| High-speed railroad,as a kind of fast-developing transportation tool in recent years,has a far-reaching impact on economic and social development and the operation of market subjects,promoting the flow of economic resources and production factors to speed up,expand the flow range,and greatly enhance the allocation and utilization efficiency.With the arrival of the high-speed railway era,enterprises,as important market subjects of social resource allocation,are closely related to the development of high-speed railway economy,and their investment operation activities will be significantly affected by the opening of high-speed railway.For a long time,people have paid more attention to the macroeconomic changes brought about by the opening of high-speed rail,but relatively neglected to examine the micro realization of the above effects and the mechanism of action,therefore,studying the impact of high-speed rail opening on enterprise investment can help enrich the exploration of such micro mechanism.In the new development stage,stimulating the vitality of market players,promoting supply-side structural reform and regional synergistic development,and achieving high-quality economic growth have become important ways to build a strong socialist modern country in an all-round way.Examining the changes of enterprise investment activities under the effect of high-speed railway economy,focusing on the impact of high-speed railway opening on enterprise investment for theoretical and empirical exploration,revealing the characteristics of changes in enterprise investment with the opening of high-speed railway and the inner mechanism of action,can provide theoretical guidance for Chinese enterprises to optimize their investment behavior and effectively integrate into the high-speed railway economy,as well as for the national and local governments to optimize the layout of high-speed railway network and release It can also provide a reference for national and local governments to optimize the layout of high-speed railway networks,release the "high-speed railway dividend",and drive high-quality investment in enterprises.In view of this,based on the background of the era of high-speed railway opening,this paper systematically examines the mechanism of the role of high-speed railway in finally influencing enterprise investment through financing facilitation effect,information diffusion effect and corporate governance effect from three aspects,including investment scale,investment efficiency and investment location.On the basis of theoretical analysis,this paper conducts an empirical test with the data of Chinese A-share listed enterprises from 2003-2019 as the research sample.The research of this paper consists of four parts.Part I: Background analysis,including chapters 1 and 2.First,this paper expounds the background and significance of the article.At the same time,the methodology and ideas of the study are elaborated,and the innovations and shortcomings of this paper are sorted out.Secondly,it composes the new economic geography theory,corporate investment theory,principal-agent theory and other related theories involved in this paper,and organizes the existing literature to analyze the progress and shortcomings of current research.Part II: Theoretical analysis,including Chapter 3.This part mainly constructs the theory of promoting enterprise investment by the opening of high-speed railway.On the one hand,the elements of enterprise investment are analyzed.Information and capital are important factors in enterprise investment,and the two-way flow of factors promotes the normal development of enterprise investment activities.Factor flow needs to pay corresponding costs,and transportation infrastructure has a greater impact on these costs.On the other hand,high-speed rail,as a large-scale national construction of transportation infrastructure in recent years,has the advantages of wide coverage,convenience and speed,which reduces the cost of factor flow and increases the profit of enterprises,and is conducive to the development of enterprise investment.Placing corporate investment in the context of high-speed railway opening,it can be found that the mechanism of action of high-speed railway opening to promote corporate investment lies in the financing facilitation effect,information diffusion effect and corporate governance effect.Specifically,high-speed railways,with their high speed and punctuality,reduce the cost of factor flow,promote factor flow and alleviate the factor constraints of enterprise investment: information inflow increases enterprise investment opportunities and alleviates the information constraint;information outflow strengthens the outside world's understanding of enterprises and parent companies to subsidiaries,reducing agency costs;capital inflow increases the funds available to enterprises for investment and alleviates the financing constraints.With the inflow of funds and information,the agency cost decreases and promotes the increase of corporate investment.Finally,this chapter examines more comprehensively the impact of high-speed rail opening on enterprise investment from three aspects,including investment scale,investment efficiency,and investment location.Part III: Empirical tests,including Chapters 4 to 6.This part uses the data of Chinese A-share listed companies between 2003 and 2019 for empirical analysis to examine the impact of high-speed rail opening on enterprise investment scale,investment efficiency and investment location.First,the opening of high-speed rail promotes a significant increase in the scale of corporate investment,and the mechanism of action test shows that the opening of high-speed rail alleviates the financing constraints and information constraints faced by firms,which leads to an increase in the scale of corporate investment.Second,the opening of high-speed rail promotes the efficiency of enterprise investment significantly.The mechanism of action test shows that the opening of high-speed rail reduces the agency cost between shareholders and managers,thus inhibiting managers' over-investment;at the same time,the opening of high-speed rail eases the financing constraints of enterprises,increases investment opportunities,and reduces the