Knowledge Spillover Of Universities And The Value Of Listed Companies

With the increasing attention of the government to higher education,colleges and universities have become an important pillar of national research and innovation.Under the background of the economy entering the new development stage,our economic development strategy is changing from investment driven to innovation driven,so the technological innovation of colleges and universities and the technological innovation transformation of enterprises have become an important academic subject,which attracts the attention of all walks of life.In this context,this paper takes the knowledge spillover effect of Chinese universities as the core of the research,empirically-analyzes the influence of the construction of "double first-class" universities and disciplines on the value of listed companies,and tests the knowledge spillover mechanism from two channels respectively to explore the influencing factors of knowledge spillover effect.This paper takes all A-share listed companies from 2017 to 2021 as research samples,matches companies in the same province with double-first-class construction universities and disciplines.Firstly,the influence of the number of double-first-class universities and disciplines in each province on Tobin’s Q value is studied.Secondly,the influence of university effect and discipline effect on the value of listed companies under different life cycles and different locations in different provinces is studied.Finally,study whether the talent policy can strengthen the knowledge spillover effect.The results show that:(1)The provinces with more dual-first-class construction schools and disciplines have higher value of listed companies;(2)Knowledge spillover can promote the value of listed companies by promoting R&D innovation and improving human capital level of listed companies;(3)Knowledge spillover from universities has the same effect on the value growth of listed companies in different life cycles.(4)Through the development of local higher education,the central and western regions can make up for their regional disadvantages and improve their economic and social development level by training more talents.(5)With the support of local talent policies,the development of higher education can not only have a positive impact,but also bring more powerful knowledge spillover effect.This paper innovatively starts from the policy perspective of "double first-class construction",focuses on the real economy,explores the knowledge spillover effect and mechanism of colleges and universities on listed companies,enriches and develops relevant theoretical researches,and has important practical significance for fully implementing the national higher education strategy,accelerating the transformation of scientific and technological achievements,promoting the development of national economy.