Research On The Influence Of Transportation Infrastructure Construction On Enterprise Upgrading Of A-Share Listed Companies

Affected by the escalation of trade friction between China and the United States and the global COVID-19,China is facing a grim political and trade situation at home and abroad.In this context,in order to better promote the development of China’s economic transformation,the Chinese government will hold the 19 th Fifth National Congress in 2020 to re-emphasize the core position of innovation in the overall modernization of China.In recent years,with the development of transportation technology,the distance between time and space has been greatly compressed,more countries have participated in the international division of labor,and the global value chain has gradually taken shape.In the process of participating in the global value chain,if China wants to achieve economic transformation and development,it must rely on enterprises’ independent innovation to make them climb up the value chain and realize enterprise transformation and upgrading.Therefore,under this complex background at home and abroad,it is of great practical significance to study the influence of transportation infrastructure construction on the upgrading of Chinese enterprises.Based on the micro-enterprise data of 360 A-share listed companies in prefecture-level cities from 2010 to 2018,this paper studies the impact of transportation infrastructure construction on enterprise upgrading and its influencing mechanism from the perspective of the opening of CHSR and China-Europe Railway,and further analyzes the impact of trade policy and geopolitical uncertainties on these relationships.To be specific,the structure and research contents of this paper are as follows: Chapter 1 is the introduction,which briefly introduces the research background and significance of this paper,as well as the research methods and innovation points.Chapter 2 is the literature review and theoretical analysis,and summarizes the relevant research at home and abroad and puts forward the basic assumptions of this paper.Chapter 3 is the empirical test of the basic hypothesis.Based on the introduction of multi-time DID model,mediating effect test and moderating effect test,an empirical test model is constructed.This paper takes total factor productivity as an indicator to measure enterprise upgrading,conducts propensity score matching on the sample data of enterprises,and uses multi-time DID model to empirically test the impact of CHSR and China-Europe Railway on enterprise upgrading in China under the premise that the samples meet the parallel trend test.Chapter 4 analyzes the influence mechanism of enterprise innovation and the influence of external risk factors.Firstly,a mediating effect model is constructed to test whether the opening of CHSR and China-Europe Railway can promote the upgrading of Chinese enterprises through enterprise innovation.Secondly,considering the uncertainty of trade policy and geopolitical risk that China has been facing,this paper empirically tested the moderating effect of geopolitical risk index(GPR)and trade policy uncertainty index(TPU)on the process of transportation infrastructure promoting enterprise upgrading.Then,this paper analyzes the heterogeneity according to the enterprise attribute,industry classification and the size of enterprise financing constraint.To ensure the reliability of the obtained results,the consolation test and substitution proxy variables were used to test the robustness of the obtained results at the end of Chapter 4.The last part is the conclusion of the whole paper,which summarizes the research conclusions of this paper and gives the relevant policy inspiration.This study theoretically enriches the research results of the impact of transportation infrastructure construction on enterprise upgrading and provides empirical evidence for the relationship between enterprise innovation and enterprise upgrading.The uncertainty of geopolitics and trade policy is introduced to broaden the research perspective of the impact of transportation infrastructure construction on enterprise upgrading in China.On the practical level,this paper studies the impact of CHSR and China-Europe Railway on enterprise upgrading,provides empirical evidence for the economic effects of CHSR construction and China-Europe Railway construction,and provides reference for the implementation of the innovation-driven development strategy of the Chinese government and the formulation of policies to promote enterprise upgrading.