Research On The Influence Of High-speed Railway On Enterprise Total Factor Productivity

The exchange of material goods is the basis of the economy and society,and basic transport provides the conditions for this.In recent years,with the development of the economy,people are pursuing more and more efficient and effective division of labor and exchange,the ordinary mode of transportation has long been unsatisfied with the needs of modern people's lives,so the high-speed railway was born.China's high-speed railways were officially opened in 2008,mainly in response to the financial crisis and to promote economic growth.With regard to total factor productivity of enterprises,since 2015,the Chinese Government has been emphasizing the importance of "total factor productivity" in its work reports,pointing out that economic development should focus on increasing the level of total factor productivity in a time when the demographic dividend is gradually disappearing,and indicating that this is also one of the important ways of supply-side structural reform.Based on this,this paper has carried out research on the opening of high-speed railways and enterprise all-factor productivity from the following aspects,which are as follows.First,the enterprise's total factor productivity is measured and its basic characteristics are analysed.Based on the data of manufacturing enterprises from 2000 to 2017,the LP method and OLS method were used to measure the total factor productivity of enterprises,and the distribution characteristics and spreading trend of total factor productivity of enterprises were analyzed from the perspective of time and space,the conclusion showed that: first,from the overall perspective,the total factor productivity of enterprises has been increasing over time;second,from the sub-regional perspective,the level of total factor productivity of enterprises in the eastern region is the highest,the second lowest in the central region and the lowest in the western region;third,from the growth rate,the growth rate of total factor productivity of enterprises is just the opposite of its high and low level: the highest in the western region,the second lowest in the central region and the lowest in the east.Secondly,to analyze the impact of the opening of high speed rail on the total factor productivity of enterprises.On the basis of the total factor productivity of enterprises,combined with the time data of the opening of the high-speed railway,the multi-stage DID method is used to construct a model of the impact of the opening of the high-speed railway on the total factor level of enterprises and a dynamic effects test model,and to explore whether there are differences in the impact of the high-speed railway on the total factor productivity of enterprises from three angles: region,industry and holding mode.The results show that,firstly,the opening of high-speed rail can contribute to an increase in firm-wide factor productivity,while the dynamic effect of the model validates the "parallel trend hypothesis" and the dynamic impact effect has three time stages: up—down—up.Second,there are individual differences in the impact of the opening of the high-speed railway on the total factor productivity of enterprises: from the perspective of regional heterogeneity,the impact coefficient of the central and western high-speed railway is significantly positive,but the impact coefficient of the eastern region is not significant and negative,that is,the opening of the high-speed railway will reduce the level of total factor productivity of enterprises in eastern cities;from the perspective of the form of ownership,both state-owned enterprises and non-state enterprises before the opening of the high-speed railway is significantly positive,but the coefficient of state-owned enterprises is lower than that of non-state enterprises;from the perspective of industry,both manufacturing enterprises and non-manufacturing enterprises before the opening of the high-speed railway is positive,but the impact coefficient of non-manufacturing enterprises is not significant.Once again,the mechanism of the impact of the opening of high-speed rail on the total factor productivity of enterprises is tested.Based on the above experimental data,the mediating effect model is constructed by adding the variables of enterprise innovation and industry agglomeration based on the theory of impact mechanism,and the robustness test of the experimental results from three perspectives: data,variables and model.The results show that,firstly,the opening of the high-speed railway will promote enterprise innovation and deepen industrial agglomeration,and enterprise innovation will positively affect the productivity of all factors of the enterprise,while industrial agglomeration will do the opposite;secondly,the results of the model robustness test also confirm that the opening of the high-speed railway will positively change the productivity of all factors of the enterprise.Finally,to summarize the study's findings and outlook.Based on the empirical results,it analyzes the causes,makes policy recommendations,and summarizes the research deficiencies and makes a vision.