Research On The Impact Of The Opening Of High Speed Rail On The Performance Of Social Responsibility Of Listed Companies

As one of the "Four Inventions" in the new era,the opening of high-speed railways is not only an advancement in modern transportation technology and an effective supplement to the transportation network,but also injects strong development momentum into the railways and radiated areas.The development of China’s high-speed rail has roughly experienced three stages: technology accumulation period（before 2004）,technology introduction period（2005-2008）,and independent innovation period（2009-present）.The independent innovation period after 2009 is the development of my country’s high-speed rail technology.The most rapid and critical period was also this period,which achieved catch-up with the world’s high-speed rail technology development.Correspondingly,it was during this period that my country’s economy and society developed rapidly,gradually narrowing the gap between China and the developed countries.As far as the areas along the high-speed rail line are concerned,everything from economic and social to small individual behaviors has undergone tremendous changes due to the opening of the high-speed rail,and corporate behavior is no exception.In traditional economics assumptions,companies always aim to maximize profits.The opening of the high-speed rail will promote the mobility of local resources and will surely stimulate companies to make better profits.However,with the continuous development of the economy and society,people began to pay attention to the performance of enterprises outside of business behavior and profit activities,such as the environmental protection responsibility,ethical responsibility and the improvement of social welfare responsibilities undertaken by enterprises.Social responsibility.Academia has also begun to carry out research in this area,and has gradually formed a consensus that companies not only pay attention to profits,but also need to assume certain social responsibilities.Based on the above background,this article takes the corporate social responsibility as the theme to study the impact of the opening of the high-speed rail on the corporate social responsibility.The article first introduces the topic background,research significance,research content,etc.;then,it reviews and sorts out the existing research results,and forms a literature review of this article.The literature review is mainly divided into three aspects: one is the macro-economic impact of high-speed rail on the economy and society,the other is the impact of high-speed rail on microscopic entities,namely enterprises,and the third is the influencing factors of corporate social responsibility.Based on the summary of research results,the theoretical basis of this article is promoted,namely,stakeholder theory,institutional pressure theory,and signal theory.Combining the theoretical foundation and preliminary analysis,the hypothesis of this study is reached: high-speed rail has a positive impact on promoting enterprises to fulfill social responsibility;the information environment has a moderating effect on the relationship between high-speed rail and corporate social responsibility.In order to verify the hypothesis of this article,we selected all the listed company data in my country from 2010 to 2018,and constructed three multiple linear regression analysis models according to the opening of high-speed rail and corporate social responsibility scores to verify the hypothesis of the article.In the process of empirical research,the first step is to make a descriptive analysis of the variables;secondly,the collinearity test is performed to eliminate the collinearity problem between the indicators,and then the correlation test is performed to eliminate the high correlation between the indicators and redundant indicator selection Then,the Hausman test was performed to determine that this article should use a fixed effects regression model;finally,a fixed effects regression model was used to analyze and draw the conclusion of this article: the opening of high-speed rail significantly promoted the fulfillment of corporate social responsibility;It has a moderating effect and verifies the hypothesis proposed in the article.Finally,based on the results of this research,suggestions and countermeasures to improve the performance of corporate social responsibility are put forward,and follow-up research directions are proposed for the shortcomings in this research.