长三角区域要素流动对企业创新的影响研究

Impact of Factor Mobility on Corporate Innovation in the Yangtze Delta Region

采用百度迁徙、百度指数两项大数据和深度学习算法,测算长三角地区城市间的要素流动水平,并结合A股上市公司的面板数据对该地区的要素流动规模、结构与企业创新的关系进行深入分析。固定效应模型的回归结果表明:(1)长三角地区要素流入规模对企业创新存在显著的正向影响,且流入要素来源地的多样性与企业创新呈现出正向的关系。上述结论经过内生性识别和稳健性检验后依然成立。(2)异质性分析揭示了要素流入结构与企业创新关系的机理:一方面,来自边缘地区的要素流入产生了长尾效应和充分的多样性,导致其相较于来自中心地区的要素流入更能够促进本地企业创新;另一方面,文化差异更大的要素对于丰富创新“基因库”具有更大的互补价值,导致其相较于低文化差异的要素流入更能够促进本地企业创新。鉴于此,提出了推动更大范围的一体化、促进创新要素的共享和维护创新资源的多样性等进一步推动长三角地区高质量发展的政策建议。

This study utilizes Baidu Migration,Baidu Index big data,and deep learning algorithms to measure the level of factor mobility between cities in the Yangtze River Delta region.Combining this data with panel data from Ashare listed companies,we conduct an in-depth analysis of the relationship between the scale and structure of factor mobility in the region and corporate innovation.The regression results of fixed effects model indicate that the scale of factor inflows in the Yangtze River Delta region has a significant positive impact on corporate innovation,and the diversity of the sources of these inflows is also positively correlated with corporate innovation.The conclusion remains valid after endogeneity identification and robustness tests.Heterogeneity analysis reveals the mechanisms of the relationship between factor inflow structure and corporate innovation:on one hand,factor inflows from peripheral areas generate long-tail effects and sufficient diversity,making them more conducive to local corporate innovation compared to inflows from central areas.On the other hand,factors with greater cultural differences provide higher complementary value to enrich the"innovation gene pool",which makes them more capable of promoting local corporate innovation than inflows with lower cultural differences.Based on these findings,this paper proposes policy recommendations to further promote high-quality development in the Yangtze River Delta region,such as fostering broader integration,promoting the sharing of innovation factors,and maintaining diversity in innovation resources.