Research On The Impact Of High-speed Rail Construction On Total Factor Productivity Of Listed Companies

Based on the "14th Five-Year Plan" and looking back at history.The development of high-speed trains has achieved historic changes from scratch,from catching up to running together,and then to leading.According to studies,high-speed rail construction has an impact on not just economic growth but also industrial growth.The role of highspeed rail construction in micro enterprises and transmission mechanisms is a topic worth exploring.According to the theory of economic growth,increasing total factor productivity(TFP)is the key to long-term economic growth.Scholars have discovered that building high-speed rail can boost regional economic growth by increasing TFP,however most existing studies focus on the macro level,ignoring the micro mechanism of high-speed rail.The building of high-speed rail will have a significant impact on microbusiness total factor productivity and its transmission mechanism.It will aid in the understanding of the microscopic effects of high-speed rail construction,as well as macro strategic planning and micro enterprise development.Using China high-speed train data as a quasi-natural experiment in the years 2004-2020,A share listed company’s registration data is matched with the company’s registration data.PSM and DID investigate the impact of high-speed rail construction on enterprise total factor productivity and the mechanisms behind it.The study discovered that: first,high-speed rail development has a considerable beneficial influence on enterprise total factor productivity,and the regression results are still significant after accounting for choice bias.Second,the results of the regional heterogeneity test reveal that high-speed rail construction has a greater impact on TFP in the western region than in the eastern and central regions.The impact of high-speed rail development on TFP is greater than that of SOEs in non-state-owned firms,according to the equity heterogeneity regression.The influence of high-speed rail development on TFP is more significant in the third and second industries,but not in the primary industry,according to an industry heterogeneity test..Third,the mechanism test shows that the impact of high speed rail construction on TFP is mainly through two aspects: internal knowledge spillover and external knowledge spillover.Internal knowledge spillover indicates that high speed rail construction can enhance total factor productivity through enhancing enterprise R&D and reducing sighted behavior.External knowledge spillover effect research finds that high speed rail construction can enhance total factor productivity through reducing the degree of resource mismatch.The high speed rail enhances the total factor productivity of enterprises by shortening the financial time and space between the listed enterprises and financial centers.Meanwhile,the construction of high speed rail will help to improve the frequency and breadth of field research by investment institutions and investors,so as to enhance TFP.