The Influence Of Listed Companies’ Geographic Location On Innovation Investment

Based on information asymmetry theory,supply and demand theory,transaction cost theory,knowledge spillover effect,and other theories,this dissertation takes an in-depth research on the relationship between geographic location and enterprise innovation investment through empirical tests.For the consideration of comprehensiveness and preciseness of the research,this dissertation starts with the two major constraints of enterprise innovation(financing constraints and talent constraints),the two regulatory variables of enterprise nature and the opening of high-speed railway are selected and put into the research model to analyze whether they will affect the relationship.The empirical research in this dissertation uses the data of A-share listed companies in China,and the data period is from 2008 to 2019.By defining multiple forms of central cities in the main test and robustness test,the distance between the listed company and the nearest central city is calculated,and the distance between the two is used as a geographic location variable to examine the relationship between geographic location and enterprise innovation investment.And further explored how the nature of the enterprise and the opening of high-speed railway adjust the relationship between the two factors.The empirical research data show that the distance between the central city and the company’s location is negatively related to enterprise innovation investment;for the enterprises located in non-central cities,the nature of state-owned enterprises and the opening of high-speed railway in the place where the enterprises are located will weaken this negative correlation.The research results of this dissertation not only enrich the research of geographic factors and enterprise governance,but also supplement the research results on the factors affecting enterprise innovation investment,and deeply explore the influence path of geographic location on enterprise innovation investment.At the same time,the research conclusions of this dissertation have strong practical guidance for the settlement and site selection of new types of enterprises that will continue to incubate in the future,and also provide a reference and example for the regions with insufficient innovation ability to improve the level of innovation investment in the future.