beat365体育手机下载-beat365(官方)

Abstract

Abstract:Accurately identifying the impact of the opening of high-speed rail on enterprises' investment location selection is of great significance to the optimization of corporate investment decision-making and regional industry optimization. Using the micro data on the remote investment of Chinese listed companies from 2008 to 2017, based on the new perspective of the opening of the high-speed rail, the multi-period double difference method was used to conduct an empirical analysis of the investment location selection of listed companies, and analyzed from the two paths of market scale effect and transaction cost effect Internal influence mechanism, and then use the mediation effect model to test the mechanism. The study found that:(1) the opening of high-speed rail increased the number of listed companies' remote investment companies, and the number of new remote investment companies of listed companies that opened high-speed rail in the city where the headquarters is located increased by about 5.2% on average; (2) the average geographic location of listed companies' remote investment Distance has no significant impact. The analysis of heterogeneity found that the opening of high-speed rail only increased the average geographic distance of listed companies' off-site investment in the eastern region; (3) The mechanism test found that, on the one hand, the opening of high-speed rail promotes listed companies' off-site investment by expanding the market size. It strengthens the influence of the site city information environment on the investment location selection of listed companies, thereby promoting remote investment of listed companies by reducing the cost of information search.

Key words:high speed rail,enterprise investment,location choice,multi-period DID

CLC Number:

F272.3

ZHUANG De-lin, BAO Yuan-juan, ZHU Chen. Research on the Impact of High-Speed Rail on the Investment Location Choice of Listed Companies[J]. Journal of Guizhou University of Finance and Economics, 2021(06): 67-76.

References

[1] 汤铎铎,刘学良,倪红福,等. 全球经济大变局、中国潜在增长率与后疫情时期高质量发展[J]. 经济研究, 2020, 55(8):4~23.
[2] 李兰冰,阎丽,黄玖立.交通基础设施通达性与非中心城市制造业成长:市场势力、生产率及其配置效率[J]. 经济研究,2019,54(12):182~197.
[3] 范欣,宋冬林,赵新宇.基础设施建设打破了国内市场分割吗?[J]. 经济研究, 2017, 52(2):20~34.
[4] 张学良. 中国交通基础设施促进了区域经济增长吗——兼论交通基础设施的空间溢出效应[J]. 中国社会科学, 2012(3):60~77.
[5] 马光荣,程小萌,杨恩艳. 交通基础设施如何促进资本流动——基于高铁开通和上市公司异地投资的研究[J]. 中国工业经济, 2020(6):5~23.
[6] 董艳梅,朱英明. 高铁建设能否重塑中国的经济空间布局——基于就业、工资和经济增长的区域异质性视角[J]. 中国工业经济, 2016(10):92~108.
[7] 龙玉,赵海龙,张新德,等. 时空压缩下的风险投资——高铁通车与风险投资区域变化[J]. 经济研究, 2017(4):195~208.
[8] 庄德林,杨羊,陈信康. 长江经济带城市网络空间结构的特征——基于上市公司组织关系视角的分析[J]. 城市问题, 2016(5):12~19.
[9] 曹春方,周大伟,吴澄澄,等. 市场分割与异地子公司分布[J]. 管理世界, 2015(9):92~103.
[10] 张华,贺灿飞.区位通达性与在京外资企业的区位选择[J]. 地理研究,2007(5):984~994.
[11] 任晓红,张宗益.交通基础设施与制造业区位选择的空间计量经济学分析[J]. 经济问题探索,2010(10):13~17.
[12] 刘钜强,赵永亮.交通基础设施、市场获得与制造业区位——来自中国的经验数据[J]. 南开经济研究,2010(4):123~138.
[13] 林善浪,叶炜,张丽华.时间效应对制造业企业选址的影响[J]. 中国工业经济,2018(2):137~156.
[14] Martin P, Rogers C A. Industrial Location and Public Infrastructure[J]. Journal of International Economics, 1995,39(3-4):335~351.
[15] Davis D R, Weinstein D E. Market Access, Economic Geography and Comparative Advantage:An Empirical Test[J]. Journal of International Economics, 2003:59.
[16] 王雨飞,倪鹏飞.高速铁路影响下的经济增长溢出与区域空间优化[J]. 中国工业经济,2016(2):21-36.
[17] 年猛.交通基础设施、经济增长与空间均等化——基于中国高速铁路的自然实验[J]. 财贸经济,2019,40(8):146~161.
[18] 刘勇政,李岩.中国的高速铁路建设与城市经济增长[J]. 金融研究,2017(11):18~33.
[19] 宋文杰,朱青,朱月梅,等.高铁对不同规模城市发展的影响[J]. 经济地理,2015,35(10):57~63.
[20] 卞元超,吴利华,白俊红.高铁开通、要素流动与区域经济差距[J]. 财贸经济,2018,39(6):147~161.
[21] 冉启英,张晋宁,杨小东.高铁开通提升了城市绿色发展效率吗——基于双重差分模型的实证检验[J]. 贵州财经大学学报,2020(5):100~110.
[22] 咸金坤,汪伟.高速铁路与服务业企业生产率——来自中国上市公司的经验证据[J]. 商业经济与管理,2020(10):73~85.
[23] Charnoz P, Lelarge C, Trevien C. Communication costs and the internal organisation of multi-plant businesses:evidence from the impact of the French high-speed rail[J]. The Economic Journal, 2018,128(610):949~994.
[24] Xu M. Riding on the new silk road:Quantifying the welfare gains from high-speed railways[J]. University of California, Davis:working paper,2017.
[25] 邓涛涛,闫昱霖,王丹丹.高速铁路对中国城市人口规模变化的影响[J]. 财贸研究,2019,30(11):1~13.
[26] 李欣泽,纪小乐,周灵灵.高铁能改善企业资源配置吗?——来自中国工业企业数据库和高铁地理数据的微观证据[J]. 经济评论,2017(6):3~21.
[27] Lin Y. Travel costs and urban specialization patterns:Evidence from China's high speed railway system[J]. Journal of Urban Economics, 2016,98(Mar.):98~123.
[28] 孙广召,黄凯南.高铁开通对全要素生产率增长率的异质性影响分析[J]. 财经研究,2019,45(5):84~98.
[29] Behrens K, Ottaviano G I P, Lamorgese A R, et al. Testing the home market effect in a multi-country world:the theory[J]. 2004.
[30] Krugman P. Increasing Returns and Economic Geography[J]. Journal of Political Economy, 1991,99(3):483~499.
[31] 冯伟,徐康宁.影响市场规模的因素研究——基于刘易斯的分析框架[J]. 经济科学,2011(4):5~15.
[32] 韩玉刚.宁杭高铁对沿线城市可达性的影响与区域效应[J]. 安徽师范大学学报(人文社会科学版),2020(4):120~127.
[33] Fugita M, Krugman P, Venables A J. The Spatial Economy:Cities, Regions, and International Trade[M]. 1999.
[34] 饶品贵,王得力,李晓溪.高铁开通与供应商分布决策[J]. 中国工业经济,2019(10):137~154.
[35] 余泳泽,庄海涛,刘大勇,等.高铁开通是否加速了技术创新外溢——来自中国230个地级市的证据[J]. 财经研究,2019,45(11):20~31;111.
[36] 刘秉镰,刘玉海.交通基础设施建设与中国制造业企业库存成本降低[J]. 中国工业经济,2011(5):69~79.

Research on the Impact of High-Speed Rail on the Investment Location Choice of Listed Companies

PDF

Knowledge

Abstract

Cite this article

share this article

References

Related Articles1

Recommended Articles

Metrics

Comments