Research On The Relationship Between High-speed Railway And Enterprise R&D Investment

At present,China's economic transformation and upgrading are accelerating,and the world's science and technology competition is becoming increasingly fierce.Enterprises must continue to innovate for development.R&D investment provides guarantee for innovation activities.It is an important indicator to measure the innovation ability of enterprises.The amount of R&D investment means how many innovations can be obtained by enterprises,which determines the future competitiveness of enterprises and the future survival and development of enterprises.There are much literature on which factors affect the R&D investment of enterprises.Various aspects of the internal and external environment of the enterprise have been discussed and demonstrated.However,there is little research on the relationship between high-speed railway and R&D investment.Since 2008,China has started the construction of high-speed railways,and has built a“four vertical and four horizontal” high-speed railway network at a speed of 2,000 kilometers per year.As a new important transportation infrastructure,high-speed railways have had a profound impact on economic and social development.The links between different regions have become closer and the allocation of resources has been carried out in a larger region.The high-speed railway has promoted the vigorous development of the local economy and has become an important support for the economic development in the new era.The opening of the high-speed railway provides us with a new perspective to observe the impact of traffic on the changes in R&D investment of enterprises.This paper takes the high-speed railway opening as a quasi-natural experiment and analyzes the differences between the company's R&D investment before and after the opening of the high-speed railway in the enterprise location,so as to obtain empirical evidence between the opening of high-speed railway and the company's R&D investment.Based on past literature,this paper explores the relationship between high-speed railway and enterprise R&D investment.The literature shows that transportation infrastructure construction can promote the flow of factors;high-speed railway can promote the flow of talents and promote regional innovation;and human resources are related to enterprise R&D investment.Based on the above correlations,This paper analyzes that the opening of high-speed rail shortens the travel time between different regions,changes the time and space distance between regions,and promotes the flow of personnel.Human resources become more accessible and enterprises can acquire more R&D talents.At the same time,the knowledge spillover caused by the flow of personnelcan improve the R&D capability of the enterprise.The increase of R&D talents and the improvement of R&D capabilities will cause enterprises to increase R&D investment.Based on theoretical analysis,this paper uses the R&D investment data of A-share listed companies in 2007-2014 to match the data of high-speed railway opening during this period,and uses the double difference method to empirically test the impact of high-speed railway opening on R&D investment.The research results show that there is a significant positive correlation between high-speed railway opening and enterprise R&D investment.In order to ensure the reliability of the results,this paper re-tests by expanding the sample period and finds that the hypothesis is still valid.Secondly,the company was divided into two groups according to the property rights and then tested separately.The result shows that the correlation coefficient between the opening of high-speed railway and the R&D investment of state-owned enterprises is greater than that of private enterprises.Therefore,the paper concludes that the opening of high-speed rail can promote the R&D investment of listed companies,and the promotion of R&D investment of state-owned enterprises is even greater.This paper suggests that the government accelerate the construction of high-speed railways,increase the construction of high-speed railway in the central and western regions,accelerate the development of air transportation and highways to form a three-dimensional transportation system;promote the development of urban agglomerations and the flow of factors;strengthen innovation support and financial support to ease the financial constraints of private enterprises.