时空压缩下的企业双元创新投资——来自高铁通车的证据

文章从新地理经济学视角,基于资源依赖理论、信息不对称理论和社会网络理论分析了高铁通车对企业双元创新投资的影响,以2010-2017年沪、深两市A股高新上市公司为样本,采用PSM-DID方法进行了实证分析。研究发现：高铁通车显著促进了企业探索式创新投资且具有一定的持续性,而对企业开发式创新投资没有明显的促进作用;进一步检验发现,高铁通车对企业探索式创新投资的促进作用仅体现在位于中西部和低人力资本水平地区的企业、非国有企业和处于成长期的企业,从而进一步验证了高铁通车加速了创新的人、财、信息、技术等资源的跨地区流动和转移,通过降低信息沟通成本、促进信任和企业社会网络的形成、降低企业高风险特质的探索式创新的融资约束与风险、进而促进企业探索式创新的内在机理。

The Enterprise Dualistic Innovation Investment under Time and Space Compression: The Evidence of High-speed Railway Opening

Since the opening of "Beijing-Tianjin Intercity High-speed Railway", the first high-speed railway in China in 2008, the construction of high-speed railway has made remarkable achievements, and started to speed up with the 12th five-year plan "four vertical and four horizontal" (2011), its benefits and influence gradually emerged later. The opening of high-speed railway not only enriches people's travel choices, but also speeds up the flow of production factors such as personnel, capital and technology by shortening business travel time, and reduces the cost of information communication, thus promoting information exchange. The results of the existing research on the economic consequences of high-speed railway opening show that the high-speed railway traffic has an obvious structural effect on the regional economy and innovation level, as well as a positive effect on the productivity and innovation level of micro-enterprises. However, there is no in-depth study on the specific mechanism and approach of the impact of high-speed railway opening on regional and enterprise innovation capacity, and there is little literature on the impact of high-speed railway opening on the allocation of enterprise innovation resources. From the perspective of new geographical economics, this paper analyzes the impact of high-speed railway opening on enterprises' ambidextrous innovation investment based on resource dependence theory, information asymmetry theory and social network theory. TakingA-share high-tech listed enterprises in Shanghai and Shenzhen from 2010 to 2017 as samples, the psm-did method was used for empirical analysis. This study finds that: The opening of high-speed railway has significantly promoted the exploratory innovation investment of enterprises, but has no obvious promoting effect on the exploitative innovation investment of enterprises. Moreover, the high-speed railway opening to traffic has certain sustainability in promoting the investment of enterprises in exploratory innovation. Further the study also finds that the promotion effect of high-speed railway opening on enterprises' exploratory innovation investment embodied in the Midwest region, low level of human capital, non-state and enterprises in the growth stage only, thus further verifies the inner mechanism the high-speed railway traffic by cutting the costs of information communication, accelerating the resources of innovation, such as human, financial, technology, trans-regional flow and transfer, reducing the financing constraints and risks of exploratory innovation with high risk characteristics to promote enterprises' exploratory innovation. This paper enriches the research on the economic consequences of high-speed rail opening and the influencing factors of enterprises' exploratory innovation investment, also deepens the understanding of the inner mechanism of high-speed rail traffic affecting enterprises’ innovation; at the same time, the conclusions have important policy implications for the layout of high-speed railway stations, the coordination of regional economic disparities, the balance of regional innovative resources allocation, and the activation of micro-agents.