区域一体化提升企业创新产出了吗?——基于长三角扩容的准自然实验
Does Regional Integration Improve Enterprise Innovation Output?Quasi Natural Experiment Based on Yangtze River Delta Expansion
郭祥 1陈富永 2刘晓3
作者信息
- 1. 四川轻化工大学管理学院(邮编:643000)
- 2. 重庆工商大学会计学院(邮编:400067)
- 3. 南开大学《南开管理评论》编辑部,邮编 300071
- 折叠
摘要
区域一体化是推进中国创新体系发展的重要举措,对于提高企业创新水平具有重要意义.本文以长三角一体化为场景,基于2007-2021年中国资本市场上市公司数据,探讨区域一体化对企业创新产出的影响及其机制.采用多期双重差分方法进行检验,研究发现,区域一体化显著提升了企业创新产出,在替换企业创新产出度量指标、PSM配对样本及反事实检验等稳健性测试后,该结论依然成立.区域一体化通过降低金融错配程度与提高市场规模,进而提升企业创新产出;区域一体化对企业创新产出的提升作用在国有企业、行业竞争程度高的企业及产业政策支持的企业更明显;而且,区域一体化对企业创新产出的驱动效应有助于增加企业价值.本文从微观层面拓展了区域一体化创新驱动效应的研究,为区域合作、企业创新及城市空间融合发展提供了有益的政策启示.
Abstract
Regional integration is an important measure to promote the development of China's innovation system and is of great significance to improve the level of enterprise in-novation.Based on the data of listed companies in China's capital market from 2007 to 2021,this paper takes the integration of the Yangtze River Delta as a scenario to explore the impact of regional integration on enterprise innovation output and its mechanism.Using the multistage difference-in difference method,the research finds that the integration of the Yangtze River Delta significantly improves enterprise innovation output,and this conclu-sion is still valid after the robustness tests such as replacing the enterprise innovation output measurement index,PSM paired samples and counterfact testing.Regional integration im-proves enterprise innovation output by reducing financial mismatch and expand the mar-ket.The effect of regional integration on the improvement of enterprise innovation output is more obvious in state-owned enterprises,enterprises with high industrial competition and enterprises supported by industrial policies.Moreover,the driving effect of regional integra-tion on enterprise innovation output helps to increase enterprise value.This paper expands the research on the innovation-driven effect of regional integration from the micro level,and provides useful policy implications for regional cooperation,enterprise innovation and ur-ban spatial integration.
关键词
区域一体化/企业创新产出/金融错配/市场规模/长三角Key words
Regional Integration/Enterprise Innovation Output/Financial Mismatch/Market size/Yangtze River Delta引用本文复制引用
出版年
2024
NETL
NSTL
万方数据