高速铁路网络建设对企业投资效率的影响研究

Influence of High Speed Rail Network Development on Enterprise Investment Efficiency

高速铁路网络建设在宏观上促进了人才、资金和信息等要素的跨区流动,但是否在微观层面有效提高了企业的投资效率仍缺乏足够证据。基于2000—2020年中国上市公司数据,利用多期DID模型考察高速铁路开通对企业投资效率的影响。研究发现:高速铁路网络建设对企业投资效率的提升具有促进作用,对企业过度投资和投资不足2种非效率投资行为均表现出显著的抑制效应;同时,高速铁路对企业投资效率的影响呈现出地域、行业以及企业类型的异质性。高速铁路开通显著提升了东部地区企业、创新型行业企业以及民营企业的投资效率。高速铁路网络通过扩大市场规模、缓解融资约束、减轻代理冲突来促进企业进行高质量投资并提高投资效率。研究为高速铁路时代提高企业投资效率、扩大有效投资及优化投资布局提供政策启示。

The high speed railway network development has facilitated the cross-regional flow of talent,capital,and information on a macro level.However,there is insufficient evidence on whether this has effectively improved corporate investment efficiency on a micro level.Using data from Chinese listed companies(2000-2020),this paper employed a multi-period difference-in-differences(DID)model to examine high speed railway’s impact on corporate investment efficiency.The findings show that high speed railway development enhances corporate investment efficiency,significantly reducing both overinvestment and underinvestment.Furthermore,the influence of high speed railways on corporate investment efficiency varies by region,industry,and type of enterprise.Notably,the opening of high speed railways significantly increases investment efficiency for enterprises in the eastern regions,innovative industries,and private enterprises.By expanding market reach,easing financing constraints,and reducing agency conflicts,the high speed railway network promotes high-quality investments and improves investment efficiency.This research provides policy insights for improving corporate investment efficiency,expanding effective investments,and optimizing investment strategies in the high speed railway era.