agency cost between shareholders and managers,thus inhibiting managers' under-investment.Third,the opening of high-speed rail promotes the expansion of firms' investment location,and the mechanism of action test shows that high-speed rail facilitates the parent company's supervision of subsidiaries,reduces the agency cost between the parent company and subsidiaries,increases the proportion of off-site subsidiaries to all subsidiaries of the firm,and expands the investment location.The fourth part is the conclusion of the study,which is Chapter 7.This section summarizes the main findings of this paper and proposes targeted policy recommendations based on the research results.At the same time,it looks ahead to the main issues that need further research in the future.Through theoretical and empirical analysis,this paper draws the following conclusions.1.The opening of high-speed rail promotes the increase of investment scale of enterprises along the route.The opening of high-speed railway promotes the flow of two major factors,namely,capital and information,which alleviates the financing constraints and information constraints faced by enterprises' investment and increases investment funds and investment opportunities,thus prompting enterprises to increase their investment scale.2.The opening of high-speed rail promotes the improvement of investment efficiency of enterprises along the route.The opening of high-speed rail reduces the agency cost between shareholders and managers and inhibits over-investment of enterprises;at the same time,the opening of high-speed rail eases the financing constraints faced by enterprises,increases the investment opportunities of enterprises and reduces the agency cost between shareholders and managers,thus inhibiting under-investment of enterprises.With two kinds of inefficient investment,underinvestment and overinvestment,being suppressed,the efficiency of enterprise investment is improved,promoting high-quality enterprise development.3.The opening of high-speed rail promotes the expansion of the investment location of enterprises along the route.The opening of high-speed railway expands the scope of economic activities of enterprises,alleviates the information asymmetry between parents and subsidiaries,reduces the agency cost between parents and subsidiaries,increases the willingness of parent companies to open off-site subsidiaries,promotes enterprises to open off-site subsidiaries along the high-speed railway,increases the proportion of off-site subsidiaries,and expands the investment location of enterprises.4.The promotion effect of high-speed rail on enterprise investment is mainly reflected when the high-speed rail station is located in the urban area,and from the enterprise level,it is mainly reflected in enterprises and state-owned enterprises located in the urban area.The innovation points of this paper are as follows.1.This paper provides micro-level evidence on the economic effects of transportation infrastructure from the perspective that the opening of high-speed rail affects firm investment.Although a large amount of literature has focused on the economic effects of high-speed rail,it has mainly concentrated on the macro perspective,and not enough research has been conducted from the micro perspective.Based on a thorough review of the existing literature,this paper systematically investigates the mechanism by which the opening of high-speed rail accelerates the flow of capital,information and other factors,reduces agency costs,and thus influences enterprise investment,effectively broadening the scope of research on the economics of high-speed rail and providing micro evidence for the economic effects of transportation infrastructure in a new era.2.This paper analyzes the impact of high-speed rail opening on enterprise investment in three aspects,such as investment scale,investment efficiency and investment location,more comprehensively,which makes up for the shortcomings of the existing literature with a single research content.Most of the current literature on the impact of high-speed rail on enterprise investment focuses on the analysis of investment location,a small amount of investment efficiency,and ignores the analysis of investment scale.However,the research on investment scale and investment efficiency is of great significance,especially in the current context of the new crown epidemic affecting the development of the world economy and the urgent need for transformation and upgrading of China's economic structure,how to make good use of high-speed rail as a transportation infrastructure to effectively increase the scale of enterprise investment and improve the efficiency of enterprise investment is an important issue concerning the high-quality development of China's economy.To this end,this paper breaks through the original literature and comprehensively analyzes the impact of high-speed rail opening on enterprise investment from three perspectives,such as investment scale,investment efficiency and investment location,to enhance the comprehensiveness of the study.3.Based on the exogenous event of the opening of high-speed railway,this paper investigates the impact of transportation infrastructure on enterprise investment,which enriches the research on the influencing factors of enterprise investment.The existing literature focuses on analyzing the influencing factors of enterprise investment from the aspects of corporate governance and enterprise groups,while the analysis combined with emerging external factors is less.As a means of transportation with rapid development in recent years,high-speed rail reduces the cost of capital,information and other elements circulation,and has a far-reaching impact on the economic and social development and the operation of market players.This paper links the opening of high-speed railway with enterprise investment,constructs the theoretical system of high-speed railway influencing enterprise investment through financing convenience effect,information diffusion effect and enterprise governance effect,and carries out empirical test,which deepens the analysis of external influencing factors and mechanism of enterprise investment. |
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