The Impact Of High-speed Railway On The Information Efficiency Of Capital Market

The stock price information content is an important manifestation of the information efficiency of the capital market,an important indicator to measure the efficiency of the allocation of financial markets,and is of great significance to promote the stable operation of financial markets.From the perspective of financial geography,this paper uses a dual difference model to study the impact of the quasinatural experiment on the opening of high-speed rail on the information content of Chinese A-share listed companies.The empirical results show that compared with listed companies that have not yet opened high-speed rail,listed companies located along high-speed rail lines have significantly increased their stock price information content.Further analysis of the internal mechanism found that the positive effect of the opening of the high-speed railway on the information content of stock prices is more pronounced in the case of low information transparency and a low percentage of institutional investors.In addition,the above conclusion is still sound after replacing the stock price information content measure and doing placebo test.This shows that the opening of the high-speed railway has improved information transparency and improved the information efficiency of the capital market,and its impact is somewhat heterogeneous.The research results of this paper provide empirical evidence on the impact of human geography and infrastructure improvements on the capital market.