高铁能改善企业资源配置吗？--来自中国工业企业数据库和高铁地理数据的微观证据

Can High-Speed Railway Improve Enterprises' Resource Allocation? Micro-Evidence from the Annual Survey of Industrial Firms in China and High-Speed Railway Geographic Data

理论上,高铁开通能缩短企业商务谈判时间,降低信息沟通成本,加快人员和资本等要素流动,从而优化企业资源配置。本文借助双重差分法,将高铁开通作为"准自然实验",利用中国2008-2012年"四纵四横"高铁开通站点数据匹配2006-2013年工业企业面板数据,从微观视角考察了高铁开通对企业资源再配置的影响。结果发现:整体上,高铁开通促进了资本要素流动,优化了资本要素在企业间的配置状况,进而提高了企业生产率,但高铁开通对企业产品市场扭曲没有显著作用。而且,高铁开通对企业资本要素配置的影响存在异质性。一是区位异质性,相较于基础设施落后的农村地区,高铁开通更加优化了基础设施相对完善的城市及其周边的企业资本要素配置;二是行业异质性,高铁开通对资本密集型行业的企业资本要素配置优化作用更强;三是所有制异质性,高铁开通对非国有企业的资本要素配置优化作用更显著。为了解决内生性问题,我们以企业所在地的平均坡度作为企业是否开通高铁的工具变量,并通过安慰剂检验、平行趋势检验等方式确保结果的稳健性。

The opening of high-speed railway has greatly shortened the time of business negotiation and reduced the cost of communication between enterprises,thus speeded up the flow of capital,and optimized the resource allocation of enterprise. From the micro perspective,this paper assumes the opening of high-speed railway as a ＂quasi-natural experiment ＂,using China＇s ＂four vertical and four horizontal＂high-speed railway station data between 2008 and2012,matching the panel data of industrial enterprises between 2006 and 2013. The effect of high-speed rail opening in the re-allocation of micro-enterprise resource is studied by means of difference in difference（ DID）. The empirical results show that,on the whole,the opening of high-speed railway has accelerated the flow of capital elements and optimized the allocation of capital elements among enterprises,thus improved the productivity of enterprises. However,it has no significant effect on the distortions of product market distortions. In the meantime,we found that the impact of high-speed railway opening on the allocation of enterprises＇ capital factor is heterogeneous. The first one is the heterogeneity of location. Relative to the enterprises in rural areas where infrastructure is backward, the opening of high-speed railway has optimized enterprises ＇ capital elements configuration located in the cities and their surroundings where infrastructure is fairly complete. The second one is the heterogeneity of industry. The opening of high-speed railway has optimized the capital elements configuration of capital-intensive enterprises much better. The third one is heterogeneity of ownership. The opening of high-speed railway has optimized the non-state-owned enterprises. In addition,we construct the average slope of county where the firm is located as the instrumental variable of the high-speed railway opening to solve the problem of endogeneity and ensure the robustness of results through the placebo test and parallel trend test.