Does Regional Integration Improve Enterprise Innovation Output?Quasi Natural Experiment Based on Yangtze River Delta Expansion
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.
Regional IntegrationEnterprise Innovation OutputFinancial MismatchMarket sizeYangtze River Delta
NETL
NSTL
万方数据
