Does PPP Investment Promote Enterprise Innovation?Micro Evidence from Listed Companies
Based on the perspective of public service development,taking the rapid development of cooperation between the government and social capital as an opportunity,this paper examines the impact of PPP investment on enterprise innovation by using the matching data of listed companies and prefecture-level PPP project databases from 2009 to 2020.The results show that PPP investment can significantly increase the innovation output of enterprises,and the effect intensity varies with the type of PPP investment.Specifically,compared with private investment and complementary investment,productive investment and upgrading investment have a more significant impact on enterprise innovation,which is mainly due to market scale effect,cost saving effect and technology absorption capacity improvement effect.Heterogeneity analysis shows that the promotion effect of PPP investment on enterprise innovation is more significant in large and medium-sized cities and non-high-tech enterprises.The expansion research shows that industry market competition has a positive moderating effect on PPP investment and enterprise innovation,and the contribution of resource reallocation to industry innovation intensity is more than 50％.From the perspective of optimizing the spatial allocation of innovation resources,the above research provides empirical evidence that public services promote enterprise innovation,and has clear policy implications for optimizing the innovation service efficiency of PPP investment.
PPP investmentdevelopment of public servicesenterprise innovationmarket competitionresource reallocation
NETL
NSTL
万方数据
