区域创新政策如何赋能企业韧性

——来自长三角G60科创走廊的证据

卢毅¹，郑青昊¹，刘心怡²，吕学振³

（1. 四川大学 商学院，四川 成都 610064；

2. 华中科技大学 管理学院，湖北 武汉 430074；

3. 中国财政科学研究院，北京 100142）

摘要：推动区域创新协调发展以增强企业韧性，是当前学术界面临的重要议题。以2010—2023年中国长三角地区A股上市公司为研究对象，采用多期双重差分法，实证分析长三角G60科创走廊政策对企业韧性的影响。研究结果显示：科创走廊建设提升了沿线城市企业的韧性，该结论在一系列稳健性检验下依然成立；机制检验结果表明，科创走廊建设通过促进企业突破式创新赋能企业韧性提升；异质性分析结果表明，科创走廊建设对于企业韧性的提升作用在非国有企业、高科技企业、小规模企业以及沿线高等级城市企业中更加明显。研究结论为企业韧性理论贡献了新的视角，为推动长三角G60科创走廊的政策布局与优化提供了理论支撑，同时对其他地区科创走廊的建设具有重要的启示。

关键词：区域创新政策；科创走廊；企业韧性；突破式创新；渐进式创新

作者简介：卢毅（1983—），男，四川大学商学院教授；郑青昊（2000—），男，四川大学商学院硕士研究生；刘心怡（2000—），女，华中科技大学管理学院硕士研究生，通信作者；吕学振（1996—），男，中国财政科学研究院博士研究生。

基金项目：国家社会科学基金重大招标项目“重大突发事件情境下重点产业供应链韧性评估与对策研究”（23&ZD051）

引用格式：卢毅,郑青昊,刘心怡,等.区域创新政策如何赋能企业韧性——来自长三角G60科创走廊的证据[J].首都经济贸易大学学报,2025,27(6):38-52.

How Regional Innovation Policies Empower Enterprise Resilience:

Evidence from the G60 Science and Technology Innovation Corridor of the Yangtze River Delta

LU Yi¹, ZHENG Qinghao¹, LIU Xinyi², LV Xuezhen³

(1. Sichuan University, Chengdu 610064;

2. Huazhong University of Science and Technology, Wuhan 430074;

3. Chinese Academy of Fiscal Sciences, Beijing 100142)

Abstract: Enhancing corporate resilience is important for mitigating systemic risks. National Science and Technology Innovation Corridors (hereinafter referred to as “Innovation Corridors”) offer an ideal platform for enterprises to enhance their capacity for independent innovation and improve their ability to resist risks. However, current research on the antecedents of corporate resilience predominantly focuses on internal resources and external informal institutions, with less attention to the impact of formal institutions from an innovation perspective. Therefore, there is an urgent need to explore more effective policy instruments to stimulate corporate innovation and meet the long-term needs of enhancing corporate resilience.

This study employs the establishment of the G60 Innovation Corridor of the Yangtze River Delta as a quasi-natural experiment. Using a sample of A-share listed companies in the Yangtze River Delta from 2010 to 2023, a multi-period difference-in-differences (DID) model is utilized to investigate the direct impact and underlying mechanisms of the G60 Innovation Corridor on corporate resilience. Heterogeneity tests are conducted based on variations in ownership type, technological intensity, firm size, and the hierarchy of cities where the firms are located.

The marginal contributions are threefold. First, it expands the research boundary on the antecedents of corporate resilience by evaluating the impact of Innovation Corridor on corporate resilience using the G60 Innovation Corridor as a quasi-natural experiment. Second, it delves into the internal mechanisms through which Innovation Corridor policies enhance corporate resilience. Third, it innovatively incorporates dual innovation into the framework of mechanism research, profoundly revealing the “black box” of mechanisms underlying the impact of the G60 Innovation Corridor policy.

The study reveals the following findings. First, the establishment of the Innovation Corridor significantly enhances the resilience of enterprises located in the corridor cities, a result that remains robust after a series of robustness and endogeneity tests. Second, Mechanism analysis indicates that the Innovation Corridor policy enhances corporate resilience by promoting radical innovation, while the effect of the incremental innovation pathway is not significant. Third, heterogeneity analysis shows that the positive impact of the Innovation Corridor policy on corporate resilience is more pronounced among non-state-owned enterprises, high-tech firms, smaller enterprises, and enterprises located in higher-tier cities along the corridor.

The following policy implications are proposed: optimizing the top-level design of the Innovation Corridor and implementing targeted policies to enhance corporate resilience; fully leveraging the guiding role of Innovation Corridor policies in the process of corporate radical innovation; implementing differentiated and precise policy guidance tailored to firm heterogeneity is crucial for promoting regional innovation and enhancing overall resilience. This approach can provide empirical evidence and valuable insights for the development of other Innovation Corridors.

Keywords: regional innovation policy; S&T innovation corridor; firm resilience; breakthrough innovation; incremental innovation

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