This study uses the difference-in differences method to test the impact of a high-speed rail(HSR)service on the issuance of municipal corporate bonds(MCB)based on panel data for prefecture-level cities in China from 2...This study uses the difference-in differences method to test the impact of a high-speed rail(HSR)service on the issuance of municipal corporate bonds(MCB)based on panel data for prefecture-level cities in China from 2003 to 2016.The study has three findings.First,HSR increased the scale of the issuance of MCB significantly.After conducting a series of robustness tests,the above conclusion remained robust.Second,HSR affected the issuance of MCB by increasing the city's financing demands and improving the city's financing capacity.Third,the effect of HSR on the issuance of MCB varied from city to city.Specifically,the promotion of the opening of HSR to the issuance of MCB was concentrated in remote and fast growing cities.High-speed rail can also effectively reduce the cost and shrink credit spreads of the MCB.This paper shows that it is necessary to further optimize the layout of HSR,release and exploit the financial resource reallocation effect of HSR,and provide financial support to the high-quality development of cities.展开更多
With the rapid development of road traffic,the number of high-speed rail passengers is huge,and the flow of people is dense.In epidemic situation,it is prone to intensive infection in high-speed rail carriages,which i...With the rapid development of road traffic,the number of high-speed rail passengers is huge,and the flow of people is dense.In epidemic situation,it is prone to intensive infection in high-speed rail carriages,which is not conducive to national prevention and control work.Based on face recognition technology,the intelligent service robot for high-speed rail passengers walks in accordance with the set route and detects the face mask of high-speed rail passengers.The face database of high-speed rail passengers is compared in real time.The passengers who do not wear masks are reminded in time to reduce the risk of infection.Moreover,the robot can accurately remind the passengers of leaving the station in time,and has the functions of automatic selling and student ticket checking.The experimental result is shown to promote the further development of high-speed rail services.展开更多
基金the National Social Science Foundation of China(Nos.15AJY017 and 16BJY183).
文摘This study uses the difference-in differences method to test the impact of a high-speed rail(HSR)service on the issuance of municipal corporate bonds(MCB)based on panel data for prefecture-level cities in China from 2003 to 2016.The study has three findings.First,HSR increased the scale of the issuance of MCB significantly.After conducting a series of robustness tests,the above conclusion remained robust.Second,HSR affected the issuance of MCB by increasing the city's financing demands and improving the city's financing capacity.Third,the effect of HSR on the issuance of MCB varied from city to city.Specifically,the promotion of the opening of HSR to the issuance of MCB was concentrated in remote and fast growing cities.High-speed rail can also effectively reduce the cost and shrink credit spreads of the MCB.This paper shows that it is necessary to further optimize the layout of HSR,release and exploit the financial resource reallocation effect of HSR,and provide financial support to the high-quality development of cities.
基金This article is supported by the 2020 Innovation and Entrepreneurship Training Program forCollege Students in Jiangsu Province(Project name:high-speed railway passenger behavior management system,No.202011460091T)This article is supported by the National Natural Science Foundation of China Youth Science Foundation project(Project name:research on Deep Discriminant Spares Representation Learning Method for Feature Extraction,No.61806098)This article is supported by Scientific Research Project of Nanjing Xiaozhuang University(Project name:multi-robot collaborative system,No.2017NXY16)。
文摘With the rapid development of road traffic,the number of high-speed rail passengers is huge,and the flow of people is dense.In epidemic situation,it is prone to intensive infection in high-speed rail carriages,which is not conducive to national prevention and control work.Based on face recognition technology,the intelligent service robot for high-speed rail passengers walks in accordance with the set route and detects the face mask of high-speed rail passengers.The face database of high-speed rail passengers is compared in real time.The passengers who do not wear masks are reminded in time to reduce the risk of infection.Moreover,the robot can accurately remind the passengers of leaving the station in time,and has the functions of automatic selling and student ticket checking.The experimental result is shown to promote the further development of high-speed rail services.
