Study On The Influence Mechanism Of The Opening Of High-Speed Railway On Listed Company’s Violations

In 2008,the Beijing-Tianjin inter-city railway was officially opened to traffic,marking the birth of China’s first high-speed railway.Since then,China’s high-speed railway construction has achieved rapid development.By the end of 2020,the total length of China’s high-speed railways in operation had exceeded 38,000 km,making it the longest in the world.The opening of high-speed railway has greatly reduced the space and time distance and narrowed the distance between different subjects.At present,the level of information technology and transportation is developing rapidly,but the geographical location and "distance" of the company still affect the transaction structure,investment and financing behavior,profit and corporate governance level of the company.In the background of highly developed information technology and network media,geographic distance still is an important indicator of influence the information asymmetry,the information asymmetry between internal and external and all kinds of agency problem is an important reason of inducing violations,so this article is devoted to study high-speed opening mechanism influence on violations of listed companies.First of all,review and summarize the literature related to the opening of high-speed railway and the company’s violations;Secondly,the relevant theoretical background is studied,and four hypotheses are proposed based on information asymmetry,principal-agent,new economic geography,space-time compression and other relevant theories.Again,taking China’s A-share listed companies from 2005 to 2020 as samples,this paper empirically examines the impact of the opening of high-speed railway on the violations of listed companies by using partially observable binary model.The findings are as follows :（1）after the opening of high-speed railway,listed companies have a lower tendency to violate regulations and are more likely to be inspected,that is,the opening of high-speed railway restrains the violations of listed companies;（2）Information transparency plays a partial intermediary role in the process of inhibiting listed companies’ illegal behaviors by the opening of high-speed railway,and the external supervision environment plays a moderating role in the process of inhibiting listed companies’ illegal behaviors by the opening of high-speed railway;（3）After the robustness test and control media variable test,the results are still robust;（4）Further research shows that the opening of high-speed railway has a significant effect on restraining listed companies’ violations in non-state-owned enterprises,but not in state-owned enterprises;In addition,the opening of high-speed railway is replaced by the opening of aircraft navigation,which affects the violations of listed companies to a certain extent.The research conclusion of this paper not only enriches the literature on the economic effect of high-speed railway construction on the micro level,but also supplements the literature on the influence of geographical distance on the violations of listed companies from the perspective of exogenous events.