Research On The Impact Of High-Speed Railway On The Financing Constraints Of Our Country’s Listed Companies

From the beginning of my country’s high-speed railway in 2008 to the present,it has experienced countless trials and hardships and finally achieved gratifying results.As of now,most cities in all provinces except Tibet and Ningxia have opened high-speed railway.Cities where don’t have high-speed railway are also included in opening-plan,and the high-speed railway network lines that are dense in the east and the west are already show in China.The opening of high-speed railway greatly reduces the time it takes to reach different places,further decreases the space-time distance in cities,accelerates the flow of capital,human resources and other resources,and continuously reduces transaction costs between enterprises,which is crucial to the financing needs and development of enterprises important role.At the same time,with the rapid development of my country’s economy,the financing needs of enterprises have also shown a rising trend.Since the establishment of the Shanghai Stock Exchange and the Shenzhen Stock Exchange,more and more companies have chosen to go public for financing to alleviate the problem of insufficient cash flow.However,there are less than 4,000 companies listed on the Shenzhen and Shanghai stock exchanges so far,which is a drop in the balance compared with tens of millions of companies.Although companies can choose direct and indirect financing for financing,their actual managers still show varying degrees of financing pressure.At the same time,banks prefer to extend loans to state-owned enterprises or enterprises with abundant cash flow and well-functioning operations.However,such enterprises often show less willingness to raise funds.On the contrary,those enterprises with a strong desire to raise funds will show greater financing pressure.Compared with foreign countries,the development of my country’s capital market is relatively backward,and the financing constraints are relatively large.Therefore,exploring the impact of changes in the outside of environment of companies on the financing constraints of companies has strong theoretical and practical significance.This article starts with the exogenous condition of the opening of high-speed railway in the location of the listed company,and selects the listed companies in 2009-2018 as a sample to study the result of the opening of the high-speed railway in the location of the listed company on corporate financing constraints.First,this paper establishes an investment-cash flow sensitivity model,incorporates the dummy variable of high-speed railway opening into the model,and uses GLS and fixed effects regression to study the result of high-speed railway opening on corporate financing constraints.The consequence reveals that the opening of high-speed railway at the location of listed companies can indeed alleviate the financing constraints faced by enterprises to a certain extent.In addition,I use multi-temporal double difference to prove the robustness of the regression results.At the same time,the parallel trend hypothesis and placebo test are used to conduct a feasibility analysis of the multi-temporal double difference.The results further verify the conclusion of this paper.At the same time,based on this,this article discusses the mechanism of financing constraints faced by enterprises from the opening of high-speed railway in terms of financing methods.Studies have found that the opening of high-speed railway helps increase direct financing of enterprises and inhibit indirect financing of enterprises.Secondly,this article categorizes and studies the two external environmental factors of geographic characteristics and corporate organizational structure.First,according to my country’s topography and topography requirements of high-speed railway construction,the full sample is grouped and returned to the three major terrain areas.The consequence shows that the opening of high-speed railway in the first and second-tier areas does not significantly ease the financing constraints of enterprises.The opening of the high-speed railway in the third-tier area has a significant effect on alleviating the financing constraints of enterprises.Second,this article divides the full sample according to the organizational form of the enterprise to explore how the opening of high-speed railway affects enterprises with different organizational forms.The consequence reveals that the opening of high-speed railway has a significant mitigation effect on state-owned enterprises and Sino-foreign joint ventures,and it has a significant effect on Sino-foreign joint ventures.The mitigation effect of enterprises is greater than that of state-owned enterprises,and there is no obvious mitigation effect for collective enterprises and private enterprises.Finally,this article discusses the impact of the opening of high-speed railway on the financing constraints faced by listed companies in my country from the two internal environments of information asymmetry and resource acquisition capabilities.First,the use of whether a listed company has hired the "big four" accounting firm for third-party audits to indicate the degree of information asymmetry.Hiring the "big four" accounting firm for third-party audits means that the quality of information disclosure is high and the degree of information asymmetry Low,hiring a non-"big four" accounting firm to conduct third-party audit representatives has low quality of information disclosure and a high degree of information asymmetry.It turns out that hiring a non-"big four" accounting firm has a high degree of information asymmetry.The opening of the high-speed railway in the company’s location has a clear alleviating effect on the financing constraints it faces;second,this article uses the employee’s educational background to indicate the company’s ability to obtain resources.The higher the employee’s educational background,the stronger the ability to obtain resources.Grouped to explore the impact of the opening of high-speed railway on financing constraints faced by enterprises with different resource acquisition capabilities.The consequence of the study reveals that the opening of the high-speed railway has a significant effect on alleviating the financing constraints faced by companies whose all employees have a master’s degree or below,but for companies with only a bachelor’s degree or less,and companies whose employees have a doctoral degree or less.There is no obvious relief effect.This article combines the event of the opening of the high-speed railway with financing constraints to explore the impact of changes in the internal and external environments on corporate behavior.It further enriches the research on financing constraints in this area,and at the same time provides empirical evidence of micro-firm financing constraints for the economic results of the opening of high-speed railway.In addition,the research in this article also has certain practical significance.For enterprises themselves,they can use the advantages of high-speed railway to absorb capital,attract talents,and improve their core competitiveness;for investors,they can use high-speed rail to conduct on-site inspections of enterprises.Obtain more relevant information,reduce the degree of information asymmetry,and increase the rate of ROI;for policymakers,it is possible to make full use of the promotion effect of the opening of high-speed railway on economic development and the actual situation of economic development,comprehensively build high-speed railway network lines,and create good A good business environment and a backup force for enterprise development.