Research On The Impact Of The Opening Of High-speed Rail On The Choice Of Enterprise Investment Location

The gradual improvement of China’s high-speed rail network will have a profound impact on macroeconomic development and micro enterprise layout.Based on the research at the macro level,it is of great significance to accurately identify the impact of the opening of high-speed railway on the regional investment selection of micro enterprises for the optimization of enterprise investment decisions and regional industrial optimization.Based on the micro data of long-distance investment of listed companies in China from 2008 to 2017,this paper empirically studies the impact of high-speed railway on the investment location of enterprises.First of all,a multi-period gap model characterized by the non-uniformity of the opening time of high-speed railway is constructed multi-period gap model,the number of new investment enterprises listed enterprises and the average geographical distance of investment enterprises are both sides,and the impact of the location investment choice of high-speed railway opened enterprises is empirically analyzed.At the same time,this paper verifies the impact of the cumulative effect of high-speed railway on the location of investment through empirical analysis.In the part of theoretical mechanism,we analyze the internal influence mechanism from the two approaches of market size effect and transaction cost effect,and construct the mediation effect model to verify this mechanism.Finally,the heterogeneity is verified from the two levels of enterprises and regions.The results show that :(1)The opening of high-speed railway increases the number of new overseas investment enterprises of listed companies.The number of new overseas investment enterprises of listed companies that have opened high-speed railway in their parent cities increased by 5.2% on average,but the opening of high-speed railway has no significant impact on the average geographical distance of the number of new overseas investment enterprises of listed companies.(2)The high-speed railway opening,to the number of foreign listed companies invested enterprises obviously have the cumulative effect of time,the average investment in other place no significant time cumulative effect of the geographic distance,the listed company’s headquarters city-high-speed running time longer,the number of newly listed companies of foreign investment enterprise,the more control under the condition of other influencing factors,the headquarters of the listed company of the city the increase of the running time of the high-speed rail,every year,the new foreign investment enterprises of listed companies increased by 1.5%.(3)Further more deep test results showed that the high-speed railway opening,the listed companies in manufacturing,to the number of different corporate investment is,the influence of non-manufacturing listed companies significantly,the influence of the high-speed railway opening,to the influence of different listed companies choose the main investment location,manufacturing,and compared to the return of the standard,high-speed opening long-distance manufacturing have great influences on the investment of listed companies.From the perspective of the nature of enterprise property rights,the opening of high-speed railway has a greater impact on the number of long-distance investment enterprises of state-owned listed companies,but less impact on non-state-owned listed companies.At the regional level,the number of listed enterprises in the eastern region of the remote investment enterprises and the average geographical distance of the impact of high-speed rail is significant,significant time cumulative effect,but the number of listed enterprises in the central and western region of the remote investment enterprises significant time cumulative effect.(4)Mechanism,according to the verification of the high speed railway,on the other hand is a website according to the city to expand the market size of listed companies to promote investment,on the other hand in the web site of the city information environment impact on the enterprise investment location choice,strengthen information search costs,reduce remote enterprise investment an increase in the number of listed companies to promote.