高速铁路与服务业企业生产率——来自中国上市公司的经验证据

High-Speed Railway and Productivity of Servicing Enterprises:Evidence from Chinese Listed Companies

高速铁路的开通大大缩短了城市间的时空距离,而时空距离的压缩能否提升服务业企业全要素生产率(TFP)仍有待检验。基于此,通过手工收集中国地级及以上城市的高速铁路开通数据,并以此作为自然实验,实证检验了高铁开通对服务业上市企业TFP的影响及其实现机制。研究发现,与未开通高铁的城市相比,高铁开通后使得沿线服务业企业TFP获得显著提高,其效应大小为TFP标准差的23%左右。考虑到高铁以客运为主的特点,进一步研究表明,高铁通车能够带来大中型城市人口规模和当地市场潜能的扩大、服务业企业研发投入的增加,在集聚效应和企业技术进步这两条机制的作用下,位于高铁城市的服务业企业TFP将得到提升。异质性分析发现,高铁开通对服务业企业TFP的促进效应主要存在于生活性服务业和大城市中。

The opening of high-speed railway has greatly shortened the space-time distance between cities,but whether the compression of space-time distance can improve the total factor productivity(TFP)of service enterprises remains to be tested.Based on this,through the manual collection of high-speed railway opening data of the cities on the prefecture level and above in China,and taking this as a natural experiment,this paper empirically tests the impact of the opening of high-speed railway on TFP of service listed enterprises and its realization mechanism.The results show that compared with the cities without high-speed railway,the TFP of service enterprises along the line is significantly improved after the opening of high-speed railway,and the effect is about 23%of the standard deviation of TFP.Considering the characteristics of high-speed railway mainly for passenger transport,further research shows that the opening of high-speed rail can bring about the expansion of population scale and local market potential of large and medium-sized cities,and the increase of R&D investment of service enterprises.Under the effect of agglomeration effect and technological progress of enterprises,TFP of service enterprises in high-speed railway cities will be improved.Heterogeneity analysis shows that the promotion effect of high-speed railway on TFP of service enterprises mainly exists in the life service industry and big cities.