Does Transportation Time Affect Corporate Financialization----Based on the Quasi-natural Experiment on High-Speed Railway Opening

2021 ◽  
Vol 7 (6) ◽  
pp. 6196-6206
Author(s):  
Cai Wei ◽  
Li Xiangyi ◽  
Ma Quanjun ◽  
Wei Yuanying
Keyword(s):  
Economic Development ◽  
High Speed ◽  
Natural Experiment ◽  
Listed Companies ◽  
Corporate Ownership ◽  
Regional Heterogeneity ◽  
High Speed Railway ◽  
Transportation Time ◽  
Research Findings ◽  
A Share

Objectives: The construction of high-speed railway (HSR) in China has developed rapidly in recent years, and the opening of high-speed railway has had a significant impact on the economic development of the region and has profoundly affected the development of regional enterprises. Based on the data of Chinese A-share listed companies from year 2004 to 2017, this paper examines whether the opening of high-speed railway has an impact on the degree of financialization of corporates. The results show that the opening of high-speed railway significantly boosts the financialization level of enterprises, and this effect is most obvious two years after the opening of high-speed railway, with significant regional heterogeneity and corporate ownership heterogeneity, and mainly occurs in high financing constrained enterprises and low technology enterprises. Finally, the paper proposes corresponding countermeasures in response to the research findings.

High-speed railway and tourism development in China

2021 ◽  
pp. 135481662199852
Author(s):  
Shujie Yao ◽  
Xu Yan ◽  
Chun Kwok Lei ◽  
Feng Wang
Keyword(s):  
High Speed ◽  
Tourism Development ◽  
Policy Implications ◽  
Control Group ◽  
Difference In Differences ◽  
Transportation Mode ◽  
High Speed Railway ◽  
Model Cities ◽  
Large Panel ◽  
Research Findings

High-speed railway (HSR) is a new and increasingly popular transportation mode in China bringing about a significant impact on the economy, including tourism development. This article investigates the effect of HSR on tourism development in China based on a time-varying difference-in-differences model. Cities connected by HSR in 2013 and 2014 are regarded as the treatment group, while those without HSR services until 2017 are placed in the control group. The empirical analyses cover a large panel dataset comprising 163 cities in 2009–2017. The empirical results suggest that both domestic tourism revenue and tourist number are positively affected by HSR, and the effect is stronger for the undeveloped or geopolitically less important regions such as the inland or prefecture-level cities. Other relevant determinants of tourism include the availability of airports and the number of hotels in the cities. Our research findings have important policy implications for tourism development in China with respect to HSR.

The Influence Prediction Model of High-Speed Railway Station Based on the Accessibility

2014 ◽  
Vol 1030-1032 ◽  
pp. 2140-2143
Author(s):  
Yun Zhao ◽  
Xue Mei Li
Keyword(s):  
Economic Theory ◽  
Economic Development ◽  
High Speed ◽  
Research Focus ◽  
Railway Station ◽  
High Speed Railway ◽  
Railway Stations ◽  
Railway Line ◽  
The Social ◽  
Correlated Factors

In recent years, high speed railway stations rapidly increase, and the effect of high-speed railway stations on social and economic appears gradually. The prediction of the influence has become a research focus in the social and economic theory. In this paper, based on the study of accessibility, the influence of high speed railway station to the accessibility of each regional is analyzed, and a dynamic model of the influence of high-speed railway station is built on the correlation of the accessibility and economic development, which forecast the influence of the high speed railway station in Beijing-shanghai. On the basis of prediction, this paper also discuss the correlated factors about the influence changes of high speed railway station, the result prove that the topology structure of high-speed railway line has significant contact with the influence changes of the station.

scholarly journals The Effect of Beijing-Shanghai High-Speed Railway on the Economic Development of Prefecture-Level Cities Along the Line Based on DID Model

2021 ◽  
Vol 235 ◽  
pp. 01016
Author(s):  
Yuzhou Ma
Keyword(s):  
Economic Development ◽  
High Speed ◽  
Negative Impact ◽  
High Speed Rail ◽  
High Speed Railway ◽  
Agglomeration Effect ◽  
Significant Negative Impact ◽  
Empirical Perspective ◽  
The Impact ◽  
The Empirical Analysis

High-speed railway has an essential impact on the economic and social development of the regions along the line. Based on the Beijing-Shanghai high-speed railway, this paper constructs the DID model and analyzes the impact of Beijing-Shanghai high-speed railway on the economic development of prefecture-level cities along the route from the empirical perspective. The empirical analysis results show that the BeijingShanghai high-speed railway has a significant negative impact on the per capita GDP of prefecture-level cities along the line in the short term, mainly because the agglomeration effect is greater than the diffusion effect. Therefore, small cities should actively think about how to deal with the agglomeration effect caused by the construction of high-speed rail.

scholarly journals High-Speed Railway Opening and Corporate Fraud

2021 ◽  
Vol 13 (23) ◽  
pp. 13465
Author(s):  
Chen Wang ◽  
Jack Strauss ◽  
Lei Zheng
Keyword(s):  
Internal Control ◽  
Information Disclosure ◽  
High Speed ◽  
Market Competition ◽  
Control Level ◽  
Listed Companies ◽  
Inhibitory Effect ◽  
High Speed Railway ◽  
Corporate Fraud ◽  
The Impact

The impact of high-speed railway (HSR) on corporate behavior has recently attracted both practical and theoretical interest. In this paper, based on a sample of A-share listed companies from 2007 to 2020 in China, we use a difference-in-difference model to explore the impact of HSR openings on corporate fraud and analyze its mechanism. We find that HSR introduction has several important implications. First, it reduces the tendency and frequency of corporate fraud. Second, HSR opening restrains corporate fraud by improving the external supervision level and reducing the financing constraints of the company. Third, the inhibitory effect of the HSR opening on corporate fraud is significant when the market competition is less intense, and the company’s internal control level is poor. Fourth, after distinguishing types of fraud, HSR opening can still significantly inhibit information disclosure fraud and manager fraud, but not operation fraud. These results indicate that HSR openings promote the flow of information and labor across regions, alleviating the information asymmetry of firms. Our findings are conducive to improving the governance environment of the listed companies, which provides new clues for discovering and restricting corporate fraud.

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