高铁开通与企业创新——基于高铁开通的准自然实验
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摘要
基于2009—2017年的中国高速铁路开通站点匹配上市公司数据,以高铁开通为准自然实验场景,采用多时点双重差分方法实证检验了高铁开通与企业创新的关系。研究发现,相对于未开通高铁城市的上市公司,地处开通高铁城市上市公司的各类专利申请数量显著增加,说明高铁开通提高了企业创新水平。进一步研究发现,高铁开通对企业创新的促进作用主要体现在非国有企业、高新技术企业、融资约束较低的企业以及市场竞争激烈的行业。
Based on the data of high-speed railway opening matching listed companies performance during 2009 and 2017, we set the open-up condition of high-speed railway stations as the quasi-natural experiment scene, and empirically tested the relationship between high speed rail coverage and corporate innovation by using the multi-time double difference model. We find that, listed companies located in the cities with high-speed railway stations have obtained an increase of patent applications comparing with those located in the cities without high-speed rails. So we conclude that, high-speed rail opening could enhance the level of corporate innovation. Further research shows that, the positive effect of high-speed rail opening on corporate innovation mainly exists in non-stateowned companies, high-tech companies and companies with lower financing constraints, also industries facing fierce competition.
Based on the data of high-speed railway opening matching listed companies performance during 2009 and 2017, we set the open-up condition of high-speed railway stations as the quasi-natural experiment scene, and empirically tested the relationship between high speed rail coverage and corporate innovation by using the multi-time double difference model. We find that, listed companies located in the cities with high-speed railway stations have obtained an increase of patent applications comparing with those located in the cities without high-speed rails. So we conclude that, high-speed rail opening could enhance the level of corporate innovation. Further research shows that, the positive effect of high-speed rail opening on corporate innovation mainly exists in non-stateowned companies, high-tech companies and companies with lower financing constraints, also industries facing fierce competition.
引文
[1]Derrible S. Complexity in Future Cities:The Rise of Networked Infrastructure[J]. International Journal of Urban Sciences,2017,21(2):68-86.
[2]Donaldson D, Hornbeck R. Railroads and American Economic Growth:A Market Access Approach[J]. Quarterly Journal of Economics,2013,131(1):4-25.
[3]Albalate D. High Speed Rail and Tourism:Empirical Evidence from Spain's Provinces and Cities[J]. Transportation Research,2016,85(1):174-185.
[4]董艳梅,朱英明.高铁建设能否重塑中国的经济空间布局——基于就业、工资和经济增长的区域异质性视角[J].中国工业经济,2016(10):92-108.
[5]刘勇政,李岩.中国的高速铁路建设与城市经济增长[J].金融研究,2017(11):18-33.
[6]王雨飞,倪鹏飞.高速铁路影响下的经济增长溢出与区域空间优化[J].中国工业经济,2016(2):21-36.
[7]钟业喜,黄洁,文玉钊.高铁对中国城市可达性格局的影响分析[J].地理科学,2015(4):387-395.
[8]邓涛涛,赵磊,马木兰.长三角高速铁路网对城市旅游业发展的影响研究[J].经济管理,2016(1):137-146.
[9]汪德根,陈田,陆林,等.区域旅游流空间结构的高铁效应及机理——以中国京沪高铁为例[J].地理学报,2015(2):214-233.
[10]张俊.高铁建设与县域经济发展——基于卫星灯光数据的研究[J].经济学(季刊),2017(4):1533-1562.
[11]石林,傅鹏,李柳勇.高铁促进区域经济一体化效应研究[J].上海经济研究,2018(1):53-62.
[12]张克中,陶东杰.交通基础设施的经济分布效应——来自高铁开通的证据[J].经济学动态,2016(6):62-73.
[13]李欣泽,纪小乐,周灵灵.高铁能改善企业资源配置吗?——来自中国工业企业数据库和高铁地理数据的微观证据[J].经济评论,2017(6):3-21.
[14]杜兴强,彭妙薇.高铁开通会促进企业高级人才的流动吗?[J].经济管理,2017(12):89-107.
[15]龙玉,赵海龙,张新德,等.时空压缩下的风险投资——高铁通车与风险投资区域变化[J].经济研究,2017(4):195-208.
[16]Ferreira D, Manso G, Silva A. Incentives to Innovate and the Decision to Go Public or Private[J]. Review of Financial Studies,2014,27(3):256-300.
