urban manufacturing and service enterprises, but the impact on the service industry is stronger and more significant.(3) The empirical results of the intermediary model show that the high-speed rail has agglomeration effect on the scientific research personnel of the enterprise and can further improve the performance of the enterprise.