The impact of the opening of high-speed rail on the joint innovation of enterprises - Evidence from listed companies

Abstract

As a link for exchanges between cities, high-speed rail accelerates the flow of factors between different regions, obviously promotes joint innovation of enterprises. This paper uses the data of high-speed rail opening in various regions and the number of patents applied by listed companies from 2015 to 2019 to examine the impact of high-speed rail opening on the degree of joint innovation of enterprises through the least squares model (OLS), and it is found that the opening of high-speed rail has a significant role in promoting joint innovation of enterprises. At the same time, the mechanism analysis shows that the opening of high-speed rail mainly promotes the flow of highly educated talents and promotes joint innovation of enterprises. The heterogeneity test found that for different regions, different urban agglomerations, and enterprises with different innovation intensity, the impact of the opening of high-speed rail on joint innovation was different. This paper studies the relationship between specific forms of innovation and the opening of high-speed rail, pointing out that highly educated talents are an important production factor for joint innovation of enterprises, indicating that the rapid construction of high-speed rail has a significant role in promoting joint innovation of enterprises, and the promotion of high-speed rail for joint innovation is conducive to realizing the development strategy of ranking among the forefront of innovative countries in the 14th Five-Year Plan, and improving the efficiency of innovation and reform . Injected strong strength into the overall economic development.