高铁开通对企业跨区域投资的影响——来自中国上市公司的微观证据  

The Impact of the Opening of High-speed Rail on Cross-regional Investment of Enterprises——Micro Evidence From Chinese Listed Companies

作　　者：刘成昆[1] 李敬阳 曹清峰 Liu Chengkun;Li Jingyang;Cao Qingfeng(Institute of Sustainable Development,Macao University of Science and Technology,Macao 999078,China;School of Economics,Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]澳门科技大学可持续发展研究所,中国澳门999078 [2]天津财经大学经济学院,天津300222

出　　处：《工业技术经济》2022年第11期96-102,共7页Journal of Industrial Technological Economics

基　　金：澳门科技大学基金会项目“城市演化和可持续发展决策模拟研究”(项目编号:FRG-22-003-INT)。

摘　　要：在“双循环”新发展格局下,充分发挥中国在高铁这一新型基础设施上的优势来促进国内区域间资本流动是加快建设全国统一大市场的内在要求。本文搜集整理了2005~2019年中国A股上市公司层面详细的跨区域投资数据,构建双重差分模型实证检验了高铁开通对企业跨区域投资的影响,研究发现:高铁开通显著提高了企业跨区域投资强度,这种影响效应因企业所属的行业类型、产权性质、区位特征等因素的差异而有所不同。此外,机制检验表明,高铁开通主要通过投资分散化效应、同伴效应、空间扩散效应提高了企业跨区域投资强度。因此,要充分发挥高铁在促进资本要素跨区域流动、进而畅通国内大循环中的积极作用。Under the new development pattern of “double circulation”,giving full play to China’s advantages in the new infrastructure of high-speed rail to promote domestic interregional capital flows is an inherent requirement for accelerating the construction of a unified national market.This paper collects and sorts out the detailed cross-regional investment data at the level of China’s A-share listed companies from 2005 to 2019,constructs difference-in-difference model to empirically test the impact of high-speed rail opening on enterprise cross-regional investment,and finds that the opening of high-speed rail significantly increased the cross-regional investment intensity of enterprises,and this influencing effect varied according to the difference in factors such as the type of industry to which the enterprise belongs,the nature of property rights,and the location characteristics.In addition,the mechanism test shows that the opening of high-speed rail mainly improves the cross-regional investment intensity of enterprises through investment diversification effect,companion effect and spatial diffusion effect.Therefore,it is necessary to give full play to the positive role of high-speed rail in promoting the cross-regional flow of capital factors and thus smoothing the domestic cycle.

关 键 词：高铁 上市公司 资本流动 跨区域投资 双重差分模型 异质性分析 

分 类 号：F272.3[经济管理—企业管理] F532[经济管理—国民经济]