Research On The Impact Of High-speed Railway On Enterprise Innovation Performance

The innovation performance of an enterprise is influenced by the internal and external influences,that is,the relationship between internal leaders and employees,technological diversification,financing constraints,property rights,and external government policies,venture capital,industrial structure,financial development level and transportation.There are a large number of research literatures on the influencing factors of innovation performance in the academic circle,but most of them are analyzed from the perspective of internal corporate governance structure,the nature of corporate property rights,external policies and industrial structure.However,there are few researches on the impact of objective environmental changes on enterprise innovation performance.For enterprises,the change of objective environment,especially the opening of high-speed railway,is not controlled by enterprises and is strictly exogenous.The change of objective environment will directly or indirectly change the way of operation of enterprises,and ultimately have an impact on the innovation performance of enterprises.China is the largest country in the construction of high-speed rail.The opening of high-speed rail has compressed the space distance between cities,improved the accessibility of cities along the line,and accelerated the flow of information,capital,labor and other elements,making the connection between cities along the line closer,and the flow of senior talents,investors and analysts more convenient,providing analysts and investors with on-the-spot research on enterprises Convenience.After on-the-spot investigation,analysts and investors can further obtain information about the operation and governance of the enterprise,reduce the information asymmetry between the enterprise and the external stakeholders,ease the financing constraints,and enable the enterprise to obtain more capital investment to facilitate the enterprise to carry out relevant innovation activities.At the same time,senior talents play a decisive role in the transformation of innovative production factors into innovative results.The opening of high-speed railway promotes the local economic development,expands the local market scale,promotes the development of enterprises,and then attracts more senior talents to invest in the innovation activities of enterprises.Senior talents and capital are important factors influencing innovation.Will the opening of high-speed rail cause significant changes in innovation performance of enterprises?This paper takes the opening of high-speed railway as a natural experimental event,takes innovation performance as the entry point,takes Chinese non-financial listed companies from 2005 to 2016 as the research sample,and adopts the dual difference model to discuss the impact of high-speed railway opening on enterprise innovation performance.It is found that the opening of high-speed railway is significantly positively correlated with the innovation performance of enterprises,and the impact of the opening of high-speed railway is more significant in regions with low GDP and regions with low marketization degree.Later,this paper conducted a group regression of enterprise heterogeneity and found that after the high-speed railway was opened,large-scale,non-state-owned enterprises with high financing constraints would significantly improve the innovation performance of enterprises.The further action mechanism test shows that the opening of high-speed railway promotes the introduction of senior talents and reduces the degree of information asymmetry,which positively affects the innovation performance of enterprises,and the introduction of senior talents and the decline of information asymmetry are some mediating factors of the impact of high-speed railway opening on the innovation performance of enterprises.In the robustness test,the methods of substitution of main variables,placebo test,psm-did test,and the test of removing the influence of central city were adopted in this paper.The results of this study were consistent with the original regression results,indicating that the results of this study were robust.According to the research conclusion of this paper,the following suggestions are put forward from three aspects of government,enterprises and investors:(1)for government departments,government departments should attach great importance to the layout of high-speed rail in the planning process of urbanization,effectively promote the construction of high-speed rail,and make more cities embedded in the high-speed rail network.At the same time,the government should vigorously promote the reform of state-owned enterprises,so that state-owned enterprises can gain greater advantages in the competition of socialist market economy.(2)For enterprises,the micro enterprises located in high-speed rail cities should make full use of this opportunity,focus on the introduction of senior talents and investment in innovation,improve the level of innovation and enhance the core competitiveness of enterprises.At the same time,enterprises should actively carry out research activities,actively cooperate with analysts’ field research,and enhance the transparency of information disclosure.Finally,enterprises should seize the opportunity of market scale expansion brought by high-speed rail,expand their own scale and occupy more market shares.(3)For investors,they should expand the scope of investment,make full use of the convenience brought by high-speed rail to enhance the intensity of on-the-spot investigation,and choose enterprises that meet their investment needs from more cities.The research in this paper combines the strictly exogenous event of high-speed railway opening with the micro enterprises,which not only tests the economic effect of high-speed railway opening,but also enriches the theoretical literature on the external factors influencing the innovation performance of enterprises and the impact of high-speed railway opening on micro enterprises,which is of great long-term significance.