High-Speed Railway Opening,Institutional Site Visits And Corporate Innovation

This paper selects A-share listed companies in Shanghai and Shenzhen from 2012 to 2019 as samples,takes the opening of high-speed rail as exogenous impact,applies the DID model to examine the changes of innovation level of listed companies before and after the opening of high-speed rail,and uses the institution site visits data to explore the internal mechanism of high-speed rail opening affecting enterprise innovation,and compares it with the mechanism of senior talents flow,and finally makes some suggestions through a series of heterogeneity tests,the results show that:(1)the opening of high-speed rail will improve the innovation level of listed companies,and the promotion effect on Non-technical innovation level is slightly greater than that on technical innovation level.The endogeneity can be mitigated by propensity score matching(PSM).Among the enterprises with the same opening probability of high-speed rail,the innovation output level of enterprises with high-speed rail opening is higher;(2)the opening of high-speed rail can improve the innovation level of listed companies by promoting institutional site visits to improve the level of enterprise innovation,the main reason is that site visits ease the financing constraints of enterprises and reduce the information asymmetry of enterprises.The site visits of securities analysts and private investors can promote enterprise innovation,while that of fund managers will inhibit enterprise innovation;(3)high speed railway can stimulate enterprise innovation by promoting both institutional site visis and senior talent flow,and institutional site visits play a greater intermediary role in the the impact of high-speed rail opening on enterprise innovation;(4)the opening of high-speed rail has a greater impact on the innovation of those companies with higher R&D density,lower degree of information disclosure,higher degree of analysts’ attention and more capable leadership,and institutional site visits do play an intermediary role in the process.