[17]Dosi G, Marengo L, Pasquali C. How Much Should Society Fuel the Greed of Innovators? On the Relations between Appropriability,Opportunities and Rates of Innovation[J]. Research Policy,2006,35(8):1110-1121.
[18]Pisano G P, Teece D J. How to Capture Value from Innovation:Shaping Intellectual Property and Industry Architecture[J].California Management Review,2007,50(3):278-296.
[19]Durand R, Bruyaka O, Mangematin V. Do Science and Money Go Together? The Case of the French Biotech Industry[J].Strategic Management Journal,2008,29(2):1281-1299.
[20]吴超鹏,唐菂.知识产权保护执法力度、技术创新与企业绩效——来自中国上市公司的证据[J].经济研究,2016(11):125-139.
[21]黎文靖,郑曼妮.实质性创新还是策略性创新——宏观产业政策对微观企业创新的影响[J].经济研究,2016(4):60-73.
[22]余明桂,钟慧洁,范蕊.业绩考核制度可以促进央企创新吗?[J].经济研究,2016(12):104-117.
[23]王海成,吕铁.知识产权司法保护与企业创新——基于广东省知识产权案件“三审合一”的准自然试验[J].管理世界,2016(10):118-133.
[24]Belloc F. Corporate Governance and Innovation:A Survey[J]. Journal of Economic Surveys, 2012,26(5):835-864.
[25]Lyandres E, Palazzo B. Strategic Cash Holdings and R&D Competition:Theory and Evidence[R]. Boston University:Working paper,2012.
[26]Chemmanur, Loutskina, Tian. Corporate Venture Capital, Value Creation, and Innovation[J]. Review of Financial Studies,2013,27(8):2434-2473.
[27]Benfratello L, Schiantarelli F, Sembenelli A. Banks and Innovation:Micro-econometric Evidence on Italian Firms[J].Journal of Financial Economics,2015,90(2):197-217.
[28]Cornaggia J, Mao Y, Tian X. et al. Does Banking Competition Affect Innovation?[J]. Journal of Financial Economics,2015,115(1):189-209.
[29]马光荣,刘明,杨恩艳.银行授信、信贷紧缩与企业研发[J].金融研究,2014(7):76-93.
[30]Manso G. Motivating Innovation[J]. Journal of Finance,2011,66(4):1823-1860.
[31]Bertrand M, Mullainathan S. Enjoying the Quiet Life? Corporate Governance and Managerial Preferences[J]. Journal of Political Economy,2003,111(3):1043-1075.
(1)企业可以通过并购创新能力强的公司来获得创新产出,因此不能仅考虑上市公司本身的创新产出,对此本文样本包括了上市公司及其子公司、联营公司、合营公司的所有专利申请数据。
(2)高新技术企业认定标准:近一年销售收入小于5 000万元的企业,其研发投入占销售收入之比不低于6%;近一年销售收入在5 000万元至2亿元之间的企业,其研发投入占销售收入之比不低于4%;近一年销售收入在2亿元以上的企业,其研发投入占销售收入之比不低于3%。
(3)Hadlock和Pierce认为,KZ指数存在计算准确性和适用性上的问题,而企业规模(Size)和上市年限(Age)却是衡量融资约束的特别有效指标,SA=-0.737*Size+0.043*Size2-0.040*Age。
(4)赫芬德尔指数HII是指公司i在行业j中所占市场份额的平方和。
[2]Donaldson D, Hornbeck R. Railroads and American Economic Growth:A Market Access Approach[J]. Quarterly Journal of Economics,2013,131(1):4-25.
[3]Albalate D. High Speed Rail and Tourism:Empirical Evidence from Spain's Provinces and Cities[J]. Transportation Research,2016,85(1):174-185.
[4]董艳梅,朱英明.高铁建设能否重塑中国的经济空间布局——基于就业、工资和经济增长的区域异质性视角[J].中国工业经济,2016(10):92-108.
[5]刘勇政,李岩.中国的高速铁路建设与城市经济增长[J].金融研究,2017(11):18-33.
[6]王雨飞,倪鹏飞.高速铁路影响下的经济增长溢出与区域空间优化[J].中国工业经济,2016(2):21-36.
[7]钟业喜,黄洁,文玉钊.高铁对中国城市可达性格局的影响分析[J].地理科学,2015(4):387-395.
[8]邓涛涛,赵磊,马木兰.长三角高速铁路网对城市旅游业发展的影响研究[J].经济管理,2016(1):137-146.
[9]汪德根,陈田,陆林,等.区域旅游流空间结构的高铁效应及机理——以中国京沪高铁为例[J].地理学报,2015(2):214-233.
