Research On The Influence Of High-speed Railway Opening On Dual Innovation Of High-tech Enterprises

Since the launch of the "Qinhuangdao-Shenyang passenger dedicated line" in 2003,China's railway transportation speed has been continuously improving.The time-space compression brought by high-speed railway can shorten the business negotiation time between enterprises,facilitate face-to-face and direct communication,reduce the degree of information asymmetry,and further reduce the financing constraints of enterprises.High-tech enterprises have large investment in research and development,high knowledge intensity,and high requirements for research and development funds and information collection.With the rapid development of high-speed railway,how to use the convenience of high-speed railway to create value for enterprise innovation has become a topic worthy of attention.For high-tech enterprises,innovation activities,especially dual innovation,have become an important breakthrough in the development of enterprises,and the research on dual innovation of high-tech enterprises has become a hot spot in recent years.Most of the existing literature on high-speed railway focus on the impact of high-speed railway opening on the macro-economy,and linking high-speed railway opening with enterprise dual innovation has become the innovation point of this paper,providing ideas and directions for the study of geographical economics.In this paper,the psm-did method is mainly adopted,and the data of high-tech enterprises from 2010 to 2017 are used to discuss the impact of the first opening of high-speed rail on the dual innovation of high-tech enterprises,and the statal2.0 software is used for empirical test.The results show that the opening of high-speed railway reduces the degree of information asymmetry between enterprises and promotes the investment of enterprises in innovation.Compared with exploitative innovation,the opening of high-speed railway plays a more significant role in promoting the investment of exploration innovation.This paper further examines the policy sustainability of the opening of high-speed railway,and based on the perspective of information asymmetry,studies the path of the opening of high-speed railway to the dual innovation of enterprises.The opening of high-speed railway has a sustained effect on enterprise's exploratory innovation,and the duration of this sustainability is two years,and there is no significant rule on the impact of development innovation.After the high-speed railway was opened to traffic,the investment of non-state-owned enterprises in exploratory innovation increased significantly compared with state-owned enterprises.Enterprises with higher information sensitivity in the growth stage have more investment in exploratory innovation than those in the mature and declining stages.Compared with the eastern region,the exploratory innovation of enterprises in the central and western regions increased significantly.The results reveal the significance of high-speed railway construction and station selection for the development of enterprises,and support enterprises to expand their business along the accessible area of high-speed railway artery.Finally,combined with the research conclusions,this paper puts forward some suggestions from the enterprise level and the government level.