Results of controlling regional culture.

By stimulating social vitality and improving innovation efficiency, intergenerational mobility plays an essential role in economic development. With the data from China Labor-force Dynamic Survey (CLDS) and A-share listed companies, this paper uses the methodology of intergenerational order correlation to measure regional intergenerational mobility, and examines the impact of regional intergenerational mobility on corporate innovation. The results are as follows: (1) Regional intergenerational mobility promotes corporate innovation both quantitatively and qualitatively, and a series of robustness tests confirm our findings; (2) Two channels identified are government-enterprise human capital allocation and fairness perception; (3) Heterogeneity analysis shows that the innovation effect of regional intergenerational mobility is more significant in the high-tech industry and private enterprises; (4) Multi-dimensional market-oriented policy can be used to get rid of the shackles of low intergenerational mobility on corporate innovation. Our findings provide implications for developing countries on how to address the relationship between inequality and economic development.

代际流动通过激发社会活力、提升创新效率，对经济发展发挥着至关重要的作用。本文基于中国劳动力动态调查（China Labor-force Dynamic Survey，CLDS）与A股上市公司数据，采用代际秩序相关法测度区域代际流动水平，并检验了区域代际流动对企业创新的影响效应。研究结果如下：
（1）区域代际流动在数量与质量维度均能促进企业创新，一系列稳健性检验均验证了该结论的可靠性；
（2）研究识别出两条作用渠道：政企人力资本配置与公平感知；
（3）异质性分析表明，区域代际流动的创新激励效应在高新技术行业与民营企业中更为显著；
（4）通过多维市场化政策，可破除低代际流动对企业创新的束缚。
本研究结论可为发展中国家探索如何协调不平等与经济发展的关系提供理论参考与实践启示。