[10]张俊.高铁建设与县域经济发展——基于卫星灯光数据的研究[J].经济学(季刊),2017(4):1533-1562.
[11]石林,傅鹏,李柳勇.高铁促进区域经济一体化效应研究[J].上海经济研究,2018(1):53-62.
[12]张克中,陶东杰.交通基础设施的经济分布效应——来自高铁开通的证据[J].经济学动态,2016(6):62-73.
[13]李欣泽,纪小乐,周灵灵.高铁能改善企业资源配置吗?——来自中国工业企业数据库和高铁地理数据的微观证据[J].经济评论,2017(6):3-21.
[14]杜兴强,彭妙薇.高铁开通会促进企业高级人才的流动吗?[J].经济管理,2017(12):89-107.
[15]龙玉,赵海龙,张新德,等.时空压缩下的风险投资——高铁通车与风险投资区域变化[J].经济研究,2017(4):195-208.
[16]Ferreira D, Manso G, Silva A. Incentives to Innovate and the Decision to Go Public or Private[J]. Review of Financial Studies,2014,27(3):256-300.
[17]Dosi G, Marengo L, Pasquali C. How Much Should Society Fuel the Greed of Innovators? On the Relations between Appropriability,Opportunities and Rates of Innovation[J]. Research Policy,2006,35(8):1110-1121.
[18]Pisano G P, Teece D J. How to Capture Value from Innovation:Shaping Intellectual Property and Industry Architecture[J].California Management Review,2007,50(3):278-296.
[19]Durand R, Bruyaka O, Mangematin V. Do Science and Money Go Together? The Case of the French Biotech Industry[J].Strategic Management Journal,2008,29(2):1281-1299.
[20]吴超鹏,唐菂.知识产权保护执法力度、技术创新与企业绩效——来自中国上市公司的证据[J].经济研究,2016(11):125-139.
[21]黎文靖,郑曼妮.实质性创新还是策略性创新——宏观产业政策对微观企业创新的影响[J].经济研究,2016(4):60-73.
[22]余明桂,钟慧洁,范蕊.业绩考核制度可以促进央企创新吗?[J].经济研究,2016(12):104-117.
[23]王海成,吕铁.知识产权司法保护与企业创新——基于广东省知识产权案件“三审合一”的准自然试验[J].管理世界,2016(10):118-133.
[24]Belloc F. Corporate Governance and Innovation:A Survey[J]. Journal of Economic Surveys, 2012,26(5):835-864.
[25]Lyandres E, Palazzo B. Strategic Cash Holdings and R&D Competition:Theory and Evidence[R]. Boston University:Working paper,2012.
[26]Chemmanur, Loutskina, Tian. Corporate Venture Capital, Value Creation, and Innovation[J]. Review of Financial Studies,2013,27(8):2434-2473.
[27]Benfratello L, Schiantarelli F, Sembenelli A. Banks and Innovation:Micro-econometric Evidence on Italian Firms[J].Journal of Financial Economics,2015,90(2):197-217.
[28]Cornaggia J, Mao Y, Tian X. et al. Does Banking Competition Affect Innovation?[J]. Journal of Financial Economics,2015,115(1):189-209.
[29]马光荣,刘明,杨恩艳.银行授信、信贷紧缩与企业研发[J].金融研究,2014(7):76-93.
[30]Manso G. Motivating Innovation[J]. Journal of Finance,2011,66(4):1823-1860.
[31]Bertrand M, Mullainathan S. Enjoying the Quiet Life? Corporate Governance and Managerial Preferences[J]. Journal of Political Economy,2003,111(3):1043-1075.
(1)企业可以通过并购创新能力强的公司来获得创新产出,因此不能仅考虑上市公司本身的创新产出,对此本文样本包括了上市公司及其子公司、联营公司、合营公司的所有专利申请数据。
(2)高新技术企业认定标准:近一年销售收入小于5 000万元的企业,其研发投入占销售收入之比不低于6%;近一年销售收入在5 000万元至2亿元之间的企业,其研发投入占销售收入之比不低于4%;近一年销售收入在2亿元以上的企业,其研发投入占销售收入之比不低于3%。
(3)Hadlock和Pierce认为,KZ指数存在计算准确性和适用性上的问题,而企业规模(Size)和上市年限(Age)却是衡量融资约束的特别有效指标,SA=-0.737*Size+0.043*Size2-0.040*Age。
(4)赫芬德尔指数HII是指公司i在行业j中所占市场份额的平方和。