Research On The Effect Of High-speed Railway Opening On The Total Factor Productivity Of Enterprises

With the continuous improvement of China’s high-speed rail network construction,the strong externality effect of high-speed rail economy not only provides great convenience for people’s lives,but also has a huge impact on regional economic development and enterprise production and operation activities.In the past,the research on the effect of high-speed rail mainly focused on the macro and meso levels,but now the research on the impact and role path of micro-enterprises is becoming a new hot topic.At present,total factor productivity has been regarded as an important indicator to measure the performance of enterprises,and has become the goal orientation of high-quality development of enterprises,which has attracted the attention of practical and theoretical circles.As an important indicator to measure the input-output conversion efficiency of enterprises,the total factor productivity of enterprises is deeply affected and constrained by the external environment and the internal environment.Therefore,it is of strong theoretical and practical significance to explore the impact and mechanism of high-speed rail opening on total factor productivity of enterprises.Based on the perspective of financing constraints,this study will analyze the impact and path of high-speed rail opening on total factor productivity of enterprises under the guidance of new economic geography theory,information asymmetry theory,and optimal financing theory.Taking China’s A-share listed companies from 2005 to2019 as the research object,the LP method in the semi-parameter method was used to measure the total factor productivity of enterprises,and the opening of high-speed rail in China’s cities from 2005 to 2019 was manually collected and sorted out,and the "enterprise-city" balance panel data was constructed as a research sample.Firstly,through the parallel trend test,it is confirmed that there is no significant difference in the production efficiency of enterprises in the experimental group and the control group before the opening of the high-speed rail.In order to better evaluate the impact effect of the event,the multi-time DID model is used,and it is found that the opening of high-speed rail has a promoting effect on the total factor productivity of enterprises in the opening area,and there is a certain lag and continuity in this impact.Secondly,the robustness of the conclusions is further verified by dynamic parallel trend test,propensity score matching method,surrogate variable method,and reduced sample method.Furthermore,based on the environmental characteristics and enterprise characteristics,an in-depth analysis of the heterogeneity of the impact effect was carried out,and it was found that enterprises in the western region were more promoted than in the eastern region in terms of geographical differences.In terms of differences in information environment,enterprises with poor information environment are more susceptible to the impact of the opening of high-speed rail than enterprises with better information environment.In terms of industry characteristics,enterprises with high capital intensity are more susceptible to the impact of high-speed rail opening than enterprises with low capital intensity.In terms of the difference in enterprise characteristics,the opening of high-speed rail has a greater role in promoting enterprises in the growth stage than that of enterprises in the mature stage.Finally,through the stepwise regression coefficient method,the mediating role of financing constraints is found,that is,the opening of high-speed rail can promote the total factor productivity of enterprises by alleviating financing constraints,and the intermediary effect is retested by the Sobel test and the Bootstrap test,which proves the accuracy of the intermediary path of financing constraints.Based on the above conclusions of the impact of high-speed rail opening on the total factor productivity of enterprises,this study puts forward relevant suggestions for the government,enterprise and third-party market participants.In order to enrich the research on microeconomic subjects of high-speed rail effect,supplement the research perspective of total factor productivity of enterprises,provide new strategies for enterprises to expand business location,adjust operation and management strategies,and improve production efficiency,and also provide reference for major government infrastructure investment and construction.