Research On The Effect Of Opening Of China Railway High-speed On Corporate R&D Spillover Effect

With the advent of the knowledge economy,R&D advantages have become an important guarantee for the country to maintain core competitiveness in the new economic situation.In order to cope with market competition and reduce information asymmetry,SMEs will actively learn to imitate industry-leading companies when making R&D investment decisions,thereby generating R&D spillover effects.With the country's vigorous construction of high-speed railways,capital,information,manpower,and knowledge have accelerated their movement within the high-speed rail radiation range.And It can save the search costs of research and development information for companies in the same industry,strengthen the flow and exchange of talents between enterprises,and ease he information asymmetry faced by the company in the course of R&D while learning industry leadership.The current research on R&D spillover effects is mainly concentrated at the regional and industry levels.The economic consequences of high-speed rail opening focus on the impact on the regional economy.There is a lack of in-depth research on the effect of this exogenous event on corporate' R&D,The mechanism and influence path need to be further explored.Therefore,it is of great theoretical and practical significance to study the impact of high-speed rail opening on R&D spillover effects.Based on the perspective of learning effects of innovation investment of companies in the same industry,this paper takes China's A-share listed companies from 2008 to 2017 as the research object and uses the least squares regression analysis method to empirically test the impact of Opening of China Railway High-speed on corporate R&D spillover effects.And it proves that the Opening of China Railway High-speed can significantly promote the spillover effect of R&D activities in the industry.Further explore the heterogeneity of the regulation effect of high-speed rail opening,when the company is in the high-tech industry or the eastern region,this promotion effect is more obvious.Further research found that the opening of the high-speed rail has a more pronounced effect on promoting the spillover effect of R&D activities in the research stage with a higher degree of information asymmetry and greater risk of R&D investment.The research conclusions in this paper can enrich the relevant literature on the influencing factors of R&D spillover effects among companies,and help to provide new empirical evidence of the economic consequences of high-speed rail opening at the micro level.What's more,it provide companies and investors how to better grasp the opportunities brought about by high-speed rail opening Practical guidance,and also provide relevant suggestions for China's high-speed rail construction planning.