高速铁路对企业绩效影响及机制研究

Influence of High Speed Railway on Enterprise Performance and Its Mechanism

作为承载要素流动的重要载体,高速铁路对经济活动的空间分布产生了深刻影响,为企业实现高质量发展提供了契机。以长三角地区2006—2018年上市公司面板数据为样本,运用双重差分模型和中介效应模型,从微观角度考察高速铁路开通对企业绩效影响及作用机制。研究表明,高速铁路开通显著提升了位于沿线站点城市的企业绩效,并且该影响存在区域、行业和所有制形式方面的异质性。之后,通过平行趋势检验对结果的稳健性进行验证,结论依旧成立,并发现高速铁路对企业绩效的促进作用呈逐渐增强趋势。最后,机制分析结果表明,高速铁路的开通有利于促进长三角内部产业沿城市发展梯度方向转移,伴随该过程的技术扩散提升了企业的创新能力,进而促使企业绩效水平得到提升。

As an important carrier to carry the flow of factors, high speed railway has a profound impact on the spatial distribution of economic activities and provides opportunities for enterprises to achieve high-quality development. This paper used the difference-in-difference model and the mediating effect model to investigate the influence of high speed railways on enterprise performance and its mechanism from a micro perspective. The panel data of the listed companies in the Yangtze River Delta from 2006 to 2018 was adopted. The results show that the opening of high speed railways significantly improves the enterprise performance of the cities along the line, and the influence is heterogeneous in aspects of region, industry, and ownership form. Then, the parallel trend test was applied to verify the robustness of the results,and the conclusion is still valid. In addition, it is found that the promotion effect of high speed railways on enterprise performance is gradually increasing. Finally, the mechanism analysis indicates that the opening of high speed railways is conducive to promoting the industrial transfer in the Yangtze River Delta in the urban gradient direction, and the technology diffusion in this process improves the innovation ability and the performance of enterprises.