Research On The Effect Of Opening Of China Railway High-speed On Firm Innovation

In recent years,high-speed railway construction in China has made remarkable achievements,the opening of the high-speed railway drastically shortens the intercity running time,improves the accessibility of cities along the railway and reduces the transaction cost between different regions at the same time,and then speed up the mobility of information,capital,labor and other elements,which has a far-reaching effect on corporate investment decisions.As the main body of innovation investment,enterprise innovation has a significant positive significance on its own and macro-economic development.Since 2000,the government has made various incentives to encourage innovation investment,which makes the national science and technology innovation investment grows year by year and enterprise innovation investment as a share of GDP is also growing rapidly.However,compared with the developed countries,innovation investment in China is still in the backward level,enterprise innovation of science and technology input and output are still difficult to meet the demand of increasingly fierce international competition.During the "Economic New Normal"situation,systematically explore the efficiency of the enterprise innovation investment and its effect with Chinese characteristics of environmental factors has a strong theoretical and practical significance.Based on the exogenous events of high-speed railway opening as the breakthrough point,leveraging the enterprise innovation as the foothold,using 2006 to 2017 A-share listed companies as research samples,this paper discusses the effect of objective environment change on the company's financial behavior and the economic consequences.First,this paper discusses the effect of high-speed railway(HSR)opening on enterprise innovation financing.Using the DID model of whether the listed company's office site has opened the HSR line,leveraging the innovative investment-cash flow sensitivity as a measurement of innovation activities of listed companies financing constraint degree for empirical test,the study finds that the HSR opening helps to reduce the dependence on innovation for internal funds,and alleviate the financing constraints.On this basis,this paper analyzes the effect pathway of HSR opening on easing the financing constraints of innovation,the study finds that HSR opening helps to improve the company's debt financing and government subsidies,but the effect of equity financing has no results.Furthermore,this paper discusses the effect of HSR opening on enterprise innovation financing in different situation,the study finds that HSR opening has a more significant effect on alleviating the innovation financing constraints in non-state-owned companies,the coastal areas companies and technology-intensive companies.Second,this paper discusses the effect of HSR opening on enterprise innovation investment.The study finds that the HSR opening helps to promote enterprise innovation investment level.Through the mediation effect model,the study finds that the HSR opening can improve the level of innovation investment through the exchange of information and talent introduction.Furthermore,this paper discusses the effect of HSR opening on enterprise innovation investment in different situation,the study finds that HSR opening has a more significant effect on promoting the innovation investment in non-state-owned companies,the coastal areas companies and technology-intensive companies.Third,this paper discusses the effect of HSR opening on innovation efficiency.The study finds that the HSR opening helps to improve enterprise innovation efficiency,and cross section analysis finds that HSR opening has a more important significant effect on improving the efficiency of innovation in the firms with high degree of information asymmetry as well as larger proxy conflict.Furthermore,this paper discusses the effect of HSR opening on enterprise innovation efficiency in different situation,the study finds that HSR opening has a more significant effect on improving the efficiency in non-state-owned companies and technology-intensive companies.Finally,the paper discusses the effect of HSR opening on the enterprise production efficiency on the basis of enterprise innovation.The study finds that the HSR opening is helpful to improve enterprise's total factor productivity,and enterprise innovation plays a mediation mechanism during this relationship.This paper expands the research category of new economic geography in corporate finance field,enriches the study of the in:fluence factors of enterprise innovation in terms of the objective environment and also provides empirical evidence on the new economic consequences of HSR opening to micro enterprise innovation activities.This paper also has strong practical significance:the government and macro policy makers should fully recognize the positive roles of infrastructure construction plays in the allocation of resources and its efficiency,and take the opportunity of the policy implementation to optimize resource allocation;the capital market participants should make fully use of travel convenience brought by the HSR opening to strengthen the field visit of listed companies to promote information efficiency as well as maximize their own interests;listed companies which located in HSR line cities should also grasp the opportunity to strengthen information communication and technical talent introduction,enhance the innovation level efficiency in order to realize the sustainable development of enterprises.