双循环背景下高铁建设与企业技术创新的关系:基于信息不对称与融资约束的视角

The Relationship between High-Speed Railway Construction and Enterprise Technology Innovation under the Background of Dual Circulation——From the perspective of information asymmetry and financing constraints

"双循环"新发展格局下,破除区域间要素自由流动的传统障碍,是推动供给与需求侧改革、促进经济转型升级和高质量协调发展、加快企业技术创新的重要环节。以高铁开通为准自然实验场景,基于信息不对称与融资约束视角,探讨了高铁开通对企业创新行为的影响。结果显示,高铁开通对企业创新投入产生了政策合意的积极影响,其中,对中小型企业、高技术企业以及市场化程度较低地区的企业的影响更为明显。进一步,通过对影响机制的考察发现,直接融资约束的缓解是企业增加创新投入的重要原因。

Under the new development pattern of"dual circulation",to remove the traditional barriers to the free flow of factors between regions is an important link to promote the reform on both the supply and demand side,facilitate the transformation,upgrading and high-quality coordinated development of economy and to accelerate the technological innovation of enterprises.Taking the opening of high-speed railway as a quasi-natural experiment scenario,this paper discusses the impact of high-speed railway on the innovation behavior of enterprises from the perspective of information asymmetry and financing constraints.The results show that the opening of high-speed railway has a positive impact on the innovation input of enterprises,and the impact on small-and medium-sized enterprises,high-tech enterprises and enterprises in the regions with a low degree of marketization is more obvious.Furthermore,through the investigation of the impact mechanism,it has been found that the alleviation of direct financing constraints is an important reason for enterprises to increase their innovation investment.