Research On The Impact Mechanism Of High-speed Rail Opening On Enterprise Investment Efficiency

Since the reform and opening up,with the increase of resource investment and the improvement of utilization efficiency,China's economy has continued to grow rapidly.The19 th CPC National Congress put forward that China's economy is changing from the stage of rapid growth to the stage of high-quality development,which puts forward higher requirements for economic development.Faced with the impact of "three-phase superposition" and the "stress test" brought about by the COVID-19 epidemic,resource constraints are becoming increasingly tight,and it is difficult to rely excessively on factor input to promote economic growth.Therefore,how to boost the economy and promote high-quality economic development has become an issue of great concern.In order to realize the transformation from the speed of economic growth to the quality of economic growth,improving efficiency has become the core of solving the problem.As an important part of high-quality growth,investment plays a key role in maintaining the steady and healthy development of the economy.Efficient investment will help to enhance the staying power of development and provide strong support for the smooth operation of the economy.In the face of the huge demand for investment,limited funds must be spent on the "blade" to improve the efficiency of investment and improve the effectiveness of investment.For enterprises,the issue of investment efficiency is also directly related to the performance and future development prospects of enterprises.The financial management behavior of enterprises mainly includes three aspects: investment,financing and capital allocation.The investment behavior of enterprises will interfere with financing behavior and capital allocation behavior,and have a direct impact on the cash flow and profitability of enterprises.Reasonable and effective enterprise investment behavior can maintain the asset value of the enterprise and promote the long-term development of the enterprise.In the context of the rapid development of high-speed rail construction,the improvement of transport infrastructure shortens the relative distance between different regions.High-speed rail construction has an impact on enterprise investment efficiency by accelerating the flow of information,capital and other factors.Therefore,this thesis studies the impact of the opening of high-speed rail on enterprise investment efficiency from the perspective of the development of transportation industry,and reveals the relevant transmission paths from the perspectives of agency costs and financing constraints,which has important theoretical and practical significance.First of all,this thesis combs the related research on high-speed rail construction and enterprise investment efficiency,mainly including the economic effects of high-speed rail and the influencing factors of investment efficiency,through the arrangement and analysis of the existing research,to lay the foundation for the follow-up research of this thesis.Then it expounds in detail the relevant theoretical basis of high-speed rail construction and enterprise investment efficiency,namely principal-agent theory,information asymmetry theory and core-edge theory,and defines the concept of high-speed rail opening and enterprise investment efficiency.This thesis makes a logical analysis of the impact of high-speed rail opening on enterprise investment efficiency,influence mechanism and heterogeneity,and puts forward the research hypothesis.Secondly,taking the data of Shanghai and Shenzhen A-share listed companies from 2005 to 2018 as research samples,double difference model,intermediary effect model and grouping regression model are constructed to empirically test the impact of high-speed rail opening on enterprise investment efficiency.Based on the theoretical model and empirical test results,the conclusions of this thesis are as follows:(1)the opening of high-speed rail can significantly improve the investment efficiency of enterprises in the opening area.The opening of high-speed rail enhances the accessibility of the company's geographical location,improves the transparency of information,reduces the information asymmetry caused by geographical distance,speeds up the flow of manpower,capital and other elements,and is conducive to attracting foreign investment and high-level talents.Improve the efficiency of enterprise management investment decision-making.(2)The opening of high-speed rail has multiple transmission paths to the investment efficiency of enterprises.In this thesis,the intermediary effect model is used to verify the two transmission paths of high-speed rail opening to enterprise investment efficiency: agency cost and financing constraints.On the one hand,the opening of high-speed rail reduces the difficulty and cost of information communication and supervision,enhances the supervision motivation of shareholders and other stakeholders,helps to restrain the opportunistic tendency and adverse selection of agents,and reduces the agency cost of enterprises.reduce the agency conflict of the enterprise,so as to restrain the inefficient investment behavior of the management.On the other hand,the opening of high-speed rail reduces the information asymmetry between investors and enterprises,which can attract more investment,alleviate the financing constraints faced by enterprises,and reduce the lack of investment caused by lack of funds,so as to improve the efficiency of enterprise investment.(3)Due to the differences of economic development level in different regions,the opening of high-speed rail has different effects on the investment efficiency of enterprises in different regions.As the improvement of transport infrastructure will lead to the accumulation of elements and resources from underdeveloped areas to economically developed areas,there is regional heterogeneity in the impact of the opening of high-speed rail on the investment efficiency of enterprises.The opening of high-speed rail plays a significant role in improving the investment efficiency of enterprises in economically developed areas,but does not have a positive impact on the investment efficiency of enterprises in underdeveloped areas.This thesis studies the investment efficiency of enterprises from the development of transportation infrastructure.On the one hand,it enriches and develops the relevant research on the factors affecting investment efficiency,on the other hand,it helps to break through the research mechanism between high-speed rail construction and micro-enterprise investment efficiency.It provides micro-mechanism evidence of the economic effects of high-speed rail,which is of great theoretical significance.At the same time,the conclusion of this thesis also has important practical reference significance for enterprises to restrain inefficient investment behavior,to improve the efficiency of enterprise investment,and for the government to rely on the advantages of high-speed rail to promote high-quality economic development.