Impact Of HSR Opening On Total Factor Productivity Of Enterprises

The construction of high-speed rail has an increasingly significant impact on China's economic development,and it is urgent to study its socio-economic effects.Academia's research on the economic effects of highspeed rail mostly focuses on the macro level,and the discussion of the micro-mechanism of high-speed rail is often ignored.Total factor productivity is an important indicator to measure the growth efficiency of an enterprise,and its relationship with transportation infrastructure has always been the focus of academic research.It is an important research topic to comprehensively and accurately discuss the impact and mechanism of high-speed rail on the total factor productivity of micro-enterprises.This article uses China's large-scale high-speed rail construction-the opening of high-speed rail from 2008 to 2018-as a "quasi-natural experiment",using the sample data of Shanghai and Shenzhen A-share nonfinancial listed companies to study the impact and role of high-speed rail on the total factor productivity of micro-enterprises The mechanism has the following conclusions: First,the opening of high-speed rail can significantly improve the total factor productivity of listed companies in the local city;second,the opening of direct high-speed rail between the listed company and the city where the parent company is located shortens the gap between the listed company and the parent company.The space-time distance has improved the knowledge spillover within listed companies and promoted the increase of their total factor productivity.Third,the opening of direct high-speed rail between listed companies and cities where financial centers are located is conducive to institutional investors conducting field research on listed companies and shortening This improves the financial time and space distance of listed companies,improves the knowledge spillover outside listed companies,and promotes the increase of their total factor productivity.Fourth,there is heterogeneity in the effect of high-speed rail on the increase of total factor productivity of listed companies.The opening of high-speed railways in central cities relative to non-central cities and eastern coastal areas relative to central and western regions has a more obvious effect on improving the total factor productivity of listed companyThe research in this paper deepens the understanding of how the high-speed rail affects the enterprise's total factor productivity mechanism to a certain extent,helps to identify the role of high-speed rail in regional economic development,and has important reference value for future high-speed rail construction planning.