With the launch of high-speed railways as a natural experiment,this paper finds that firms along the route became much more innovative after a high-speed railway was put into use,as reflected by the robust growth in p...With the launch of high-speed railways as a natural experiment,this paper finds that firms along the route became much more innovative after a high-speed railway was put into use,as reflected by the robust growth in patent licenses and applications,especially invention patents.From a dynamic view,high-speed railways’effects on firm patents increased over the years with a one-year lag in the effect on patent licenses relative to the effect on patent applications.This lag of impact reflects the normal cycle of firm innovation.Furthermore,our survey on the employees’education level at firms along the route verified that the inflow of skilled workforce helped firms innovate.After a high-speed railway was put into service,firms along the route saw a sharp rise in the percentage of college-educated personnel,most of whom were employed at technical positions.Highspeed railways contributed more to the innovation output of firms in medium-sized and large cities and within innovation-oriented firms.This paper has enriched relevant research on the drivers of firm innovation and the economics of high-speed railways.展开更多
基金sponsored by the National Natural Science Foundation of China(NSFC)project“Study on the Cross-Sector Search Mechanism for Chinese Firms Embedded in Foreign-funded Innovation Networks:from a Value Co-creation Perspective”(Grant No.71972050)the General Program of Humanities,Philosophies and Social Sciences“Study on the Mood and Behaviors of Financial Market Investors Based on Deep Learning Technology(Grant No.19YJA79010).
文摘With the launch of high-speed railways as a natural experiment,this paper finds that firms along the route became much more innovative after a high-speed railway was put into use,as reflected by the robust growth in patent licenses and applications,especially invention patents.From a dynamic view,high-speed railways’effects on firm patents increased over the years with a one-year lag in the effect on patent licenses relative to the effect on patent applications.This lag of impact reflects the normal cycle of firm innovation.Furthermore,our survey on the employees’education level at firms along the route verified that the inflow of skilled workforce helped firms innovate.After a high-speed railway was put into service,firms along the route saw a sharp rise in the percentage of college-educated personnel,most of whom were employed at technical positions.Highspeed railways contributed more to the innovation output of firms in medium-sized and large cities and within innovation-oriented firms.This paper has enriched relevant research on the drivers of firm innovation and the economics of high-speed railways.
