高铁开通对企业创新的影响——基于上市公司微观数据的实证分析

A Study on the Influence of High-speed Railway on Corporate Innovation: An Empirical Study Based on Data of Listed Companies

基于微观经济理论的视角,本文考察了高铁开通对企业创新的影响。研究发现:高铁开通提高了企业的创新水平。进一步研究发现高铁开通主要通过减少信息不对称、缓解融资约束以及促进竞争三条途径促进创新。此外,高铁开通对非国有企业和交流密集型企业的创新影响更加显著。结合本文的研究结果,各级政府部门应该积极地改善企业创新的时空环境,提升企业的创新能力,驱动供给侧结构性改革。

Based on the microeconomic theory perspective, this paper investigates the impact of the High-speed Railway(HSR) system on firms’ innovation and finds that HSR prompts the innovation quality by reducing asymmetric information, easing the financial constraints, and promoting competition. Particularly, HSR has a more significant impact on the innovation of Non-SOEs and communication-intensive firms. These results suggest that governments should actively involve in projects like HSR to create an innovation-friendly environment and promote firm-level innovation.