高铁开通促进还是抑制了企业投资区位集聚?

Does the Opening of High-speed Railway Promote or Inhibit the Regional Agglomeration of Enterprise Investment?

利用城市开通高铁契机,研究高铁开通对企业异地投资区位的影响.研究结果表明:母子公司所在城市之间开通高铁促进了企业跨区域异地投资子公司数量,高铁开通促进了企业投资区位向开通高铁的城市集聚;企业投资区位向母子公司开通高铁的大城市集聚,高铁开通导致企业资本要素向中心城市集聚;高铁开通对企业投资区位集聚的影响存在企业产权性质异质性,是否为国有性质企业在高铁开通与企业异地投资之间起到负向调节作用;高铁开通通过人力资本途径影响企业异地投资子公司数量,人资资本在高铁开通与企业异地投资之间起到部分中介作用。研究拓展了高铁开通微观经济效应,为企业异地投资前置因素研究提供了新视角,对于当前高铁建设推动区域一体化、构建全国统一大市场、畅通国内大循环具有重要意义。

By using the opportunity of the opening of high-speed railway in the city,the influence of high-speed railway on the location of enterprises’investment in different places is studied.The research findings are as follows:(1)the opening of high-speed rail between the cities where the parent company and subsidiary company are located promotes the number of cross-regional subsidiaries invested by the enterprise.The opening of high-speed railway promoted the agglomeration of enterprises’investment location to the cities with high-speed railway.(2)The investment location of enterprises is concentrated in big cities where the parent-subsidiary company has opened high-speed railways.The opening of high-speed rail has led to the concentration of enterprise capital elements in central cities.(3)There is heterogeneity in the property right nature of enterprises in the impact of high-speed railway operation on investment location agglomeration.Whether the state-owned enterprises play a negative regulating role between the opening of high-speed railway and enterprises’investment in other places?(4)The opening of high-speed railway influences the number of subsidiaries invested by enterprises in different places through human capital.Human capital plays a partial intermediary role between the opening of high-speed rail and enterprises’investment in different places.The study expands the micro-economic effect of high-speed railway opening,provides a new perspective for the research on the pre-factors of enterprises’off-site investment,and is of great significance for the current high-speed railway construction to promote regional integration,build a unified national market,and smooth the domestic big circulation.