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

作　　者：郭祥 陈富永 刘晓[3] Guo Xiang;Chen Fuyong;Liu Xiao(School of Management,Sichuan University of Science&Engineering,Zigong 643000,China;Chengdu-Chongqing Area Double City Economic Circle Construction Research Institute,Chongqing Technology and Business University,Chongqing 400067,China;Nankai Business Review,Nankai University,Tianjin 300071,China)

机构地区：[1]四川轻化工大学管理学院,643000 [2]重庆工商大学会计学院,400067 [3]南开大学《南开管理评论》编辑部,300071

出　　处：《南开经济研究》2024年第10期131-150,共20页Nankai Economic Studies

基　　金：国家社会科学基金项目“中国式现代化进程中重大经济结构优化研究”(22STA038);四川省社会科学界联合会项目“高质量发展背景下民族地区农村集体经济发展路径研究”(SC24ZL005)的资助。

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。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 innovation.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 conclusion is still valid after the robustness tests such as replacing the enterprise innovation output measurement index,PSM paired samples and counterfact testing.Regional integration improves enterprise innovation output by reducing financial mismatch and expand the market.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 integration 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 urban 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 

分 类 号：F27[经济管理—企业管理]