Research On The Impact Of High-speed Railway On The Performance Of Listed Enterprise

In recent years,China’s high-speed railway construction has made remarkable achievements.China’s high-speed railway is a milestone in China’s infrastructure construction,marking the reform of transportation mode,and has become the name card of China’s rise.The opening of high-speed railway promotes the flow of capital,information and labor elements among regions,connects the cities in the region,improves the accessibility of the region,and also makes the business operation and decision-making more perfect and timely.At present,the construction and operation of high-speed railway in most cities in China have been completed,and the relationship between cities has become more and more close,with the common development of regional economy.The important influence of high-speed railway has aroused great concern of the Party Central Committee and the State Council.With the construction and improvement of high-speed railway network in China,it will have a huge impact on the regional economic development and people’s life.In this context,it is of great theoretical and practical significance to study the impact of high-speed railway on the business performance of enterprises.In this paper,the financial data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2015 are selected as samples for research.After selecting the samples by the method of tendency score matching,the processing group and control group are obtained.Then,the multiple difference method is used to study the impact on listed companies before and after the opening of high-speed rail.Through the empirical test,this paper obtains the following conclusions.First,among the enterprises that have opened high-speed rail,after the opening of high-speed rail,the performance of enterprises has significantly improved;second,through the research of different industries,it is found that the impact of high-speed rail on different industries is different,compared with the secondary industry enterprises,the impact of high-speed rail on the performance of enterprises in the tertiary industry is more significant;third,the impact of high-speed rail on listed enterprises is regional differences For enterprises in the eastern region,the opening of high-speed rail plays a significant role in promoting enterprises,but for enterprises in the central and western regions,the opening of high-speed rail has not significantly improved performance.This study examines the impact of the opening of high-speed rail on the performance of enterprises,combines the macro external environment with the micro enterprise management,and provides data support for the government’s infrastructure construction.The research results can make the market investors make full use of the travel convenience brought by the opening of high-speed rail,strengthen the on-the-spot investigation of listed companies,and maximize their own interests while promoting the efficiency of information.For listed companies,we should seize the opportunity of opening high-speed rail,enhance the ability of information acquisition,introduce human capital,and enhance the competitiveness of enterprises.