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Based on the data of listed companies at 285 cities prefecture level and above from 2003 to 2017, this paper empirically studies the impact of high-speed rail on enterprise innovation efficiency. By using the Difference-in-Difference (DID) method, empirical results indicate that high-speed railway can improve the innovation efficiency of listed companies. After parallel trend test of DID, the method of Propensity Score Matching and Difference-in-Difference (PSM-DID) and instrumental variable method and robustness test, the conclusion is still stable. The mediating mechanism of high-speed railway to improve enterprise innovation efficiency is to promote the flow of technical personnel and improve the knowledge spillover density of cities. Further heterogeneity analysis shows that high-speed railway has different impacts on innovation efficiency of different regions, administrative levels, cities with different population sizes , different industries and enterprises with different property rights. The policy suggestion is that we should pay attention to the positive role of high-speed rail in the formulation of enterprise innovation and development strategy.
Yang et al. (Thu,) studied this question.